ducted to pay existing loans and interests.In 1789, the Bourgeoisie overthrew the vestiges ofthe aristocracy which withheld social preponderance, andestablished a new regime which reflected a more equaldistribution of economic power. The Bourgeoisie wereable to overthrow the aristocracy because the politicalauthority of the monarchy collapsed5. It collapsedbecause the monarchy was unable to pay its way. It wasunable to pay its way because the nobility and clergyevaded giving up their exemptions and privileges. Hadthese two estates not clung so firmly to theseconcessions, the King would have had the power to makenecessary reform to pull the nation from debt. Afterall, the country had been in debt because it lacked mostof the crucial taxes it needed from two of threeestates. Yes, the military expenses of war, as well asthe tremendous cost of Versailles did, essentially,drive France into a hole of debt it could not pullitself out of. But France could have afforded toreimburse its due had it started taxing the nobility andclergy. Instead of constantly borrowing money andfalling behind with immense interest dues, had it themoney from taxes, it could have paid on the principleand never have fallen into deeper debt. In essence, itis the fault of -10-the stiffened nobility and clergy that led the countryto economic trifle, which enraged the Bourgeois, andwhich in turn led the country to revolution. ...
