In this magisterial study, Michael Smith explains how France left
behind small-scale merchant capitalism for the large corporate
enterprises that would eventually dominate its domestic economy and
project French influence throughout the world.
Arguing against the long-standing view that French economic and
business development was crippled by missed opportunities and
entrepreneurial failures, Smith presents a story of considerable
achievement. French companies made major contributions to the
Second Industrial Revolution of 1880-1930, especially in ferrous
and non-ferrous metallurgy, electrochemicals, industrial gases, and
motor vehicles. Rejecting the notion that France took a separate
route to economic modernity, Smith argues that it tracked other
industrial nations along a path dominated by large-scale production
and corporate enterprise. Technological and organizational
capabilities acquired by French companies prior to 1930 played a
key role in the country's rapid economic recovery after World War
II and its broader economic success in the second half of the
twentieth century. Smith also addresses the distinctive
characteristics of French economic and business development,
including the pivotal role of the French state, the pervasive
influence of French financiers, and the significance of labor
conflict.
This superb account is an invaluable contribution to business
history and the history of modern France.
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