Finance Beyond the Bounds of the Fiscal-Military State: Debt, Speculation and the Renovation of Nineteenth-Century French Financial Capitalism

Abstract

Abstract Focusing on the Paris Stock Exchange in the early nineteenth century, this article examines the renovation of public debt and speculation following financial, political and military collapse. Though financial capitalism at the Exchange in the eighteenth century had been located mostly within the architecture of the fiscal-military state, the fallout of the Revolution and the defeat of the Napoleonic regime eliminated this option. Rather than military competition, financial capitalism at the Exchange in the nineteenth century was rebuilt by focusing inwards, by being linked to political values such as defined property rights, a particular vision of liberty and theories of representative government. Financial capitalism was still connected to empire, however; the reconstruction of financial capitalism at home helped to establish the conditions for exporting capital abroad, in the pursuit of informal empire. The article thus shows how financial capitalism came to be aligned with the political good in the post-revolutionary world.