French Entrepreneurship During the Restoration: The Record of a Single Firm, the Anzin Mining Company

In this paper, which examines the business operations of the Anzin Mining Company during the Restoration, the record of a single firm has been used to assess recent interpretations of the nature of French entrepreneurship in the nineteenth century. These interpretations portray French industry in its formative period developing around “small units, small volume, and small horizons.” “Cautious management, obsolescent plants, and high profits” have been cited as main features which came to characterize the business operations of even the largest firms. It has been pointed out also that maximization of profits was not a fundamental aim of the French entrepreneur, nor did he indulge in the competitive business practices common to American industrial development. In France, security and continuity of the firm were as important to the entrepreneur as profits, and the acquired rights of the small or marginal firm were respected and preserved. The family character of most French enterprises has been emphasized in explanation of these phenomena. Close identification of family name and family honor widi business holdings prescribed a minimizing of risks in the family firm, as well as consideration for the welfare of other family enterprises. Finally, in order to allow these conditions to endure, French entrepreneurs favored a high protective tariff.