Rules of Exchange

This book provides an in-depth analysis of capitalism's evolution, particularly in France, while comparing it to other Western nations. Rules of Exchange challenges conventional views on economic liberalism.

In Rules of Exchange, the author delves into the intricate relationship between capitalism and legal frameworks from the eighteenth century to the early twentieth century. This exploration highlights how economic practices were not only influenced by but also shaped by legal constructions, particularly in France. The book draws comparisons with other Western nations, including the United Kingdom, the United States, Germany, and Italy, providing a broader context for understanding the evolution of capitalism during this transformative period.

The narrative emphasizes that the control of competition was a critical element in maintaining socioeconomic stability while fostering innovation. Contrary to the common perception of the nineteenth century as a time of liberal economic practices, the author argues that legal regulation remained a dominant force in the economy, much like in the preceding century. The industrial revolution, often viewed as a hallmark of unrestrained capitalism, was actually built upon market institutions and organizations that had been established in the latter half of the seventeenth century.

The book posits that a significant turning point in the history of capitalism occurred at the cusp of the nineteenth and twentieth centuries. This era saw the rise of mass production, consumption, and the welfare state, which introduced new regulatory frameworks that fundamentally altered the economic landscape. Rules of Exchange offers an insightful reexamination of capitalism's development, encouraging readers to reconsider established narratives about economic history.