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- W2683602544 abstract "It is true that Napoleon inherited an appalling financial situation alongside a terrible lack of confidence in the State. However he managed to establish a proper financial system thereby ensuring the State regular income. And in the face of an interminable series of military conflicts, recourse to borrowing was very limited. However 1814 was to sound the death knell not only for the Empire but also for the country’s budgetary equilibrium. The invasion of France in 1814 brought about the collapse of tax income at the same time as wartime military expenditure went through the roof. The estimated deficit of 500 million Francs (equivalent to a single year’s tax income for France of the 1792 borders) was to have a lasting and disastrous effect on public finances. It was in agreement with his Finance Minister, Baron Louis, that Louis XVIII decided in the end to take on the debts of the Empire, affirming thereby his desire to establish a perfect continuity in the domain of public finances. Since the preparation of the budget for 1815 was just as complicated as that for 1814, the First Restoration was not to be a providential regime for tax payers. Payment of the arrears was to be continued by Baron Louis’ successors, though they were able to take advantage of massive public borrowing. The sales of government bonds launched in 1817 and 1818 were indubitably successful (nearly 700 million new “rentes” were created) thereby allowing the government to pay off the colossal war reparations imposed by the Allies. Modern government borrowing was born." @default.
- W2683602544 created "2017-06-30" @default.
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- W2683602544 date "2015-01-01" @default.
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- W2683602544 title "Willpower and Fidelity to the State: Baron Louis and his “Politique”" @default.
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