Biography of Louis XV, Beloved King of France

King Louis XV of France (February 15, 1710 – May 10, 1774) was the second-to-last king of France prior to the French Revolution. Although he was known as â€Å"Louis the Beloved,† his fiscal irresponsibility and political maneuvers set the stage for the French Revolution and, ultimately, the fall of the French monarchy. Fast Facts: Louis XV Full Name:  Louis of the house of BourbonOccupation: King of FranceBorn: February 15, 1710 in the Palace of Versailles, FranceDied: May 10, 1774 in the Palace of Versailles, FranceSpouse: Marie LeszczyÅ„skaChildren: Louise Élisabeth, Duchess of Parma; Princess Henriette; Princess Marie Louise; Louis, Dauphin of France; Philippe, Duke of Anjou; Princess Marie Adà ©laà ¯de; Princess Victoire; Princess Sophie; Princess Thà ©rà ¨se; Louise, Abbess of Saint DenisKey Accomplishments: Louis XV led France through a period of immense change, winning (and losing) territories and ruling over the second-longest reign in French history. His political choices, however, laid the foundation of dissent that would eventually lead to the French Revolution. Becoming the Dauphin Louis was the second surviving son of Louis, Duke of Burgundy, and his wife, Princess Marie Adelaide of Savoy. The Duke of Burgundy was the eldest son of the Dauphin, Louis, who was in turn the eldest son of King Louis XIV, the â€Å"Sun King.† The Duke of Burgundy was known as â€Å"Le Petit Dauphin† and his father as â€Å"le Grand Dauphin.† From 1711 to 1712, a series of illnesses struck the royal family, causing chaos in the line of succession. On April 14, 1711, the â€Å"Grand Dauphin† died of smallpox, which meant that Louis’ father, the Duke of Burgundy, became first in line for the throne. Then, in February 1712, both of Louis’ parents fell ill with measles. Marie Adelaide died on February 12, and the Duke of Burgundy died less than a week later on February 18. This left Louis’ brother, the Duke of Brittany (also, confusingly, named Louis) as the new Dauphin and heir at the age of five. However, in March 1712, both brothers contracted measles as well. A day or two into their illness, the Duke of Brittany died. Their governess, Madame de Ventadour, refused to let doctors continue bleeding Louis, which likely saved his life. He recovered and became the heir to his great-grandfather, Louis XIV. In 1715, Louis XIV died, and five-year-old Louis became King Louis XV. The laws of the land required there to be a regency for the next eight years, until Louis turned thirteen. Officially, the role of Regent went to Phillippe II, Duke of Orleans, the son of Louis XIV’s brother Phillippe. However, Louis XIV had distrusted the Duke of Orleans and preferred that the Regency be held by his favorite illegitimate son, the Duke of Maine; to this end, he had rewritten his will to create a Regency council rather than a singular Regent. In order to circumvent this, Phillippe made a deal with the Parlement of Paris: annul Louis XIV’s changed will in exchange for the return of the droit de remontrance: the right to challenge the king’s decisions. This would prove fatal to the monarchy’s functioning and ultimately lead to the French Revolution. Regency and the Boy King During the Regency, Louis XV spent most of his time at the Tuileries Palace. At the age of seven, his time under Madame de Ventadour’s care ended and he was placed under the tutelage of Franà §ois, the Duke of Villeroy, who educated him and taught him royal etiquette and protocol. Louis developed what would be a lifelong love for hunting and horseback riding. He also came to have an interest in geography and science, which would influence his reign. In October 1722, Louis XV was formally crowned king, and in February 1723, the Regency was formally ended. The Duke of Orleans transitioned into the role of prime minister, but soon died. In his place, Louis XV appointed his cousin, the Duke of Bourbon. The duke turned his attention to brokering a royal marriage. After evaluating nearly a hundred candidates, the somewhat surprisingly choice was Marie LeszczyÅ„ska, a princess from the deposed Polish royal family who was seven years Louis’ senior, and they married in 1725, when he was 15 and she was 22. Their first child was born in 1727, and they had a total of ten children—eight daughters and two sons—over the next decade. Although the king and queen loved one another, the successive pregnancies took a toll on their marriage, and the king began taking mistresses. The most famous of those was Madame de Pompadour, who was his mistress from 1745 to 1750 but remained a close friend and advisor, as well as a major cultural influence. Religious dissent was the first and most enduring problem of Louis’ reign. In 1726, a delayed request from Louis XIV to the pope was fulfilled, and a papal bull was issued condemning Jansenism, a popular subset of Catholic doctrine. Ultimately, the bull was enforced by Cardinal de Fleury (who persuaded Louis to back it), and heavy penalties were levied on religious dissenters. De Fleury and the Duke of Bourbon clashed over the king’s favor, and de Fleury ultimately was the victor. Rule of Fleury From this point until his death in 1743, Cardinal de Fleury was the de facto ruler of France, manipulating and flattering the king into allowing him to make all the decisions. Although the cardinal’s rule produced an appearance of harmony, his strategies for keeping power actually resulted in a growing amount of opposition. He banned debate in Parlement and weakened the navy, both of which came back to haunt the monarchy in huge ways. France was involved in two wars in relatively quick succession. In 1732, the War of Polish Succession began, with France supporting the Queen of France’s father Stanislaw and an Eastern European bloc secretly agreeing to bypass him. Ultimately, Fleury spearheaded a diplomatic solution. Following this, and its role in negotiating the Treaty of Belgrade between the Holy Roman Empire and the Ottoman Empire, France was hailed as a major diplomatic power and came to control trade in the Middle East. The War of Austrian Succession began in late 1740. Louis XV initially refused involvement, but under Fleury’s influence, France allied with Prussia against Austria. By 1744, France was struggling, and Louis XV went to the Netherlands to lead his army himself. In 1746, the French occupied Brussels. The war didn’t end, though, until 1749, and many French citizens were unhappy with the terms of the treaty. Louis’ Later Reign and Legacy With Fleury dead, Louis decided to rule without a prime minister. His first act was to try to reduce the national debt and improve the tax system, but his plans met with fierce opposition from the nobility and the clergy because it taxed them, rather than just â€Å"ordinary† citizens. He also attempted to purge Jansenists from a semi-religious organization of hospitals and shelters. War followed again, first in the New World in the French and Indian War, then against Prussia and Britain directly in the Seven Years’ War. The end result was the end of French rule in Canada and the West Indies. Louis’ government continued to falter; the Parlements rebelled against the king’s taxation authority, which would begin the pre-Revolution dissent. By 1765, Louis had suffered major losses. Madame de Pompadour died in 1764, and his son and heir Louis died of tuberculosis in 1765. Fortunately, the Dauphin had a son who became Dauphin in turn, the future Louis XVI. Tragedy continued: the late Dauphin’s wife died, followed in 1768 by the Queen. By 1769, Louis XV had a new mistress: Madame du Barry, who gained a reputation for crassness and impertinence. In 1770, Louis’ ministers began fighting back against the rebellious Parlements, consolidating royal power, imposing controls on the price of grain, and attempting to rid the tax system of corruption. The same year, Marie Antoinette came to court as the wife of the future Louis XVI. Even in his final years, Louis XV pursued new construction projects. In 1774, Louis fell ill with smallpox. He died on May 10 and was succeeded by his grandson Louis XVI. Although Louis XV was popular during his lifetime, historians point to his hands-off approach, his conflicts with Parlements, his expensive wars and courts, and his suppressive activities as laying the foundation for the French Revolution. The French Enlightenment took place during his reign, with the participation of brilliant minds such as Voltaire and Rousseau, but he also censored many of their works. A handful of historians defend Louis and suggest his negative reputation was created to justify the French Revolution, but that view is in the minority. Ultimately, Louis XV is typically viewed as a poor monarch who gave over too much of his power and in so doing set in motion events that would eventually lead to the destruction of the monarchy and the upheaval of France. Sources Bernier, Olivier. Louis the Beloved: The Life of Louis XV, (1984).â€Å"Louis XV.† Biography, https://www.biography.com/royalty/louis-xv.â€Å"Louis XV: King of France.† Encyclopaedia Britannica, https://www.britannica.com/biography/Louis-XV.

Fireart, Inc. - 3755 Words

Case Two: FireArt, Inc. Diagnosis of team ineffectiveness and corrective action plans FireArt, Inc. has encountered a dilemma where their competitors are now able to profitably make short runs in the production of glass. Because of this competition, Jack Derry, the CEO of FireArt, Inc. has asked Eric Holt to put together a teamÂ…one person from each division, and have a comprehensive plan for the company s strategic realignment up, running, and winning within six months. Eric, being the newly appointed Director of Strategy, knew his overall goal and creates a formal group in order to fulfill the overall organizational mission of turning the company around. However even though a formal group is created, there is a lack of specific†¦show more content†¦For any effective work to occur there must be a certain amount of consensus on basic values. Eric is faced with the problems of whether or not the group will work effectively on the task and if the group will be psychologically satisfying. As n oted in the case study, Eric compiles a list of the senior managers and sets a date for the first meeting. After creating the team members list without input, he proceeds to independently create an agenda for his upcoming meeting. This leaves the team without any input or satisfaction in the creation or initiation of the group process. Eric also faces complex group needs as the group is composed of representatives of various departments. By creating this cross-functional group, Eric was faced with Maureen Turner who was known to complain that FireArt did not appreciate its six artists. Ray LaPierre, the Director of Manufacturing, feels insecure with himself, as he does not speak management due to his apparent lack of education. The only solution for these issues is to provide the group enough common experiences to permit a communication system and a climate of trust to emerge. This experience can be obtained by holding long meetings away from work, by encouraging members to ge t to know each other in more informal settings, or by sending them through some common training experiences. If Eric incorporated these ideas, he would encourage members to get to know each other in more informalShow MoreRelatedEssay on FireArt, Inc.3682 Words   |  15 PagesFireArt, Inc. Diagnosis of team ineffectiveness and corrective action plans   Ã‚  Ã‚  Ã‚  Ã‚   FireArt, Inc. has encountered a dilemma where their competitors are now able to profitably make short runs in the production of glass. Because of this competition, Jack Derry, the CEO of FireArt, Inc. has asked Eric Holt to put together a team†¦one person from each division, and have a comprehensive plan for the company’s strategic realignment up, running, and winning within six months. Eric, being the newlyRead MoreThe Team That Wasnt3588 Words   |  15 PagesWasn’t†, review of information received during the EMBA Retreat at Mercer University, and the compilation of topic specific research articles retrieved from a variety of academic databases. The Team That Wasn’t - Case Analysis Problem Statement: FireArt, Inc. is not prepared to use the â€Å"team† concept in its managerial structure; as a result, middle management cannot make the adjustments necessary to meet their assigned objectives. Assumptions: †¢ The relationship between Randy and CEO is unbreakableRead MoreMba 653 the Team That Wasnt Case Study2170 Words   |  9 PagesSection 1: Introduction Moving from New York City to the Midwest, Eric Holt has recently taken a new job as the director of strategy at a regional glass manufacturer named FireArt Inc. The CEO of the company, Jack Derry, has tasked Eric with developing a comprehensive plan for the company’s strategic realignment which needs to be implemented and working within the next six months. Eric has put together a team of the top six managers, one from each division, to accomplish this task. Unfortunately

Consumer Securities Trading in United States Free Essays

string(45) " in hopes of competing with the discounters\." The following is an in depth look at the effects the Internet has had on trading securities in the United States. Its purpose is to define the impact of the Internet by determining specific changes in the structure of the trading market as a result of the numerous online brokerages that have surfaced in the past few years. A brief look at traditional brokerages and market characteristics prior to the advent of the Internet provides a foundation with which to measure many of its impacts. We will write a custom essay sample on Consumer Securities Trading in United States or any similar topic only for you Order Now The arrival of the online brokerage model has not only introduced an entirely new vehicle with which to trade securities, but it also beginning to effect the way traditional brokerages view their own business models. Specifically, it appears that both the online/discount model and full service model of brokerages will both succeed in the next few years, with the top firms exhibiting characteristics somewhere between the two extremes. New Ameritrade television commercials debuted early this year with a twenty-something-year-old punk extolling the virtues of his new brokerage account to various business men and women. Perhaps the witty E*trade commercial featuring monkeys that first aired during the 2000 Super Bowl was more notable. These commercials are quite a contrast to the traditional brokerage commercials of Merrill Lynch, Morgan Stanley Dean Witter, and Fidelity among others. This contrast is for good reason. Online brokerages have uprooted the traditional model of consumer securities trading and have attracted a critical mass of followers. Before brokerage fees were deregulated 1975, eliminating fixed commissions, trading was something only done by the wealthy. Since then, fees have dropped considerably among the full-service firms making it possible for more and more people to manage portfolios. Until 1995 there was still a fundamental restraint for many consumers: access to timely and accurate information at any time from their own computer. With the arrival of online brokerages in 1995 came a slew of options for investors, new and old, to access an abundance of information and research, and to initiate their own trades all at considerably discounted fees. According to Deutsche Banc, as of 2Q00, online brokerage accounts represented approximately 25% of all accounts in the United States. Furthermore, by 2003, online brokerage accounts are estimated to control 50% of the brokerage market. The online model has already attracted nearly 20 million investors, initiating an increase in overall trading volume. An brief examination of the brokerage industry pre-arrival of the Internet and an in depth look at the brokerage industry now illuminates the many differences and possible implications for the future of consumer securities trading in the United States. Traditional brokerages have been operating freely since 1975. The deregulation of brokerage fees at this time allowed new firms to enter the market, marking the first major alteration in the way Wall Street traditionally offered its services. Before 1975, the market consisted solely of â€Å"full service† firms, those firms who offer trading, research, and financial advice through brokers or financial advisors at a considerable fee. After fees were deregulated, â€Å"discount† firms began to appear, offering consumers smaller fees, but at the cost of less research and financial advice. The market slowly split between these two types of business models, but they were fundamentally similar for 20 years: generate revenue by providing consumers the ability to trade and receive financial advice based upon firm research. The concept of having a broker, or financial advisor who acts as an agent for consumers, was the prevailing idea of stock trading in between 1975 and 1995. Many of those who had portfolios would leave its management entirely up to their brokers, others would call periodically for advice, and some would be actively co-managing their portfolios with the broker. The prevailing model for securities trading was still professionally managed, although different levels of management and cost evolved at this time. Wall Street was altered again in 1995, probably more significantly than in 1975, when securities trading and the Internet converged. According to the Securities Industry Association, K. Aufhasuer Company was the first to execute securities trading online in 1994. However, it was not until 1995 that the first online brokerages debuted their new business model. Momentum mounted quickly, as many investors flocked to the lure of extremely discounted prices and quick trade execution. Without the â€Å"brick and mortar† presence typical of the traditional brokerages and a significantly less extensive network of research and financial advice, online brokerages can offer transactions at fractions of the costs of traditional brokerages, even of the traditional discounters. The first online investors were, and still are, predominantly â€Å"a mix of young, first-time investors and older, more experience ones,† according to a McKinsey Company study. When online brokerages first surfaced, they introduced an entirely unique channel for delivering securities trading to consumers. No other brokerage firms offered the ability to trade securities over the Internet; it was exclusively reserved for those companies referred to as â€Å"online brokerages. † This has changed however over the past couple of years. Traditional full-service brokerages are beginning to adopt their own online components. The two most frequently cited reasons for the scramble of full service firms to enter the online market were customer pressure, and the fear of asset flight to online brokerages, according to a Deloitte Touche Survey. The ability to distinguish these early online brokerages from full service firms is no longer a matter of whether or not they offer online services. The distinguishing feature now is between the cost of their services, segregating firms into a classification again of â€Å"discount† or â€Å"full service. In a sense, the online model has redefined â€Å"discount,† moving the discount brokerage to a much further extreme. Indeed, it is true that most of the firms that are classified today simply as â€Å"discount† are founded on an online business model or have quickly adopted online capabilities, but many of the full service firms, as mentioned, are turning to the online channel in hopes of competing with the discounters. You read "Consumer Securities Trading in United States" in category "Essay examples" Therefore, when an â€Å"online brokerage† is referred to, it implies both the discount firms and the few full service firms with online capabilities. The evolution of the online brokerage market has been explosive in growth, catapulting from just one online brokerage in 1995 to an estimated 170 in 2000, totaling 19. 5 million online accounts (refer to Figure 1 below). The first online brokerages to emerge were predominantly â€Å"deep† discount, followed by mid discount firms, and finally some of the traditional discount incumbents adopted an online strategy and are now classified as mid-tier firms. To illustrate this trend, consider the emergence of 5 of today’s top 6 online brokerages: In 1996, two major deep discount firms emerged, Datek and Ameritrade. Over the next two years, two major mid-discount firms appeared, E*trade and DLJdirect. In 1998, Charles Schwab made their presence felt in the online market which was one of the few traditional discount firms before the online model developed. Fidelity quickly followed suit. This upsurge of online brokerages and the trend for some of the traditional brokerages to go online has had some lasting effects on the securities trading market, which will be explored in the next two sections. The impact of online brokerages is manifested in nearly every aspect of the securities trading market today. Trading volume increase is one of the largest impacts, as a result of the ease and availability of trading that online accounts bring to consumers. It is worth examining the numbers to determine if the large increases in trading volume are actually a result of online accounts, or merely pure correlation with a booming bull market. Over the past decade, the volume of shares traded on the NASDAQ stock market has grown at a compound annual rate of 26%, but since the arrival of online brokerages in 1995, it has grown at a rate of 30%. Although this is not an enormous increase, it is certainly quite significant. To look at it in another light, online accounts represented 15% of all brokerage accounts in the US, but more than 37% of the trading volume. Based upon past experience in the stock market, it may seem that this increase in trading volume is an entirely productive result. However, much of the trading volume from online accounts is a result of day trading, which raises concerns with the SEC. Day trading was not possible before online brokerages made it possible to quickly and effectively trade securities multiple times daily. It is a speculative business, more so than the traditional brokerage business. As Deloitte Touche describes it, â€Å"Customers usually [trade] in and out of several securities positions every day hoping to earn a positive spread on their transactions. † The SEC is responsible for maintaining fair and orderly markets, to protect investors, and to enforce securities laws that were established upon principles that day trading discards. According to a Deloitte Touche survey, 62% of discount firms said they would offer services to day traders versus 0% at full service firms. Most online brokerages recognize that day traders make up an integral portion of their customer base, and do not wish to sacrifice the relationship. Day trading is one negative result of the advent of online brokerages that will remain a challenge for some time to come. Another notable consequence of online brokerages is the further development of after hours trading. The New York Stock Exchange first expanded its hours to â€Å"off hours† trading in 1991. The NYSE added a modest extension extending the after hours from 4pm to 5:15pm. It is now possible, with an online account to trade at any time. This can be advantageous to many investors in giving them more flexibility regarding time availability and for investors overseas who have holdings in US securities and cannot trade at regularly scheduled hours. After hours trading in 1999 represented 50% of all online transactions. Online brokerages have improved execution time quite dramatically to an average of 20 seconds per trade versus nearly 60 seconds for full service firms. In addition to improved execution time, the reliability and accuracy of online executions at discount firms is generally considered to be far superior to full service firms’ online counterparts. The reasons most frequently cited for this are two-fold. First, most discount firms are built upon an online model, it is their core competency, allowing them to devote all of their efforts to perfect the core of their business model. Discount firms rely on trade volume for revenue, not asset accumulation, so it is imperative that their trade execution is the best that it can be. The second reason for superior trade execution at discount firms is that full service firms simply do not devote the same technological resources to their online channel. Full service firms focus primarily on performing cutting edge research, and providing sound financial advice through its network of brokers. The speed and reliability in execution at discount firms has been one of the top attractions of investors, along with largely discounted prices. The online brokerage market has also greatly impacted the availability of brokerage services to those who were previously unreachable. This hinges upon Internet penetration in the US, which is approaching 120 million active adult Internet users, or a penetration rate of 50%. As was mentioned previously, the first investors to move online were mainly those who were brand new to securities trading, or those who were experienced enough to feel confident trading with little or no professional advice. Most of them brought below average asset values online. In fact, in mid-1999, although online accounts represented 15% of all brokerage accounts, they only represented 5% of the total assets. As stated previously, these accounts also accounted 37% of the trading volume. That would indicate that the online brokerages do not focus on producing revenue through asset accumulation, but through trading volume. This has some major implications to be discussed in the next session. The majority of discount firms rely on trading volume to create revenue through their online offerings. This means they depend on accumulating customers who trade frequently in order to collect fees for trades made. Trade volume has been increasing quite dramatically over the past few, as the percentage of online trades increases as a proportion of total. This bodes well for the online brokerages who are accumulating customers, although those players who are at the bottom of the pack will likely fall out soon. The market is remarkably consolidated after just 4 years in existence. In fact, the top ten online brokerages comprise 90% of the online assets and accounts, and the top 4 comprise 86%. Those brokerages who are having a tough time accumulating customers and trade volume even while the online brokerage market is hot, will likely fall out soon. Referring back to Figure 1, it can be seen that the number of online brokerage firms is expected to decrease over the next few years while the number of online accounts increases. The online industry is consolidating quickly while continuing to grow. Although there is still a large disparity between discount firms and full service firms in terms of how they operate and what they offer, this is likely to change in the coming years. Already, the trend for full service firms to go online is in motion, and there are even some discount firms that are beginning to complement their trading services with plans for banking, insurance, and bill payment services. Currently, discount firms have approximately 74% of their transactions online versus 18% online at full service firms. In a Deloitte Touche survey, 100% of full service firms said they planned to use online trading to enter new businesses, create alliances, or shift the business model, and 74% of discount firms said they planned to add additional services that are typically offered only by full service firms. It appears that the two extremes in brokerage services are headed towards a common middle ground. As the author of the Deloitte Touche study put it, â€Å"the distinction between discount brokers and full service firms is becoming less evident. There is distinct evidence that the brokerages that will prevail in the next decade will have features of both a discount brokerage and a full service brokerage. A 50/50 hybrid model of online and full service could prevail, but it is more likely that the future constituents will be based on one core competency (online vs. full service) and have significant characteristics of its counterpart. This is because each business model appeals to different segments of the population. It is generally agreed that full service firms have a distinct advantage in advertising dollars and brand equity, and appeal to investors with more money and/or less knowledge of investing. Online brokerages appeal generally to investors with less money and/or more knowledge of investing. At this point in time, they are quite distinct, but the gap is closing. Another salient example of this phenomenon is that the top focus of current marketing strategies for 18% of online brokerages is to build brand equity, a la the full service firms. Each model, discount and full service, is moving to a common ground. The question that now stands is, who will win out? It is not an easy task to predict the future, or the future of brokerage services in the United States for that matter. One thing is for sure: the online channel will succeed. The top brokerages of the future will certainly incorporate online components very significantly. Those that will continue to succeed will be able to be flexible and adjust to the changing demands of consumers and technology, just as the top firms today are able to embrace the online channel. As Deloitte Touche put it, â€Å"firms that cannot be innovative will find themselves niche players or acquisition targets. â€Å" How to cite Consumer Securities Trading in United States, Essay examples