The financial humbling of a great power in any age demands explanation. In the War of the Spanish Succession (1701-14) Louis XIV's France had to fight way beyond its borders and the costs of war rose to unprecedented heights. With royal income falling as economic activity slowed down, the widening gap between revenue and expenditure led the government into a series of desperate expedients. Ever-larger quantities of credit, often obtained through fairly novel and poorly-understood financial instruments, were combined with ill-advised monetary manipulations. Moreover, through poor ministerial...

The personal rule of Louis XIV, following on from a long period of royal minority and apprenticeship, lasted 54 years from 1661 to 1715. But the second half of this personal rule has, until recently, received significantly less scholarly attention than the 1660s and 1670s. This has obscured some of the very real changes and developments that occurred between the early 1680s and the mid-1690s, by which time a new generation of younger royals had come to prominence, France was engulfed in international war on a greater scale than ever before, and the king was visibly no longer as vigorous or...