France 1709: le crunch: already rocked by defeats in the War of the Spanish Succession, Louis XIV's France faced economic meltdown as the chaotic nature of its finances became apparent. Guy Rowlands discovers striking parallels with the current credit crunch as he charts the crisis that was to lead, ultimately, to the French Revolution.

History Today | February 1, 2009| | Copyright

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Confronted by the banking collapse and credit crunch of 2008, most commentators have sought comparisons with the Wall Street Crash of 1929, the event that heralded the Great Depression of the 1930s. But for historians inclined to delve a little further into the past, there are equally calamitous financial meltdowns from which to seek instruction. The financial crisis that troubled France in 1709, for example, has not received anything like the attention it deserves. It came at the very worst moment for Louis XIV, during the long War of the ...

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