Colbert - Finance Minister under Louis XIV

COLBERT…read more

Background
· He was born in 1619 into a wealthy merchant
family
· Superintendent of Finances (1661 ­ 1683)
· He controlled most departments except war
by the end of his life
· Recommended to Louis XIV by Mazarin
· He died in 1683 aged 64…read more

COLBERTS SUCCESSES…read more

Finances
· Cost of collecting taxes reduced by 28m livres
· Indirect taxes on the rich increased by 26m livres
· The Taille was reduced.
· Chambre de Justice eradicated corruption
· Strict book keeping enforced at every level
· Taxes paid by the Pays d'état brought into line with those paid
by the Pays d'election
· Annual contribution from Clergy increased
· Net revenue increased by 43m livres between 1661 and 1671
· Interest rates fixed by 5%…read more

Economy
· Industry was heavily regulated to preserve the
quality of goods
· A council of commerce was established to
encourage commerce
· The movement of gold and silver outside of
France was prohibited
· Encouraged Foreign craftsmen to bring their
skills to France…read more

Internal Trade
· 600,000 livres spent on improving roads
· Canal des Deux Mers was created linking
Bordeaux and the Mediterranean costing 7.5
m livres
· Postal system with 800 post offices created
· Internal import/export tolls were simplified
and uniformed…read more