The End of French Predominance in Europe: The Financial Crisis of 1924 and the Adoption of the Dawes Plan

460 Pages·1976·10.613 MB·English

by  Stephen A. Schuker

The End
of French
Predominance
in Europe

The End
of French
Predominance
in Europe
The Financial Crisis of 1924
and the Adoption
of the Dawes Plan
by
Stephen A. Schuker
The University of
North Carolina Press
Chapel Hill
Copyright © 1976 by
The University of North Carolina Press
ISBN 0-8078-1253-6
Library of Congress Catalog Card Number 75-38799
First printing, November 1976
Second printing, March 1978
Third printing, July 1988
Library of Congress Cataloging in Publication Data
Schuker, Stephen A. 1939-
The end of French predominance in Europe.
Bibliography: p.
Includes index.
1. Finance—France—History. 2. Money—France—
History. 3. European War, 1914-1918—Reparations.
I. Title.
HG186.F8S34 332' .0944 75-38799
ISBN 0-8078-1253-6
ISBN 0-8078-4226-5 (pbk.)
To my parents,
MILLICENT and LOUIS A. SCHUKER

Contents
Preface I xi
Abbreviations I xv
1 Introduction I 3
PART I. THE FRENCH FINANCIAL CRISIS
2 Origins of the French Financial Crisis I 31
3 Government Proposals and the
Parliamentary Roadblock I 57
4 Saving the Franc: International Speculation
and International Assistance I 89
5 Cartel Finance and French Diplomacy I 124
PART II. THE ADOPTION OF THE DAWES PLAN
6 The Dawes Plan, the Great Powers, and the
Strategy of Poincaré I 171
7 Herriot Embattled: The British, the Germans,
and the American Bankers I 232
8 The London Conference I 295
9 Epilogue I 383
Bibliography I 397
Index I 425

Tables
1. Average Monthly Franc-Dollar Exchange Rates
2. National Income Accounts, 1913-28 / 71
3. Inheritance Patterns, 1913-25 / 72
4. Capital Values, 1919-26 / 73
5. French Elections of 1924 / 121