Arthur John Sargent

The Economic Policy of Colbert Arthur John Sargent

Jean-Baptiste Colbert; was a French politician who served as the Minister of Finances of France from 1665 to 1683 under the rule of King Louis XIV. His relentless hard work and thrift made him an esteemed minister. He achieved a reputation for his work of improving the state of French manufacturing and bringing the economy back from the brink of bankruptcy. Historians note that, despite Colbert's efforts, France actually became increasingly impoverished because of the King's excessive spending on wars. Colbert worked to create a favourable balance of trade and increase France's colonial holdings. Colbert's market reforms included the foundation of the Manufacture royale de glaces de miroirs in 1665 to supplant the importation of Venetian glass (forbidden in 1672, as soon as the French glass manufacturing industry was on sound footing) and to encourage the technical expertise of Flemish cloth manufacturing in France. He also founded royal tapestry works at Gobelins and supported those at Beauvais. Colbert worked to develop the domestic economy by raising tariffs and by encouraging major public works projects. Colbert also worked to ensure that the French East India Company had access to foreign markets, so that they could always obtain coffee, cotton, dyewoods, fur, pepper and sugar. In addition, Colbert founded the French merchant marine.