フランス資本輸出に関する一考察 : 一九一四年以前を中心に

抄録

In this article the author aims to analyze some problems of French capital export before 1914. (1) First of all, " Lysis-Testis controversy ", the controversy which arose at the beginning of the 20th century, is analyzed. Lysis said that at that time it was the financial oligarchy that dominated the French economy. According to him, the French economy stagnated because the French banks were eager to export their capital abroad, seeking a high rate of interest rather than investing in national industries. On the other hand, Testis stressed that the French economy stagnated because it lacked enough population, raw materials, etc.. In his opinion, the French banking system was not responsible for the economic stagnation. (2) In a recent study on French capital export, however; Maurice Levy-Leboyer has shown us that her capital export increased when her economic growth was rapid (1850-70, 1895i1910), and it decreased when her economy stagnated (1820-50,1870-95,1910-30). So according to him, the capital export was not the cause of the stagnation of the French capitalism but it; was the result of the dynamic development of the French economy. (3) There were three periods when French capital was heavily exported. Before 1886 France exported her capital mainly to the West European countries, such as Italy and Spain. Between 1888 and 1900 East European countries including Russia absorbed the French capital. The New Continents, especially South American countries, such as Argentina, Brazil, Mexico were important for the French capitalism between 1900 and 1914.