The frequent renegotiation of public contracts is variously attributed to collusion between officials and bidders, the desire to circumvent budgetary rules, and other factors. This column challenges the industrial organisation view of public contract renegotiation, showing that frequent...

French mercantilism is generally associated with absolutist policy‐making subject to capture by rent‐seeking interests. This article investigates how the Bureau du Commerce, a small state agency in charge of commerce and the supply side, handed out rents and privileges to private...