After the Napoleonic wars Britain had nearly succeeded in ruining the main industries which had sprung up in France at the end of the preceding century. She also became mistress of the seas and had no rivals of importance. She took in the situation, and knew how to turn its privileges and advantages to account. She established an industrial monopoly, and, imposing upon her neighbours her prices for the goods she alone could manufacture, accumulated riches upon riches.

But as the middle-class Revolution of the eighteenth century had abolished serfdom and created a proletariat in France, French industry, hampered for a time in its flight, soared again, and from the second half of the nineteenth century France ceased to be a tributary of England for manufactured goods. Today she too has grown into a nation with an export trade. She sells far more than 60 million pounds' worth of manufactured goods, and two-thirds of these goods are fabrics. The number of Frenchmen working for export or living by their foreign trade, is estimated at 3 million.

France is therefore no longer England's tributary. In her turn she has striven to monopolize certain branches of foreign industry, such as silks and ready-made clothes, and has reaped immense profits therefrom; but she is on the point of losing this monopoly for ever, just as England is on the point of losing the monopoly of cotton goods.