France's economic crisis was unusual. Because the country's economic development was so lopsided, the crisis barely affected the truly great factory owners and bankers. Instead, they saw it as an opportunity.
In fact, while France's industry, agriculture, and financial sector were all in dire straits, the consolidation of the biggest players never stopped.
This period saw the rise of numerous monopolies and syndicates, and even super-conglomerates that spanned multiple industries.
Like the early cartel organizations, they responded to the economic crisis by drawing up a series of agreements to control the output, prices, and even sales territories of goods on the market, thereby maintaining their high profits.
The result was to hasten France's descent into the abyss.
The bankers went even further. By buying and selling government bonds and controlling their prices, they amassed astonishing wealth and an unrivaled position in politics.
As the Democrat Newspaper put it at the time:
"In France today, everyone takes their cue from the bankers. The king, the government, the parliament—all institutions of power can survive only by satisfying them."
The bankers did indeed use their unparalleled political influence to begin passing laws in their favor, while also controlling public opinion.
In turn, this ensured that they could go on enjoying privileges in the economy, politics, and everyday life.
But there were exceptions to everything. By now, the French no longer wanted to put up with any of it.
The property qualification for elections had sparked widespread discontent. Under the law, only men aged thirty or older who paid five hundred francs in direct taxes were eligible to stand for election.
Only men aged twenty-five or older who paid two hundred francs in direct taxes could vote. Guizot had designed the law to safeguard the interests of the country's bourgeoisie.
After all, only 0.6