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These sentences are at the beginning of a paragraph. I am not sure whether they are a conditional or a guessing or a historical fact. I have read this discussion, but the answers are implying that the meaning is context-dependant. Here is the whole sentence:

The ruling sections of the bourgeoisie would have accepted a compromise which, in the image of the English revolutions of the 17th century, would have set up over the subdued lower classes the domination of the notables and the moneyed class. The aristocracy would have none of it, thus rendering inevitable recourse to the popular masses in order to break its resistance. Only a minority, symbolized by the name of La Fayette, understood that it stood to lose nothing in this compromise; the example of England proved that. Compromise was possible in the spring of 1789; but the monarchy would have had to take the initiative boldly.

If the first sentence is just a guess or expectation about the possible fact, then What does "The aristocracy would have none of it" mean? And why the author doesn't use the "would have + PP" form in the next sentence and says: "Only a minority ... understood that..."

The previous and succeeding paragraphs:

The revolution was marked by stages, as the struggle of classes became sharper and more complicated. We shall not go over them here, but merely raise some problems, which are organically bound together: the problem of the failure of the compromise policy, the problem of the Girondins' "failure of nerve" when confronted with the necessities of the war, and the problem of the Jacobin dictatorship.

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Was compromise still possible after July 14 and the October days? There were those who thought so among the bourgeoisie as well as among the aristocracy, and had plans for bringing it about.15 But the majority of the nobility, and the aristocratic upper clergy, both refused to accept the initial reforms of the Revolution.

Here is the link of the article: Classes and Class Struggles during the French Revolution

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    The "would have" form is resumed at the end of the paragraph. The paragraph is discussing what might have happened, had the monarchy taken the bold initiative mentioned. It may be that there was an "if" condition stated in previous paragraphs of the book. I have not been able to find the previous paragraphs by searching at Google books. Maybe, if you have the whole text, you could supply them. – Jack O'Flaherty Aug 4 '20 at 16:17
  • @Jack Thank you. No, the previous sentences don't include an "if clause". I will add the previous paragraph and the link to the article. – Amir Irani Aug 4 '20 at 16:21
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    In that case, I would say that this is an example of an "implied if-clause", which could be stated like this: "The ruling sections of the bourgeoisie would have accepted a compromise if one had been offered." – Jack O'Flaherty Aug 4 '20 at 16:26
  • I can't get into that without subscribing. I think there's enough information here to propose an answer. – Jack O'Flaherty Aug 4 '20 at 16:29
  • I checked the link and it was correct for me. I uploaded the paper in my google drive. here is the link I hope it'll work. It's on page 246 – Amir Irani Aug 4 '20 at 16:34
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I believe that this is an example of an implied if-clause, which could be stated:
"If one had been offered, the ruling sections of the bourgeoisie would have accepted a compromise which, in the image of the English revolutions of the 17th century, would have set up over the subdued lower classes the domination of the notables and the moneyed class.

The phrase "the aristocracy would have none of it" means that the aristocracy would not accept such a compromise (because it would have shifted power away from them toward the bourgeoisie). This is a different use of "would", referring to their willingness to accept a compromise: they wouldn't.

In case you aren't familiar with the idiom "have none of it", it means to completely reject something.

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