Answer:
In
1774, Louis XVI of the Bourbon family of kings ascended the throne of France.
He found an empty treasury.
The causes for it was
(i) Long years of wars had drained the financial resources
of France. The condition was served when under Louis XVI, France helped the
thirteen American colonies to gain their independence from Britain.
(ii) The king's court at the immense palace of Versailles
was extravagant. A huge amount of money was required for its maintenance.
(iii) Taxes were levied only on third estate and exempted
first and second estates which were rich.
(iv) The war with Britain added more than a billion livres
to a debt that had already risen to more than 2 billion livres.
(v) Lenders who had given the state credit, now began to
change 10 per cent interest on the existing loans. So, the French government
had to spend an increasing percentage of its budget on interest payment.
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