Chapter 15—Successful and Unsuccessful Paths to Power

The Bubbles Burst France—John Law and Mississippi Bubble (Duke of

Orleans—regent for Louis XV)1. created bank2. Mississipi Company—monopoly over French trade in America3. issued shares of stock in exchange for govt. bonds4. price of stock rose, investors exchanged for gold—bank didn’t have enough gold, market crashed5. resulted in fear of paper money and chaotic financial situation in France6. power of parlements and nobles rose, reversing the legacy of Louis XIV

England and the South Sea Bubble1. South Sea Co. took over Natl. debt, exchanged govt bonds for co. stock2. Price of stock rose, people exchanged bonds for gold, market crashed3. 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

Ottoman Empire—The Beginning of the End

Economically less advanced than western Europe1. no overseas empires or trade2. sense of superiority and religious reasons

kept them from advancing2. 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

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…

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

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

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

Westernization of Russia

Ivan the Terrible, then Romanov dynasty

Peter the Great1. traveled extensively in Europe, determined to make Russia western but he has to gain control over the nobles first

Suppresses the streltsy/boyars

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