Empire, Currency, and Debt: Part 3
Meanwhile, on the other side of the world, France was also losing her colony in what was to become Canada. Not only did France lose her best colonies during the Seven Years' War, she also went heavily into debt while doing it. By 1790 the percentage of tax revenue going to pay for interest on national debt had risen to a staggering 95% of total tax revenue!
Tax was paid only by the so-called Third Estate--peasants, working people and the bourgeoisie, ...
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