Chapter+7+sec.+33

ch. 7 sec. 33

Online Resource Anastasia Clayton [|Bubble Act]

Sam Petree vocab Whigs- this close to the Anglican church Torries- this remote from the central government or suspicious of it's activities Danetta Important People


 * Bourbon Philip V**- the ruler that was placed on the Spanish throne after the peace settlements of 1713-1714


 * John Law**- financial wizard for the french economy, was born in Scotland. he founded a much needed French central bank. and in 1717 he organized the Mississippi Company that quickly monopolized the trade with all French colonial trade. was appointed to take over the national debt, did well until all stocks crashed and fled the country


 * William Paterson**- one of the chief founders of the Bank of England,


 * Louis XV**- great grandson of Louis XIV. Louis XV was only 5 when his reign started. When he came of age and started ruling France he was lazy and ineffective


 * The Duke of Orleans**- the regent for Louis XV, was his elder cousin. he lacked the authority of a monarch so he was forced to give the nobility back much of the power they lost during the reign of Louis XIV. also gave much power back to Parlement. Used the title Regent


 * George I, Elector of Hanover**- was placed on the British throne after the death of queen Anne Stuart. Was the nearest relative to the Stuarts and a protestant, he was a large middle-aged German, never popular in England and most used as a convenience.


 * Cardinal Fluery**- over took the position held by the Regent in France when the Regent resigned in 1723


 * Robert Walpole**- the English prime minister, helped Britan crawl out of the financial slump that both England and France were in. created the system of the cabinet. avoided war with countries, knew how to "work" Parliament to his advantage.

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Questions Nick Lapiana

How well did the European states recuperate from the War of the Spanish Succession? - Spain administrative structure improved, the Dutch retained their important roles as bankers and shippers, and in England and France propertied interests grew in influence and wealth.

What were the great financial scandals of the 1720s, and how did they come about? - Arising from French and English debt following the War of Spanish Succession, each nation had businesses take over the national debt and encouraged investment with dividends as the profit. This eventually left many individual investors at a huge loss.

Graphic Organizer Tara France's Parlement

Great Britain's Parliament

Both look generally the same, but they were actually not. In France, the parlements were bought and had attached titles of nobility. In Great Britain, there were two houses: The House of Lords (hereditary) and The House of Commons (only the wealthy).

Michael Childs Questions:

1- With the restoration of James III and the divine right partisians which principles were undone? The Glorious Revolution-limited monarchy, constitutionalism, parliamentary supremacy, the rule of law, and the toleartion of dissenting Protestants.

2- How did John Law recieve his fame and whom sought his abilities? Started off as being able to use a mathematical system for gambling and after making success, also founded French central bank. He then obtained a trade agreement with Louisiana and would soon be asked to help the countrys govt. debt problem.