The road to catastrophe
From our UK edition
France’s problems today should lessen the condescension of posterity towards Louis XVI. Presidents of the Republic have proved just as incapable as the King of reforming privileged corporations — stemming the flight of skills and capital — and winning popular confidence. Louis XVI’s failure to manage France after 1789 is easier to understand after reading John Hardman’s complex , well-researched, gripping 500-page biography . Louis XVI’s greatest problem was the French national debt. It had reached four billion livres — accumulated over many wars — and there was an annual deficit of 100 million livres. As a result, Hardman points out, in the 1780s, whereas the British government could borrow at 3.