Episode September 24, 2025 16 min 20s

Moralizing the Market: How Gaullist France Embraced the US Model of Securities Regulation

Chronicles the establishment of the Commission des Opérations de Bourse (COB), France's securities regulator, between 1966 and 1972, highlighting its modeling after the American Securities and Exchange Commission (SEC). It details the political and economic context in Gaullist France, including the push for modernization, the impact of events like the Ugine-Kuhlmann scandal, and the government's use of ordonnances to bypass parliamentary opposition. The source also examines the personalities and motivations of key figures like Michel Debré and Pierre Chatenet, and explores the challenges and aspirations of the nascent COB as it sought to moralize and normalize the Paris Bourse and navigate its relationship with existing institutions. Ultimately, the text illustrates the hybrid nature of the COB, blending American inspiration with French administrative traditions, and its role in a period predating modern globalization.

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