Figure 1.--France lagged behind several mother countries in building a modern rail stsyem, in part becauuse they were slow to develop a coal and iron industry. We see stare coahes in France longer than many countries, but by the late-19th century with Government interventioin had one of the world's finest rail systems. This appears to be a family carriage.

Agriculture since ancient times was the primsary source of wealth for millennia. The first major civilizations were river valleys because that was where it was easiest to harvest crops. Gradually technology developed tht could yield large scale hrvests away from river vslleys. And no country was blessed with fertile soil and climate so codusive to agriculture as France. With the fall of Rome, France became a major power center for more than a millenium until the Industrial Revolution. With a large population and fertile land, France became a great European power, especially as Germany was divided into competing principalities. The Revolution fundamentally changed French agriculture. Ownership of the land was permanenbtly transferred from the nobility and the church. The Burbon Restoration was unabkle to reverse thus development. Rural France became a land of small independent farms. One imprtant Frehch historian reports that the the revolution "bequeathed to the nation a ruling class of landowners." [Cobban, p 89.] At the same time, Europe had begun to industrialize. And as this process infolded the French power declined. As long as agriculture defined a country's wealth, France stood out in Europe. As industry became increasingly important, France's great advantage withered away. The industrial revolution began in Britain which became the preminent industrial nation. France after the Napoleonic era also began to industrialize, but vremained peremently behind Britain, Even nore notable, German industry, especially Prussian industrtry began to exceed French infustry. In addition, the French birth rate fell, while population of Britain and Germany increased. There are two developments that adversely affected France. First, Napoleon's Continental System which cut Britain off from the Continrnt. The result was to require Britaion to produce goods that were formerly imported. At the sane tune, without competution from Britain there was not the oressure to innivate. The business crisis of 1810-12 casused futher probems. [Crouzet, 'War'.] This was all compounded by the Bourbon Restoration (1814). The aristocracy thst had survived had not changed. There was the traditional aristicratic disdain for entrepreneurship. The aristiocracy believed in blood lines and land. As a result, British manufactured products flooded the French market. The Bourbon answer was protectionism abd higher tariffs. The Bourbons sought to protect established businesses. This allowed France to preserve handcrafts and small-scale manufacturing, primarily textiles rather than promoting heavy industry. The French tariff on iron products were as high as 120 percent. [Caron, pp. 95-96.] Paris and many other urban centers had little industry. Economists report relativedly low incomes in France. High ransaction costs and inefficient property rights are seen as part of the problem. A transportation system geared more to military needs than to economic needed are also seen as a problem. [Baten, pp. 21–22.] The most sucessful French economic sector was finance (19th cenbtury). French financial weakness had been a major factor adversely affecting France in its centuries of conflict with Britain. Paris emerged as an international center of finance in the mid-19th century, only surpassed by London. [Plessis]. France thus finally had a powerful national bank and numerous strong private banks that financed projectson Europe and the Empire. One major project was the Suez Canal, funded jointly with Britain. Napoleon III aspired to surpass London and make Paris the premier financial center of the world. This was never achieved, in part because of the Franco-Prussian War (1870-71). [Cassis and Bussière, chapter 3.] The Rothschild family was an important part of the French banking system, France never surpasssed Britain, but the strength of British and French banks was a major assett in World War I. France led Europe in canal construction (18th century). The country, however, lagged behind other industrial countries in building railways (early-19th century), such as Britain and Belgium even though it was clear that rail was the future (1830s). This was in part because France lagged with industrial development, especially the iron and coal industry. The Government finally intervened (1840s). Other countries, especially Germany, began to surpass France (19th century). France with its agriculture and indutry, however, has remained a very important country. And French agricuture played an important role in World War I and World War II. During World War II, however, with the fall of France it was harnessed by NAZI Gemany (1940).

Agriculture

Agriculture since ancient times was the primary source of wealth for millennia. The first major civilizations were river valleys because that was where it was easiest to harvest crops. Gradually technology developed tht could yield large scale hrvests away from river vslleys. And no country was blessed with fertile soil and climate so codusive to agriculture as France. With the fall of Rome, France became a major power center for more than a millenium until the Industrial Revolution. With a large population and fertile land, France became a great European power, especially as Germany was divided into competing principalities. The Revolution fundamentally changed French agriculture. Ownership of the land was permanenbtly transferred from the nobility and the church. The Burbon Restoration was unabkle to reverse thus development. Rural France became a land of small independent farms. One imprtant Frehch historian reports that the the revolution "bequeathed to the nation a ruling class of landowners." [Cobban, p 89.]

Finance

The most sucessful French economic sector was finance (19th cenbtury). French financial weakness had been a major factor adversely affecting France in its centuries of conflict with Britain. One of the grat financial bubbles of all time was the French South Seas Bubble. Paris emerged as an international center of finance in the mid-19th century, only surpassed by London. [Plessis]. France thus finally had a powerful national bank and numerous strong private banks that financed projectson Europe and the Empire. One major project mastermined by Ferdinand de Lesseps was the Suez Canal, funded jointly with Britain. Delesseps failed with his Panama Canal project, resulting in a financial scandal. Napoleon III aspired to surpass London and make Paris the premier financial center of the world. This was never achieved, in part because of the Franco-Prussian War (1870-71). [Cassis and Bussière, chapter 3.] The Rothschild family was an important part of the French banking system, France never surpasssed Britain, but the strength of British and French banks was a major assett in World War I.

Industrtry

At the same time, Europe had begun to industrialize. And as this process infolded the French power declined. As long as agriculture defined a country's wealth, France stood out in Europe. As industry became increasingly important, France's great advantage withered away. The industrial revolution began in Britain which became the preminent industrial nation. France after the Napoleonic era also began to industrialize, but vremained peremently behind Britain, Even nore notable, German industry, especially Prussian industrtry began to exceed French industry. In addition, the French birth rate fell, while population of Britain and Germany increased. There are two developments that adversely affected France. First, Napoleon's Continental System which cut Britain off from the Continrnt. The result was to require Britaion to produce goods that were formerly imported. At the sane tune, without competution from Britain there was not the oressure to innivate. The business crisis of 1810-12 casused futher probems. [Crouzet, 'War'.] This was all compounded by the Bourbon Restoration (1814). The aristocracy thst had survived had not changed. There was the traditional aristicratic disdain for entrepreneurship. The aristiocracy believed in blood lines and land. As a result, British manufsctured products flooded the French market. The Bourbon answer was protectionism abd higher tariffs. The Bourbons sought to protect established businesses. This allowed France to preserve handcrafts and small-scale manufacturing, primarily textiles rather than promoting heavy industry. The French tariff on iron products were as high as 120 percent. [Caron, pp. 95-96.] Paris and many other urban centers had little industry. Economists report relativedly low incomes in France. High ransaction costs and inefficient property rights are seen as part of the problem. A transportation system geared more to military needs than to economic needed are also seen as a problem. [Baten, pp. 21–22.]

Mining

Transport

France led Europe in canal construction (18th century). The country, however, lagged behind other industrial countries in building railways (early-19th century), such as Britain and Belgium even though it was clear that rail was the future (1830s). This was in part because France lagged with industrial development, especially the iron and coal industry. The Government finally intervened (1840s). Other countries, especially Germany, began to surpass France (19th century). France with its agriculture and indutry, however, has remained a very important country. And French agricuture played an important role in World War I and World War II. During World War II, however, with the fall of France it was harnessed by NAZI Gemany (1940).

Sources

Cassis, Youssef and Éric Bussière. Eds. London and Paris as International Financial Centres in the Twentieth Century (2005). See chapter 3.

Caron, François. An Economic History of Modern France (1979).

Cobban, Alfred. Social Interpretation of the French Revolution (Cambridge University Press: 1964), 178p.

Crouzet, François. "Wars, blockade, and economic change in Europe, 1792–1815." Journal of Economic History Vol. 24, No. 4 (1964), pp. 567-88.

Plessis, Alain. "The history of banks in France." in Manfred Pohl and Sabine Freitag, eds. Handbook on the History of European Banks (Edward Elgar Publishing: 1994) pp. 185-296.]

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