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Paris Bourse: The Financial Center of Continental Europe (18th–19th Centuries)

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  • Mehmet Baha Karan

    (Hacettepe University)

Abstract

The Paris Bourse, often known as the Paris Stock Exchange, is one of the oldest stock exchanges in Europe. This practice started in Paris in the 1700s as a way for merchants to trade informally. The Bourse is a good example of how its centralized and state-driven economy fashioned France’s unique institutional path. This method was different from Britain’s more traditional free market history. Napoleon Bonaparte set up the exchange in 1801, a key step in modernizing the economy. The goal was to stabilize both state finances and private businesses. Before this happened, trading had been going on for a long time. At first, only licensed brokers (agents de change) were allowed to do business, and the government kept a close eye on what they did. The stock market grew a lot in the nineteenth century, primarily because of improvements in industrialization and the rise of joint-stock companies, especially in the banking and railroad industries. The financial market in France grew under a stricter set of rules than Britain’s, where the main goal following the Glorious Revolution was to protect investors. This shows how important legal systems and concentrated power are for economic prosperity.

Suggested Citation

  • Mehmet Baha Karan, 2025. "Paris Bourse: The Financial Center of Continental Europe (18th–19th Centuries)," Contributions to Economics,, Springer.
    • Handle: RePEc:spr:conchp:978-3-032-07788-2_7
    DOI: 10.1007/978-3-032-07788-2_7
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