The reign of Louis Philippe is known as the July Monarchy and was dominated by wealthy industrialists and bankers. He followed conservative policies, especially under the influence of French statesman François Guizot during the period 1840–48. He also promoted friendship with Britain and sponsored colonial expansion, notably the French conquest of Algeria. His popularity faded as economic conditions in France deteriorated in 1847, and he was forced to abdicate after the outbreak of the French Revolution of 1848.