Louis XV of France
Louis XV (15 February 1710 – 10 May 1774), known as Louis the Beloved (), was a monarch of the House of Bourbon who ruled as King of France from 1 September 1715 until his death in 1774. He succeeded his great-grandfather Louis XIV at the age of five. Until he reached maturity (then defined as his 13th birthday) on 15 February 1723, the kingdom was ruled by Philippe II, Duke of Orléans, as Regent of France.
Cardinal Fleury was his chief minister from 1726 until the Cardinal's death in 1743, at which time the young king took sole control of the kingdom.
Ancien Régime
The quarter century after the Treaty of Utrecht was a peaceful, with no major wars, and only a few secondary military episodes of minor importance. The main powers had exhausted themselves in warfare, with many deaths, disabled veterans, ruined navies, high pension costs, heavy loans and high taxes. In 1683 indirect taxes had brought in 118,000,000 livres; by 1714 they had plunged to only 46,000,000. Louis XIV, with his eagerness for warfare, was gone, replaced by a small sickly child who was the last Bourbon survivor, and his death had the potential to throw France into another round of warfare. He was Louis XV and he lived until the 1770s. France's main foreign policy decision-maker was Cardinal Fleury. He recognized that France needed to rebuild, so he pursued a peace policy. France had a poorly designed taxation system, whereby tax farmers kept much of the money, and the treasury was always short. The banking system in Paris was undeveloped, and the treasury was forced to borrow at very high interest rates. London's financial system proved strikingly competent in funding not only the English forces, but its allies as well. Queen Anne was dead, and her re-successor King George I was a Hanoverian who moved his court to London, but never learned English and surrounded himself with German advisors. They spent much of their time and most of their attention on Hanoverian affairs. He too was threatened by instability of the throne, for the Stuart pretenders, long supported by King Louis XIV, threatened repeatedly to invade through Ireland or Scotland, and had significant internal support from the Tory faction. However Sir Robert Walpole was the dominant decision-maker, 1722-1740, although the role was not yet called prime minister. Walpole strongly rejected militaristic options, and promoted a peace program. He and Cardinal Fleury agreed, and signed an alliance. The Netherlands was much reduced in power, and followed along with England. In Vienna, Austria (formally the Holy Roman Empire) the Habsburg emperors were bickering with the new Bourbon King of Spain, Philip V, over Habsburg control of most of Italy. Relations with France therefore were undramatic.