The life of the Third Republic, 1871–1940, coincided with a period of economic upheaval. During the last quarter of the nineteenth century technological change occurred on such a scale that historians have talked of a second industrial revolution. Industries associated with chemicals, automobiles and electrical goods grew up, and companies like ICI, Ford and IG Farben became household names throughout the world. These changes were matched by changes in the international balance of power. Russia became an industrial nation. Germany overtook Great Britain. Most of all the economic strength of the United States began to awe the world and the financial capital of the world moved from London to New York.

France was not immune to these changes. Between 1871 and 1940 the proportion of her population working in industry increased and that industry became more concentrated and more productive. But in France these developments were less dramatic than they were in her principal industrial rivals. For example the gross domestic product of France increased by an average of 1.6 per cent per annum between 1870 and 1913, and by 1.8 per cent per annum between 1922 and 1937; the comparable figures for Germany were 2.8 per cent and 3.2 per cent. Most of all the relative social and economic stability of France was reflected in demography. During the entire lifetime of the Third Republic France's population hovered between 36 million and 40 million. Stability was also strikingly reflected in the lives of individual Frenchmen. There was none of the great geographical and social mobility that shook the rest of Europe.