Louis also improved France’s tax collection system by

Louis XIV’s reformation of France’s economy with the help of his Minister of Finance Jean Baptiste-Colbert made him an effective absolute monarch. In order to support Louis’s dreams of magnificence, a sound financial system and good economy were crucial. This made Jean-Baptiste Colbert the most valuable minister to Louis. Colbert became Louis XIV’s main financial advisor in 1665 until his death in 1683. He, with the help of Louis XIV, was responsible for making France a powerful economic power. Colbert supported mercantilism and protected French industries by limiting imports through tariffs. He believed that rather than importing goods from other empires, France should make its own high-quality goods. So he monitored the quality of products created by French industries. The improved quality of French products led to greater exports and more money for the French economy. This meant the people in Louis’s empire would get 100% profit. He also improved France’s tax collection system by lowering income taxes for the wealthy and increasing taxes on things like road tolls, shipping and milling. He did this because he believed that if the rich had more money, they would spend it on more French goods; thereby helping France’s economy. Louis exempt taxes for nobles to further his own power. Colbert and Louis also fostered overseas colonies, such as New France in North America and several colonies in India, and regulated trade with the colonies to enrich the royal treasury. When Colbert first became Minister of Finance of France, France’s debt was about 60 million livres but at the time of his death, it has decreased down to 10 million livres. After Colbert’s death, Louis XIV took France’s economy into his own hands and attempted to keep it as prosperous as Colbert once did but could not. Without Colbert, France never would have reached the economic height it was at. Hence, Louis XIV and Jean-Baptiste Colbert helped reform France’s economy but France’s economy would have never been where it was without Colbert.