King Philip II of Spain was not lucky. His late father, King Charles V had left him a huge national debt and he defaulted on his own loans four times between 1557 and 1596. One big issue was that Spain had back them the greatest Empire in the world but the kingdom of Spain proper was not heavily populated and thus tax revenue was minimal, especially since local lords took most of it for themselves. Spain became heavily reliant on revenue from its colonies in the New World and Asia to pay for expenses but even that did not prevent loan defaults in various occasions.
King Louis XIV of France also inherited a dire financial situation but he had the foresight to choose a very capable and diligent Minister of Finances, Jean-Baptiste Colbert. Colbert applied very efficient taxation, forbidding the auctioning of taxes and of exemptions that had not been authorized by the government. He also made it mandatory to keep accurate records on all forms of taxation so as to prevent embezzlement of these funds by corrupt tax officials. The deficit was resorbed as well as the national debt. However, his extremely lavish lifestyle and his constant wars against other European powers eventually would undermine the beneficial aspects of his reforms. Also, he refused to tax nobility and most taxes were paid by peasants.
Go to this website , @(millercneter.org) and just go down till you see 1963 and it’ll tell you.
The demand for slave increased because Growing rice required much labor, and the demand for slave labor rose. both have something to do with money.
Both leaders enacted reform that protected individuals from problems caused by private business. This was one of Teddy Roosevelt’s most important policies. Roosevelt believed in giving America a “Square Deal” which including controlling corporations and putting into place consumer protection laws. Laws like the Meat Inspection Act ensured that companies that made had sanitary working conditions and produced food that was edible for the American public. La Follette had similar policies and ideas, as he was also a member of the progressive party ( just like Teddy Roosevelt ).
