The activity of drinking and celebrating in a lively, boisterous, and often unrestrained manner; alternatively, the present participle form of the verb carouse.
From carouse with the present participle suffix -ing. The gerund form (noun) emerged naturally as English speakers began using the action of carousing as a standalone concept, distinct from individual episodes of carouse.
The word 'carousing' perfectly captures the 18th-century aristocratic lifestyle—it's specific enough to mean spirited celebration but vague enough to hint at possible scandal, which is probably why it appears so often in period novels!
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