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12 - The political influence of bankers and financiers in France in the years, 1850–1960

Published online by Cambridge University Press:  12 January 2010

Hubert Bonin
Affiliation:
University of Bordeaux III
Youssef Cassis
Affiliation:
Université de Genève
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Summary

The myth of the omnipresence of the controllers of wealth is ineradicable in France, so evident appears to be the strength of capital: the autonomy of decisions made by politicians seems restricted by a ‘wall of money’, and major choices in economic policy seem to be imposed by the prime movers of financial capitalism. Civil liberties seem compromised, so great is the influence of the world of finance as it creeps insidiously into a venal press, into the heart of a corrupt parliament, and even into the very core of governments whose ministers maintain too close links with financial spheres. Thus ‘crises’ break out repeatedly, substantiating these myths as half-political, half-financial scandals reveal the interpenetration of the networks of influence and decision-making. Fact thus confirms belief as ‘hidden money’ (J. N. Jeanneney) is brought to light. Faced with such an assumption of guilt, historical analysis must pursue its course with care. Research into the world of finance remains fragmentary, the controllers of wealth remain in charge of the preservation of archives, of their accessibility, of selecting which files should be made public and to which readers.

A financial community

It is difficult to isolate the major paths of influence of the world of finance, for it remains an undefined community. If, in the case of industrialists, centres of power and cores of pressure groups have long been identified, in the case of bankers and financiers, structures of collective organization are difficult to uncover.

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Publisher: Cambridge University Press
Print publication year: 1991

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