Chapter 15—Successful and Unsuccessful Paths to Power

1. Chapter 15—Successful and Unsuccessful Paths to Power

2. The Bubbles Burst • France—John Law and Mississippi Bubble (Duke of Orleans—regent for Louis XV) 1. created bank 2. Mississipi Company—monopoly over French trade in America 3. issued shares of stock in exchange for govt. bonds 4. price of stock rose, investors exchanged for gold—bank didn’t have enough gold, market crashed 5. resulted in fear of paper money and chaotic financial situation in France 6. power of parlements and nobles rose, reversing the legacy of Louis XIV

3. England and the South Sea Bubble 1. South Sea Co. took over Natl. debt, exchanged govt bonds for co. stock 2. Price of stock rose, people exchanged bonds for gold, market crashed 3. Parliament, under the leadership of Robert Walpole (England’s first prime minister) decided to take measures to honor the national debt 4. England’s debt was paid off, and they were financially stable after this—a major reason why they were so powerful over the next century

4. Ottoman Empire—The Beginning of the End • Economically less advanced than western Europe 1. no overseas empires or trade 2. sense of superiority and religious reasons kept them from advancing 2. due to this, they did not have the financial or intellectual foundations for Enlightenment, Industrial Revolution, etc.. 3. Lost land (Hungary) in the Treaty of Carlowitz 4. Europe began to see the Ottoman Empire as backwards, declining in power

5. Poland • John III Sobieski—last great Polish leader (1683, rescued Austria from the Turks) • Polish nobility was deeply divided—they mistrusted each other, many were foreign • Liberum veto—required unanimity for all votes in the diet. One person could oppose and “explode the diet” (require the body to disband) • W/out this political stability and effective government, it’s no wonder Poland would be taken over again and again and again and again and again…

6. Habsburg Empire (aka—Land of Chaos and Disunity) • (1648)Made up of 300 political units • Charles VI passed the Pragmatic Sanction(1713), which established a direct Habsburg ling (allowed his daughter to rule after his death) • Left her w/out a strong army or enough $ to defend the empire

7. Growth of Prussia • Brandenburg (part of HRE) inherited duchy of Prussia in 1618, and other land as time goes on. • Because their kingdom was in three disconnected masses, it became the Hohenzollern’s goal to take over land that belonged to HRE—this would solidify their kingdom

8. During 30 Years War, Frederick the Great Elector takes over Brandenburg/Prussia, names himself King • Built up the army (his sons continue the trend) • Eventually leads to war w/HRE and Maria Theresa

9. Westernization of Russia • Ivan the Terrible, then Romanov dynasty • Peter the Great 1. traveled extensively in Europe, determined to make Russia western but he has to gain control over the nobles first • Suppresses the streltsy/boyars

10. Built navy • Gained land (Estonia, Livonia, part of Finland) which gave them ice-free ports • Founded St. Petersburg • Table of Ranks—equated a person’s social position with his rank in the bureaucracy/military instead of noble lineage • Tried to bring Russian Orthodox Church under his control • Died with no heir