货币市场全球化的动态和影响：英国和法国的核心作用
根据米歇尔-奥利斯（Michel Oris）的课程改编[1][2]
地结构与乡村社会： 前工业化时期欧洲农民分析 ● 旧政体的人口制度：平衡状态 ● 十八世纪社会经济结构的演变： 从旧制度到现代性 ● 英国工业革命的起源和原因] ● 工业革命的结构机制 ● 工业革命在欧洲大陆的传播 ● 欧洲以外的工业革命：美国和日本 ● 工业革命的社会成本 ● 第一次全球化周期阶段的历史分析 ● 各国市场的动态和产品贸易的全球化 ● 全球移民体系的形成 ● 货币市场全球化的动态和影响：英国和法国的核心作用 ● 工业革命时期社会结构和社会关系的变革 ● 第三世界的起源和殖民化的影响 ● 第三世界的失败与障碍 ● 不断变化的工作方法： 十九世纪末至二十世纪中叶不断演变的生产关系 ● 西方经济的黄金时代： 辉煌三十年（1945-1973 年） ● 变化中的世界经济：1973-2007 年 ● 福利国家的挑战 ● 围绕殖民化：对发展的担忧和希望 ● 断裂的时代：国际经济的挑战与机遇 ● 全球化与 "第三世界 "的发展模式
世界金融和银行体系的历史，尤其是 19 世纪和 20 世纪的历史，是一部引人入胜的经济演变编年史，其特点是全球化的重大影响以及英国和法国等国家所发挥的主导作用。这两个国家拥有极具影响力的金融中心--伦敦金融城和巴黎金融中心--它们不仅主导着全球经济，而且走在金融创新和市场发展的前沿。它们积极参与世界各地的基础设施项目融资，并在管理金融危机方面发挥作用，这表明它们在塑造现代金融架构方面具有相当大的影响力。
然而，这一时期也充满了复杂的、有时甚至是相互矛盾的动态。这些国家对外投资的规模相当于其国内生产总值的 100%，这为经济全球化奠定了基础，但同时也造成了债务危机，尤其是在奥斯曼帝国和中国等帝国，借贷的恶性循环造成了重大的经济挑战。在这一时期，还出现了一个相互联系的全球资本市场，促进了前所未有的经济增长，尽管这种增长在世界各地的分布并不均衡。
这一时期特别值得注意的一点是，非洲被排除在金融和经济全球化的主要潮流之外。奴隶贸易结束后，非洲大陆在很大程度上被排除在全球经济发展之外，殖民政策和做法加剧了这种状况。全球经济史上的这一篇章不仅凸显了国家间权力和影响力的动态变化，还显示了由此产生的不平等和结构性挑战，这些问题在当代全球经济中仍有回响。
英国和法国： 全球金融和银行体系的支柱
Britain and France have played crucial roles in the establishment and evolution of the global financial and banking system, with influences spanning several key aspects.
For centuries, the City of London has been one of the world's most influential financial centres. Its rise to prominence was strongly linked to the era of the British Empire, when international trade and finance were centralised in London. This period saw the introduction of many financial innovations, some of which are still fundamental today, such as modern banking and the capital market. The British Empire not only extended its political and cultural influence, but also integrated colonial economies into the global financial system, establishing a global network of trade and investment.
France, with Paris as its financial centre, also played a major role, particularly in Europe. The Paris financial centre was a hub for banking, stockbroking and insurance, rivalling London in terms of influence and innovation. France's colonial impact, similar to Britain's, helped integrate its colonies into the global economy, contributing to a vast expansion of Western capitalism and banking. France was also a key player in the development of financial policies and regulations, not only on a national scale but also on a European and global scale.
These two nations have been pillars in the development of modern financial markets. They have shaped the architecture of stock markets, bond markets and currency markets. Historically, their influence has been crucial in the creation of international financial institutions such as the IMF and the World Bank, emerging in the context of post-war and economic reconstruction. Their role in managing financial crises, formulating regulatory policies and setting international accounting standards has been significant. The financial history of Great Britain and France is therefore closely linked to world economic history. Their influence, while always present, has evolved with the emergence of new financial centres and geopolitical changes, reflecting the changing dynamics of global economic power.
Britain and France have played a fundamental role in the evolution of the global financial system, distinguishing themselves through innovation and the development of financial markets. They pioneered the creation of innovative financial products, including government bonds and the first investment funds, which revolutionised the way assets were invested and managed. Their influence extended to the stock markets, with the London and Paris stock exchanges among the oldest and most influential in the world. These exchanges introduced key concepts such as stock market listing, playing a central role in mobilising savings for investment and business growth. In terms of banking systems, Britain and France have set high standards of sophistication and regulation. The Bank of England and the Banque de France have been role models for the world's central banks, influencing monetary policy and financial risk management strategies. These two nations have also been leaders in developing regulatory frameworks for financial markets, aimed at ensuring market transparency, stability and integrity. Their role in the formation and development of international financial institutions has been crucial, particularly in structuring the global financial architecture after the two world wars. In response to the various financial crises over the centuries, Britain and France have often taken the lead in finding innovative solutions to stabilise and reform financial systems. Their expertise in crisis management has guided international responses to financial turmoil, significantly influencing the global financial landscape.
The colonial and global impact of the British and French colonial empires played a crucial role in the expansion of their financial and banking influence on a global scale. Through their vast empires, these two powers expanded their financial and banking systems, facilitating the creation of extensive financial networks. The British Empire, with its global reach, established financial and banking institutions in its colonies and dominions. This expansion not only enabled the circulation of British capital in these regions, but also integrated the colonial economies into the global financial system. For example, British investment in infrastructure such as railways in India and Africa was an important driver of economic expansion, while at the same time reinforcing Britain's financial dominance and influence. Similarly, the French colonial empire played a similar role in the expansion of France's financial influence. French banks established branches in the colonies, facilitating trade and investment between the metropole and the colonial territories. This integration contributed to the economic development of the colonies, but also served France's financial interests by allowing control of colonial resources and markets. These colonial actions had a profound impact on the configuration of the global financial system. They enabled Britain and France to control large shares of world trade and capital flows, strengthening their position as global financial centres. However, this colonial impact also had complex consequences, particularly in terms of the economic dependence of the colonies and imbalances in global economic development.
The role of the Bank of England and the Banque de France in international finance was considerable, having a significant impact on the international financial system. These institutions have influenced many key aspects of global finance. The Bank of England, established in 1694, is one of the oldest central banks in the world. It played a central role in the development of modern monetary policy, influencing the way central banks operate today. Its management of sterling, a major reserve currency, has had a profound impact on the international monetary system. The Bank of England has also been a key player in debt management, both nationally and internationally, and has played an important role in international financial agreements, particularly during financial crises. The Banque de France, founded in 1800, has also had a considerable impact on the international financial system. It was a pillar in the development of monetary policies in Europe, particularly before the creation of the euro and the European Central Bank. The management of French debt and the Banque de France's participation in various international financial agreements have also been key elements of its role in global finance. These institutions have also played a leading role in the design and implementation of financial systems and standards that have become international norms. Their influence extends to areas such as financial regulation, market stability and the prevention of financial crises. The Bank of England and the Banque de France have thus helped to shape the international financial landscape, defining practices and policies that have had repercussions far beyond their national borders.
The financial education and expertise developed by Britain and France have played a key role in shaping and influencing global financial practices. Both countries have been centres of knowledge and innovation in finance, training generations of highly skilled professionals. The UK, particularly through institutions such as the London School of Economics (LSE) and Cambridge University, has produced a considerable number of world-renowned economists, bankers and financial experts. The emphasis on research and innovation at these institutions has led to significant developments in economic and financial theory. Graduates and researchers from these universities have often played leading roles in international financial institutions, central banks and financial regulators. France, with prestigious institutions such as École Polytechnique, HEC Paris, and Sciences Po, has also been a fertile breeding ground for financial expertise. These institutions have cultivated a unique blend of technical skills and an understanding of global economic and political issues. Professionals trained at these institutions have often held influential positions in banks, international financial institutions and governments. The high-level financial expertise cultivated by Britain and France has not only enriched their own financial systems, but has also had a global impact. Professionals trained in these countries have taken their know-how abroad, influencing financial practices and policies in many countries. This spread of knowledge and expertise has contributed to greater uniformity and sophistication in financial practices worldwide.
In the face of the various financial crises that have marked history, Great Britain and France have often distinguished themselves as key players in the development of regulatory responses and rescue measures. Their role in managing these crises has been essential in stabilising the global financial system and preventing further disruption. The UK, with the City of London as one of the world's leading financial centres, has often been at the forefront of financial crises. For example, during the 2008 financial crisis, the UK authorities took swift and decisive action to stabilise the banking system, including injections of liquidity and rescue programmes for troubled banks. In addition, the Bank of England played a crucial role in adjusting monetary policy and implementing measures to support the economy. For its part, France has also played an important role in responding to these crises. As a major player in the European Union and the eurozone, France has been involved in formulating policies and regulations to manage and prevent financial crises, particularly in Europe. The European sovereign debt crisis is a good example of this, where France, in collaboration with other eurozone countries, worked to draw up rescue plans and strengthen financial regulation within the EU. In both cases, the UK and France have shown an ability to react quickly and effectively in times of crisis, implementing policies that have often served as a model for other countries. Their approach to regulation and crisis management has helped shape international financial standards and practices, playing a key role in strengthening global financial stability. These experiences have also underlined the importance of effective financial regulation and international cooperation to manage systemic risks in an interconnected economic environment.
During this period, governments were the major borrowers, mainly to finance their expenditure, including wars, infrastructure and industrialisation. These borrowings were often in the form of government bonds, which were purchased by investors. The profits generated by these investments were then reinvested in the industrialisation of the countries, fuelling a cycle of economic growth. This process of industrialisation led to an accumulation of wealth among industrialists, who then looked for safe ways to invest their capital. Banks became a preferred option for these deposits, offering not only a safe place to store money, but also the means to make it grow. The banks, in possession of this capital, then placed it on the financial markets. These markets, mainly those of London and Paris, offered a variety of investment opportunities, including government bonds, corporate shares and other financial instruments. This dynamic strengthened the position of London and Paris as global financial centres. Around 1820-1830, this convergence of factors - the financing needs of governments, the accumulation of wealth through industrialisation, and the role of banks in mobilising capital - solidified the status of London and Paris as the world's leading financial centres. This period was crucial in laying the foundations of modern financial systems and marked the beginning of an era in which finance became a central pillar of the global economy.
The period from 1850 onwards marked a significant turning point in the consolidation of the financial power of Great Britain and France, amplified by the financing and construction of major infrastructures, both nationally and internationally. The accumulation of capital as a result of industrialisation played a key role in this expansion. This capital was largely invested in major infrastructure projects, such as railways and ports, which not only transformed the physical landscape of nations, but also greatly improved means of transport and communication. These developments have had a direct impact on economic efficiency by facilitating trade and the movement of goods and people. At the same time, a significant proportion of this capital has been channelled into urban renewal projects. European cities, including London and Paris, have undergone major transformations, with new buildings, improved public services and expanded urban infrastructure. These improvements have greatly enhanced the quality of life for residents, marking a significant step forward in modern urban development. What's more, this accumulated capital was not only invested nationally. It was also lent to other parts of the world, facilitating globalisation. European investment in colonies and other countries contributed to the expansion of global infrastructure, such as railways and telecommunications systems, which in turn strengthened economic and trade links around the world. This cycle of finance and investment strengthened the position of Britain and France as dominant financial centres. They not only catalysed their own economic and urban development, but also played a crucial role in global economic integration, laying the foundations for globalisation as we know it today.
Exporting Capital: A Comparison of the English and French Models
The export of capital in the 19th and early 20th centuries was a crucial element of economic expansion and global influence, with Britain and France adopting distinct models in the process.
The British model was strongly oriented towards international trade. Britain, as the leading industrial power, sought to expand its markets for industrial goods. This often meant investing in overseas infrastructure, such as railways, telecommunications and mining, not only in its colonies but also in independent countries such as the United States and the nations of Latin America. British banks and the City of London played a central role in raising and distributing this capital, making London the world's main financial centre for international investment. On the other hand, the French model was more oriented towards stability and political influence. Much French investment went into its colonies to strengthen economic and political ties and develop local infrastructure, as in North Africa. The French government and the big banks had a more direct influence on the direction of investment, unlike the British model where the market played a more decisive role.
In comparison, the UK had a wider geographical scope for its investments and was driven by the development of markets for its industrial products. France, on the other hand, focused on its colonies and certain strategic regions in Europe, emphasising the stabilisation and extension of its political and economic influence. British financing relied more on financial markets and private banks, while the French model involved more direct intervention by the state and major financial institutions. These different approaches reflect the distinct economic and political strategies of Britain and France, contributing significantly to the formation of the modern global economy.
The direction of British and French investment abroad reflects their distinct economic and geopolitical strategies, which have had a significant impact on the economic development of both countries. Britain invested mainly in the United States and its colonies. These investments were not concentrated in Western Europe. The attraction of the United States lay in its rapid industrial and economic development, offering a high return on investment. British investment in its colonies also served strategic purposes, facilitating commercial and political control in these regions. France, on the other hand, concentrated a significant proportion of its investments in Europe, particularly in Russia. These investments were motivated by political and economic considerations, aimed at strengthening diplomatic and economic ties with Russia, a major player on the European stage at the time. However, the choice of investment areas had significant consequences for both countries. Great Britain benefited from the meteoric growth of the United States. The American economic boom ensured lucrative returns on British investment. On the other hand, the situation was less favourable for France. After the 1917 Revolution, Russia defaulted on its foreign debts, including those owed to France. This default had a significant impact on the French economy. The situation became even more different during the Second World War. While the United States repaid its debts to Great Britain not in cash, but in military equipment under the Lend-Lease programme, France did not recover its investments in Russia. This repayment in military equipment was a key element of the British war effort, while France had to deal with the consequences of its unpaid investments. This divergence in international investment outcomes illustrates the importance of strategic foreign investment decisions and their long-term impact on the economic health of nations.
The claim that France and Britain lent the rest of the world an amount equivalent to 100% of their GDP highlights their pre-eminent role in the global economy at the time and reveals several important aspects of their financial power. Firstly, it demonstrates their considerable financial capacity. Their ability to raise and invest huge sums abroad reflects not only their national wealth, but also their economic influence on the world stage. These massive investments were not just economic decisions, but also strategic foreign policy tools, used to extend their geopolitical influence and stabilise strategic regions of the globe. Secondly, these loans had a major impact on economic development worldwide. They facilitated the construction of key infrastructure in many countries and played a key role in financing industrialisation around the world. These foreign investments were crucial vectors of progress and modernisation, helping to shape the global economic landscape. However, investing such a colossal sum carried significant risks. Defaults, such as Russia's with France, could have severe economic consequences. On the other hand, when these investments bore fruit, as in the case of British loans to the United States, the benefits could be substantial, stimulating economic growth in the creditor country. Finally, the scale of these investments symbolises the transition to a more interconnected global economy. This laid the foundations for modern financial and economic systems, characterised by increased interdependence and complexity. The ability of France and the UK to invest an amount equivalent to their total GDP illustrates their central role in the global economy of their time, marking both their power and their vulnerability in a changing international financial system.
The massive capital flows of the nineteenth and early twentieth centuries can be understood from two distinct perspectives, each reflecting different aspects of the global economic dynamics of the period.
One interpretation highlights the risks associated with the accumulation of sovereign debt and dependence on external borrowing. This is illustrated by examples such as the Ottoman Empire and the Chinese Empire, which, faced with the inability to repay their debts and the associated interest, were drawn into a vicious circle of continuous borrowing. This pattern of financing led to increased economic dependence and political influence of the creditor countries, significantly impacting the sovereignty and economic development of these nations. Lenin particularly highlighted these dynamics in Third World countries, identifying them as symptoms of the flaws in capitalism and imperialism.
On the other hand, this period also saw the emergence of a global and interconnected capital market. Characterised by large volumes and great financial mobility, this market allowed capital to move fluidly across international borders. Despite restrictions on human movements, as in the United States, capital flows were considerable, facilitating industrialisation and economic development in various regions of the world. This phenomenon played a crucial role in international economic integration, laying the foundations for the economic and financial interconnection seen today.
These perspectives on capital flows at the time highlight the complexities and paradoxes of global finance. On the one hand, excessive debt created structural challenges for some countries, while on the other, the fluidity of capital stimulated unprecedented economic growth and expansion.
Africa's exclusion from capital flows and economic globalisation
Africa's exclusion from major capital flows and economic globalisation after the end of the slave trade represents a critical chapter in global economic history. During the nineteenth and early twentieth centuries, while many parts of the world were integrating into an expanding global economy, Africa remained largely outside this process.
This was mainly due to colonialism, which saw European powers focus on extracting Africa's natural resources rather than developing local infrastructure or industries. The investments that were made on the continent were often designed to serve colonial interests, with little attention paid to Africa's overall economic development.
In addition, the lack of modern infrastructure such as railways and ports limited the continent's ability to participate actively in globalisation. Existing infrastructure was mainly geared towards the export of natural resources to Europe, not conducive to integrated economic development.
The situation was also complicated by political instability and conflict, often exacerbated by colonialism. These conditions made Africa less attractive to foreign investors than other regions considered more stable and profitable.
In addition, Africa's role in world trade has been essentially that of a supplier of raw materials. This dynamic has prevented the continent's economic diversification and limited its participation in more sophisticated and lucrative capital flows.
So, while other parts of the world began to reap the benefits of the globalised economy, Africa was largely left behind, establishing structural inequalities that continued to affect its economies long after the end of colonialism. This period profoundly affected Africa's economic development and influenced its position in the contemporary world economy.