The return of the war profiteers

The news put into perspective every Saturday, thanks to the historian Fabrice d’Almeida.

This is an expression that is heard a lot these days: profiteers, even war profiteers. However, it is not insignificant. It dates back to the First World War, when governments and peoples were facing serious economic problems while mass mobilization was underway. Many soldiers and their families felt like they were sacrificing their lives and happiness on the front lines out of duty, while others were hiding in the rear, in the ministries (referred to as “shirkers”) and wealthy bosses were getting rich from the conflict.

This idea touched all countries. In 1915, there were talks of war profiteers in France, Kriegsprofiteur in Germany, and War Profiteers in the UK, an expression that resurfaced in the US after their entry into the war in 1917 and has gained momentum since last February, both in the Netherlands and France.

During World War I, the criticism targeted arms dealers, but not only them: all those who benefited from price hikes, as inflation was eating away at the savings of small investors and threatening modest families. Governments implemented price control measures and rationing. Laws were enacted during the war to tax certain profits deemed excessive. This was in addition to income tax aimed at asking the wealthiest to make an extra effort.

The debate continued after the war. It became a theme of the interwar period, fueling a simmering resentment among veterans who felt deceived. The same phenomenon occurred during World War II. So much so that after the Liberation, De Gaulle issued the ordinance of October 18, 1944, on illicit profits. This targeted economic collaborators, black market activities, and speculation. A few months later, in 1945, the fight against war profiteers was used to justify changing all banknotes. In reality, the war profiteers were hardly affected by this measure. There was criticism, but they were not truly impacted, targeting black market fortunes, those known as the BOF (Butter-Eggs-Cheese), who had profited from shortages and the hunger of the French.

The same rhetoric emerged during the Algerian War, where communists, in particular, accused major settlers and landowners of perpetuating a system that cost the lives of ordinary draftees. What is surprising today is that the term “war profiteers” is used even though France is not at war, but is experiencing the effects of conflicts that impact the prices of raw materials and especially energy. Those who use this term are trying to evoke the patriotic spirit of the World Wars and the memory of the injustices that ensued.