Paving the Way towards Financialisation: The French Case of State Venality of Offices (Century 15th–17th)

Abstract

In the fifteenth and the seventeenth centuries, the administrative organisation of the French state was based on the offices. Significant modifications took place during this period, from the transformation of offices as lifetime ownership in 1467 to the constitution of the casual parties in 1522 and to the ratification of the edict of annual right in 1604. Because of the state's need for financing, in particular the wars in which it is involved, the nature of offices is changed during that period of time. One of the most important impacts of those modifications is the occurrence of a commodification process of the state apparatuses. This paper highlights also the fact that the state's finances are being financialised along with the development of the state. The French case is thus characterised by a unique symbiotic relationship between the commodification of state apparatuses, the financialisation of the state's finances, and the institutional changes. This relationship is grasped through the theoretical framework of the regulation school of thoughts and is analysed based on archival work.

Citation

Pinsard, N. (2021), "Paving the Way towards Financialisation: The French Case of State Venality of Offices (Century 15th–17th)", Bourghelle, D., Pérez, R. and Rozin, P. (Ed.) Rethinking Finance in the Face of New Challenges (Critical Studies on Corporate Responsibility, Governance and Sustainability, Vol. 15), Emerald Publishing Limited, Leeds, pp. 99-114. https://doi.org/10.1108/S2043-905920210000015020