Louis XV of France, often remembered as a monarch whose reign was marked by controversy and mismanagement, ascended the throne as a child under a regency that foreshadowed the turbulence to come. His rule, spanning much of the 18th century, was a pivotal period in French history, bridging the grandeur of the Sun King Louis XIV and the revolutionary upheavals that would soon engulf the nation. This article explores Louis XV’s early years, the regency period, the financial experiments that almost bankrupted France, and the cultural and political legacies of his reign.

The Succession Crisis: Louis XV Ascends the Throne at Five

In 1715, the death of the “Sun King” Louis XIV marked the end of a 72-year reign that had transformed France into a centralized, absolute monarchy. However, Louis XIV’s great-grandson and successor, Louis XV, was only five years old at the time. This youth necessitated a regency to govern France until the young king came of age.

Louis XIV, wary of entrusting full regency powers to his nephew Philippe II, Duke of Orléans, had devised a complex regency council to assist the boy king. This unique “regency meeting” was designed to dilute the power of the Duke and ensure stability. However, upon Louis XIV’s death, Philippe II quickly consolidated power by persuading the high courts to annul the late king’s will, effectively assuming sole regency from 1715 to 1723.

The Regency of the Duke of Orléans: Reform and Corruption

The Duke of Orléans’ regency represented a significant departure from Louis XIV’s rigid and highly centralized style of governance. He sought to dismantle many of the previous king’s structures by dismissing key ministers and promoting a new cadre of court nobles eager to enjoy the freedoms of the regency era.

Despite his efforts, Philippe’s regency was marked by extravagance, political factionalism, and poor management. The regent and his circle of nobles indulged in lavish lifestyles, while France grappled with rampant inflation and severe fiscal deficits inherited from Louis XIV’s costly wars and grand projects.

John Law and the Financial Experiment That Shook France

Amid this crisis emerged John Law, a Scottish financier and gambler whose ideas promised to revitalize the French economy. Law proposed the establishment of a national bank modeled after England’s Bank of England. His bank would issue paper currency backed by gold and silver reserves, facilitating liquidity and economic growth.

Initially, Law’s schemes gained official support and immense popularity. His private bank was transformed into the Banque Royale, and Law was appointed Controller General of Finance in 1720. The bank issued vast quantities of paper money, far exceeding its gold reserves, and invested heavily in the Mississippi Company, which was granted monopolistic trading rights in French colonies.

At first, these financial innovations seemed successful: France’s massive debts were reduced, and speculation soared. However, the bubble burst when investors lost confidence, triggering a bank run. The Banque Royale collapsed, leaving many nobles and bourgeois investors ruined. Law fled France, and the incident entrenched a deep mistrust of paper money and banking in France for decades, hindering the development of French capitalism.

The End of the Regency and the Early Reign of Louis XV

In 1723, Louis XV was declared of age and took nominal control of the throne. Yet, he initially relied heavily on Cardinal Fleury, his former tutor, to govern. Fleury, then in his seventies, ruled as de facto prime minister for the next 16 years.

Cardinal Fleury’s administration was marked by efforts to stabilize and grow the French economy. He sought peace in Europe to avoid further costly wars and worked to restore order after the excesses of the regency. Under his stewardship, France experienced a period of relative prosperity and improved fiscal health. Yet, the underlying structural problems of royal extravagance and military ambition remained.

Louis XV’s Personal Life and Court Culture

Louis XV began to rule independently after Cardinal Fleury’s death in 1743, at the age of 33. However, his reign became increasingly characterized by his personal indulgences rather than effective governance. Known for his passion for hunting and patronage of the arts, Louis XV also became infamous for his numerous mistresses, notably Madame de Pompadour and Madame du Barry.

These royal favorites wielded significant influence at court and often benefited from the king’s largesse. Louis XV’s lavish spending on his mistresses and court projects drained the treasury, exacerbating France’s financial woes. His failure to manage the growing fiscal deficit and his detachment from political realities would sow seeds of discontent that later contributed to the monarchy’s downfall.

Legacy and Impact on France

Louis XV’s reign is often viewed as a prelude to the French Revolution. The financial mismanagement during the regency and his personal rule, combined with a stagnant social order and rising Enlightenment critiques, created an atmosphere ripe for upheaval.

The distrust of financial institutions following the collapse of John Law’s system delayed France’s economic modernization. Furthermore, the king’s inability to effectively address the country’s fiscal challenges undermined the monarchy’s legitimacy.

Despite these challenges, Louis XV’s era also witnessed cultural flourishes and intellectual movements that shaped modern France. Patronage of the arts and philosophy during his reign contributed to the Enlightenment, which would challenge traditional authority and inspire revolutionary change.

Conclusion: A Monarch Between Glory and Decline

Louis XV’s reign encapsulates the complexities of early 18th-century France—a nation caught between the legacy of absolutism and the pressures of modern economic and social transformations. His early years under the regency were marked by financial experimentation and political intrigue, while his personal rule reflected both cultural richness and administrative weakness.

Though often criticized as an ineffective and indulgent monarch, Louis XV’s era played a crucial role in setting the stage for the seismic changes that would reshape France and Europe. Understanding his reign offers valuable insights into the challenges of monarchy, governance, and modernization in a changing world.