may 5, 1789 - Louis the XIV Calls the Estates General

Description:

In the 1780s, France’s once prosperous economy was in decline. The economy appeared to be stable, because both production and trade were expanding rapidly, however, the heavy burden of taxes made it almost impossible to run businesses. Overall, the cost of living was rising sharply. In addition, bad weather caused widespread crop failures, resulting in a severe shortage of grain. As a result, the price of bread doubled and many people faced starvation. During the 1770s and 1780s, France’s government sank deeply into debt, due to overspending and when he borrowed money in order to help the American revolutionaries in their war against Great Britain.