About this book:

"The Business of France: Industrialists, Banks, and Economic Policy since 1789" chronicles the unique evolution of French capitalism, demonstrating how entrepreneurs, financiers, and the state have continuously intertwined to build and reshape the nation's economy. From the institutional foundations laid by the French Revolution and Napoleon, including the Civil Code, commercial law, and the Banque de France, the book traces how these structures facilitated the rise of universal banks and heavy industry. It explores pivotal moments like the railway boom and the speculative fervor of the Crédit Mobilier, highlighting the early symbiotic yet often fraught relationship between private capital and public ambition.

The narrative continues through major crises and transformations, showing how wars and economic downturns reset the state's role. The First World War forged a command economy, while the interwar period saw the state grapple with cartels, deflation, and banking reforms. The Vichy regime, despite its ideological ruptures, left institutional traces of corporatism that influenced post-war planning. The immediate post-WWII era was defined by the Monnet Plan, a bold strategy of nationalization and indicative planning that rebuilt France's infrastructure and established national champions in energy (EDF), steel, and transport (SNCF), ushering in the "Trente Glorieuses" of rapid growth through dirigisme.

The latter half of the 20th century brought new challenges, from the social demands of 1968 to the oil shocks of the 1970s, which exposed the limits of easy growth. The dramatic 1981 nationalizations were swiftly followed by a policy U-turn towards monetary discipline and European integration. Subsequent decades saw extensive privatizations, the rise of "France Inc." with its unique cross-shareholding networks, and the integration into the European Monetary Union. In the 21st century, the book examines how global champions like Air Liquide, Airbus, LVMH, and TotalEnergies adapted to global markets, how the 2008 financial crisis reshaped banking and regulation, and how the state is evolving into an "entrepreneurial state" through initiatives like BPIFrance, focusing on digital and deep tech, and orchestrating the industrial transition to climate capitalism.

Ultimately, the book argues that the French model is a persistent, adaptive synthesis of private enterprise and state intervention. It highlights the enduring power of institutions, the cyclical nature of financial crises, the continuous evolution of industrial strategy, and the dynamic negotiation of the social contract between capital, labor, and the state. The unique influence of the *Grands Corps* provides a continuous thread, linking state policy with corporate governance. The French experience, with its blend of pragmatism, strategic planning, and a deep-seated belief in collective action, offers valuable lessons for how nations can navigate the complex economic challenges of the 21st century.

What You'll Find Inside:

• The Napoleonic era established core institutions—the Civil Code, metric system, cadastre, and Banque de France—that created legal and financial predictability essential for modern capitalism.
• Universal banks like Crédit Mobilier and later Crédit Lyonnais bridged finance and industry, funding railways, heavy infrastructure, and later national champions through innovative capital mobilization.
• State‑driven industrial strategy evolved from post‑war planning (Monnet Plan, Trente Glorieuses) to today’s entrepreneurial state supporting deep‑tech, green hydrogen, and digital innovation via BPIFrance and public‑private partnerships.
• Recurring financial crises—from the 1882 Union Générale crash to the 2008 global meltdown—exposed systemic risks and prompted waves of regulation, supervision, and state bailouts that reshaped the banking sector.
• French corporate governance developed a distinctive “France Inc.” model of cross‑shareholdings, Grands Corps influence, and state golden shares, balancing market discipline with long‑term strategic coordination.

Who's It For:

The book is ideal for students and scholars of economic history, finance, and European studies who seek a deep understanding of how political institutions, financial innovation, and industrial policy have interacted in France over two centuries. It also benefits professionals in banking, corporate strategy, and public policy who want to grasp the nuances of state‑market coordination, crisis response, and the evolution of the French model in a globalized economy. Policymakers interested in designing industrial policy or financial regulation will find valuable lessons in France’s adaptive dirigisme and entrepreneurial state approaches.