Why the French Revolution was a financial revolution - Part 1
Summary
Host Robin Wigglesworth and historian Rebecca Spang explore how the French Revolution was also a violent financial crisis. They examine the collapse of the old regime’s credit system, the nationalization of Church lands, and the creation of the assignat currency. The episode details the chaotic debates in the National Assembly over monetary policy and the origins of left-right political divisions, arguing that trust in money failed before the government overissued paper.
Topics discussed
Nuveen Sponsorship: History and Vision
Introduction: The French Revolution as Financial Crisis
Guest Introduction and Core Thesis on Money
Louis XVI's Leadership and the Absolutist System
France's Economic Context and Colonial Wealth
The Monarchy's Debt Crisis and Tax Resistance
The Estates General and the Three Estates
Versailles: The Opening of the Estates General
The Rise of the National Assembly and Lafayette
The Tennis Court Oath and the Road to Revolution
Pre-Break Recap: The Storming of the Bastille
July 14, 1789: The Fall of the Bastille
Aftermath: Royal Family and Political Chaos
Nationalizing Church Property and Talleyrand
Talleyrand's Motive and the Church's Reaction
Creation of the Assignats: Paper Money Backed by Land
18th Century Credit Systems and Daily Commerce
Assignats as Currency: A Hybrid Financial Instrument
Abolition of Venal Offices and Rights of Man
The Debate on Reimbursement and Assembly Dynamics
Origin of Left-Right Politics and Stalled Debates
Moral Stakes of Debt and Avoiding Bankruptcy
Podcast Award Nomination and Listener Call to Action
Nuveen Sponsorship: Fixed Income and Future Markets
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