Afinancial crisis, brought on in part by excessive spending and huge gambling losses

What is described are the conditions that led to the reformation of the Estates-General in France during the reign of Louis XVI for the first time in 175 years.

The Industrial Revolution and the Space Race

Explanation:

The Industrial Revolution: Transformed economies that had previously been based on agriculture and handicrafts into economies based on large-scale industry, mechanized manufacturing, and the factory system (more efficient). New machines, new power sources, and new ways of organizing work made existing industries more productive and efficient and allowed further innovation in all facets of life.

Space Race: Changed how humanity understood and interacted with the wider universe; led to vast advancements in travel, weaponry, science, astronomy, and now economy as private companies are working on space trips using technology and knowledge learned during the Space Race.