"...even in the first year of the Eaglet's reign, there was a sense that France had changed. The facts of the day had not changed much - Bazaine and MacMahon still held sway over a weak Cabinet and an even weaker National Assembly (which would be even further weakened by the Emperor's constitutional programme in but a few years), socialists still agitated in Paris and, increasingly, industrial towns like Lille, and the intrigues in neighboring Spain and Italy still commanded the attention of much of the public and government. But with a young and virile new Emperor on the throne, France felt different, and perhaps that was what mattered. Cabinet meetings were held daily rather than sporadically, and there was a verve to the country that had not been felt for seven long years, preceding the defeat in the Third Unification War. Historians and economists continue to debate free trade versus protectionism to this day, but consensus states that low tariffs and an encouragement of enterprise and investment in France during the 1870s helped it navigate the Great Depression quicker and more successfully than peer states - indeed, by 1874 the French economy was growing again and her banks, particularly Société Générale, emerged as nearly as dominant as London's financial institutions. Indeed, for the last quarter century of the 1800s, French infrastructure loans and investments would nearly exactly pace those made by London's older and more distinguished banks.
In the realm of foreign affairs, though, Napoleon IV found most of his interest. Despite his remarkable young age, the Eaglet was already possessed of grand visions, viewing a global empire as France's birthright and viewing the mistake of his father and grand-uncle not as one of lack of ambition but of poor aim. Rather than reshaping and dominating Europe, the Emperor sought to build on his father's overseas projects instead, envisioning a vast network of colonies, protectorates and client states in Asia, Africa and the Americas to support and underpin French industry. "Never again shall French blood be shed on French soil by foreign armies," he wrote in his diary in late 1874, well aware that men like Bazaine and Rouher still viewed a future confrontation with Germany, Spain or Italy as not just a likelihood but inevitability. "This blood shall not be shed for France shall be too peaceful and prosperous, and too secure in her European position, to feel the need to assert herself against her neighbors with lead when she can assert herself instead with coin....""
- The Eaglet Takes Flight: The Reign of Napoleon IV 1874-1905