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This article examines the political economy of French imperialism from a critical Marxist perspective. It demonstrates how France has maintained a major role on the international scene, especially militarily, despite experiencing a relative decline in world economic power since the 1990s. In this regard, three features have marked the French imperial project: (1) the core role of state institutions and corporate elites in making French capitalism, and the protracted closeness of the state-capital nexus; (2) the strength of militarism in economic, political, and social realms; and (3) the consolidation of rentier interests not only in the corporate power bloc, but also at a political level. Over the past century, these three dynamics have underpinned and reinforced a particular project of empire in France – one that bears relevance to current debates on globalisation and the ‘new imperialism’. By examining these issues, this paper seeks to further develop the Marxist theory of international political economy.
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4
Wood 2003; Panitch and Gindin 2004, 2012.
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5
Harvey 2007.
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6
For example, Callinicos 2009.
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7
Maddison 1995, p. 65.
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8
Cameron 1957.
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9
Lévy-Leboyer 1977.
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10
Fishlow 1985.
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11
Bouvier 1974, p. 6.
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12
Lévy-Leboyer 1977.
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13
Girault 1972.
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14
See Clemens and Williamson 2004.
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15
Daudin, Morys and O’Rourke 2008.
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16
Lévy-Leboyer 1977, p. 438.
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17
Fischlow 1985.
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18
Feis 1930.
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19
Parent and Rault 2004. As Feis put it: ‘The financial transactions between Western Europe and the other areas were an important element in political affairs.’ (Feis 1930, p. xvi.) Fischlow 1985 follows the observation of Feis 1930 that politics was a major driver of French capital exports. Still, based upon a comparison of British and German capital exports, Esteves challenges this clear-cut distinction between ‘economic’ and ‘political’ motives and finds that German capital, like British capital, also responded to long-term prospects of growth of recipient countries (i.e., to ‘fundamentals’) See Esteves n.d. Also see Clemens and Williamson 2004, p. 331, who find that previous investment in government bonds ‘crowded in’ subsequent private-sector investment.
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20
Parent and Rault 2004.
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21
Daudin, Morys and O’Rourke 2008.
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22
Girault 1993, p. 796.
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23
Marseille 1984.
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24
Fitzgerald 1988, p. 375.
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25
Fieldhouse 1961, pp. 175, 205.
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28
Stokes 1969.
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29
Harding 2009.
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30
Brunschwig 1960, p. 50.
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32
Cain and Hopkins 1980, p. 479.
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33
Andrew and Kanya-Forstner 1978.
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34
Hémery 2006.
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35
Girault 1993, p. 756.
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36
Coquery-Vidrovitch 1979, p. 59.
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37
Lenin 1916.
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38
According to Arrighi 1994, financiers were thriving long before modern capitalism. Nevertheless, finance does assume a particular form under capitalism, represented by the circuit: M (Money) . . . C (Commodities) . . . M′ (M′ > M).
-
39
See Davis, Neal and White 2003.
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40
Davis and Neal 2005.
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41
Daumard 1993, p. 424.
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42
Girault 1972, p. 912.
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43
Baer 1956.
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44
Feis 1930.
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45
Bairoch 1982. Among French economic historians, there is a debate – initiated by Clapham 1921 and then by Landes 1949 – on the lack of entrepreneurship in France. The key point of contention is the slow rate of economic growth, particularly in manufacturing, in the nineteenth century. For a survey, see Crouzet 2003.
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46
Bouvier 1972.
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47
Engels 1894.
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48
Levy-Leboyer 1974, p. 5.
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50
Nefussi 2007.
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51
Chesnais 1993; Serfati 1995.
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55
Partouche and Olivier 2011.
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56
Serfati 2011.
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57
Sauviat and Serfati 2013.
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59
Eurostat 2012.
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60
Lamarche and Salembier 2012.
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63
Banque de France 2013.
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65
Joly 2012.
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66
Bauer, Bertin-Mourot and Thobois 1995.
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67
Kramarz and Thesmar 2007.
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68
François 2010.
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69
Comet and Finez 2010.
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70
Hartman 2000, p. 257.
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73
van Appeldoorn 2002.
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74
Carroll, Fennema and Heemskerk 2010, p. 829.
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75
Serfati 2014a.
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76
Lenin 1916.
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77
Hilferding 1981.
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78
Sweezy 1946, p. 268.
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79
Bouvier 1974, p. 5. Elsewhere, Bouvier observes the evolution of relations between banks and industry in France (Bouvier 1972). Between 1850 and 1880, the large credit banks were ‘perfect mixed banks’, like those in Germany (e.g. Crédit mobilier and Crédit Lyonnais). From 1870 onwards, the division of labour between banques de dépôts (retail banks) and banques d’affaires (investment banks) occured.
-
80
Bouvier 1974, p. 5.
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81
Serfati 1996, 2000.
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82
Hilferding 1981, p. 12. For an analysis of Hilferding’s finance capital, see Guillén 2013.
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83
Lenin 1916.
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84
Serfati 2011. Ellen Wood (Wood 2007, p. 164) is thus incorrect in saying that Lenin ‘was certainly not talking about the severance of financial from productive capital’.
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85
Lenin 1916, Chapter 8. In his Notebook β, Lenin criticised Hilferding for ignoring ‘the relationship between finance capital and parasitism’.
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89
Hémery 2007.
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91
Tate 1940.
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92
Hémery 2007, p. 330.
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93
Fremeaux 2006.
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94
See Lewis 1962. The French Communist Party read it as a positive trend, as its official position did not support the full independence of French colonies.
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95
Chaffer 2001.
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97
Lellouche 2012.
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99
Schumpeter 1951.
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100
Christian Aid 2009.
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101
Mbaye 2012.
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103
Utley 2005.
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104
Survie 2009.
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105
Luckham 1982.
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106
Paul 2011.
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108
See de Rohan 2011.
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115
Aknin and Serfati 2006.
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116
Utley 2005.
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117
Serfati 2008a.
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118
Cooper 2002.
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119
Olsen 2011.
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120
Koepf 2012.
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121
Ashton 2013.
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122
Guisnel 2013.
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123
Carchedi 2002.
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124
Canterbury 2009.
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125
Hardy 2009, Chapter 3.
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126
Samary 2012. This military dimension is so far absent in the neo-Gramscian analysis of eu enlargement (e.g. Bohle 2006).
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127
Serfati 2004a. For the politically specific context of eu integration, see Anderson 1997, p. 66.
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128
See Gill 1998; Bonefeld 2002.
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132
See Robinson and Harris 2000.
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133
See Wood 2007. This point is acknowledged by studies of European interlocking directorates. According to Carroll, Fennema and Heemskerk 2010: ‘within European integration, the process of “state formation” and corporate community building are two separate strands.’
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134
Marks 2003.
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135
Schmittter cited in van Appeldoorn 2002, p. 41.
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136
Serfati 2004a, pp. 201–14.
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137
Wood 2003.
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140
Panitch and Gindin 2004, 2012.
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142
See Serfati 2015.
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143
Brass 2009.
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144
Manzo 2005.
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145
Walker 2006.
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146
Moore 2004.
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147
de Angelis 2006.
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149
Zeller 2008.
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This article examines the political economy of French imperialism from a critical Marxist perspective. It demonstrates how France has maintained a major role on the international scene, especially militarily, despite experiencing a relative decline in world economic power since the 1990s. In this regard, three features have marked the French imperial project: (1) the core role of state institutions and corporate elites in making French capitalism, and the protracted closeness of the state-capital nexus; (2) the strength of militarism in economic, political, and social realms; and (3) the consolidation of rentier interests not only in the corporate power bloc, but also at a political level. Over the past century, these three dynamics have underpinned and reinforced a particular project of empire in France – one that bears relevance to current debates on globalisation and the ‘new imperialism’. By examining these issues, this paper seeks to further develop the Marxist theory of international political economy.
| All Time | Past Year | Past 30 Days | |
|---|---|---|---|
| Abstract Views | 2068 | 402 | 16 |
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