In this magisterial study, Michael Smith explains how France left behind small-scale merchant capitalism for the large corporate enterprises that would eventually dominate its domestic economy and project French influence throughout the world.

Arguing against the long-standing view that French economic and business development was crippled by missed opportunities and entrepreneurial failures, Smith presents a story of considerable achievement. French companies made major contributions to the Second Industrial Revolution of 1880-1930, especially in ferrous and non-ferrous metallurgy,...