Privilege, Economy and State in Old Regime France: Marine Insurance, War and the Atlantic Empire under Louis XIV

This book explores the rise and fall of Louis XIV's marine insurance institutions in Paris, which were key to the French monarchy's efforts to stimulate commerce and economic growth. It identifies the absolute monarchy as the source of the institutions' struggles, as they were made to bear the burden of maritime and colonial losses during Louis XIV's wars.

Format: Paperback / softback
Length: 376 pages
Publication date: 17 October 2023
Publisher: Boydell & Brewer Ltd

This comprehensive book delves into the rise and fall of Louis XIV's marine insurance institutions in Paris, which played a pivotal role in the French monarchy's efforts to stimulate commerce, colonial enterprise, and economic growth. These institutions were the brainchild of two influential ministers, Jean-Baptiste Colbert and his son, the Marquis de Seignelay. While both men recognized the importance of marine insurance in safeguarding commercial investments in French maritime endeavors, Colbert sought to attract capital away from passive investments in state debt towards the marine insurance industry by promoting private enterprise. On the other hand, Seignelay capitalized on the privileges that formed the foundation of the French economy by creating the first chartered company in the history of marine insurance. By examining the global insurance portfolios of the individuals who joined these institutions and the conflicts that arose when maritime incidents were disputed, the book identifies the absolute monarchy itself as the source of the institutions' struggles. While the markets in Amsterdam and London flourished in the long run, Parisian insurers bore the brunt of maritime and colonial losses during Louis XIV's costly wars, as the state's inadequate protection of French shipping, the French Atlantic empire, and the Parisian market failed to compensate for these losses. This book argues that this encapsulates the overarching risk management system that lay at the heart of absolutism itself. The ebook edition of this book is freely available under the Creative Commons license CC BY-NC-ND.

Weight: 584g
Dimension: 156 x 234 x 23 (mm)
ISBN-13: 9781837650217