Article,
Was There a Solution to the Ancien Regime's Financial Dilemma?
The Journal of Economic History, 49 (3): 545--568 (September 1989)
Abstract
The fiscal policy accomplishments of the ancien regime during its last two decades in France have been greatly underappreciated. While the collapse of the monarchy has been attributed to persistent peacetime deficits, these did not appear until the mid-1780s when earlier reforms and successful budget policies were abandoned by reactionary finance ministers. Had the earlier policies been continued, it is unlikely that a severe crisis would have occurred in 1788/89.
