3.4- Necker and the Necklace
Revolutions
00:00
Financial Crisis Inevitable
- Controller General Calonne initially tried to solve France's debt by increasing spending, hoping to attract more loans.
- This strategy failed, and Calonne discovered the crown was facing a massive deficit, exceeding 100 million livres annually.
- He realized that nearly half of the annual revenue would soon be consumed by debt servicing.
- This revelation forced Calonne to confront the unavoidable financial crisis, leading him to develop a comprehensive reform plan.
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