Profit, croissance et stagnation en France au XIXe siècle

Abstract

Profit, growth and stagnation in france in the nineteenth century. The slower rate of growth of total and per capita income in France, despite the country’s money advantages between 1815 and 1914 than in any other industrial country calls for some explanation. The author uses a theoretical framework built on the concepts of supply and demand analysis, or the theory of relative prices, supplemented by income and employment theory, in order to examine this problem in economic growth. As regards profit and the uses of investible funds it would seem that the failure to invest in french industry, despite abundant funds, was the determining factor. This may be explained to some extent by the growth of demand for final products which the author analyses in detail considering demographic factors and spending habits. The supply and cost of production must also be considered to see whether, capital being abundant, the supply of other factors was deficient whilst labour supply does not seem to have been a broke on production, France did suffer from many natural handicaps such as the supply of coal. Finally, the author is led to envisage the handicap for the growth of french industry of a number of political and social factors.