With Benoît Mandelbrot, modern finance was confronted with one of its deepest limitations. Markets do not always behave as classical Gaussian models assume they should. Extreme movements are more frequent, periods of turbulence are more concentrated, and structural breaks occur more often. Financial randomness is not merely continuous and regular; it is often rough, intermittent, and abrupt. Mandelbrot had thus forced finance to confront what the models derived from Bachelier, Wiener, and Black–Scholes–Merton had largely left in the shadows: fat tails, discontinuities, episodes of crisis, and changes of scale. Yet one question remained unanswered. If volatility is not constant, if it rises during periods of stress and declines in calmer phases, how can it be measured? How can it be modeled? How can we move from an empirical observation—that markets experience different regimes of turbulence—to a statistical tool that can be used for forecasting, hedging, pricing, and risk management? Robert Engle provides a decisive answer to precisely this question. His work does not primarily seek to reconstruct the entire edifice of financial theory. Instead, it begins with a simple but essential observation: in financial time series, large price movements tend to be followed by other large movements, while small changes are often followed by other small changes. In other words, volatility clusters into periods. It is not uniformly distributed over time. It has a memory, not necessarily in the direction of prices, but in the intensity of their fluctuations. This property is now known as volatility clustering[1]. It has become one of the most important stylized facts in contemporary empirical finance. In the early 1980s, Robert Engle gave it a rigorous econometric formulation through ARCH models, subsequently paving the way for GARCH models, which would become one of the central tools of modern financial risk measurement. Robert Fry Engle III was born on November 10, 1942, in Syracuse, New York State. His intellectual journey is revealing of the evolution of quantitative finance and economics in the second half of the twentieth century. He began with a scientific education focused on physics before gradually turning to economics. This trajectory is not incidental. Like Bachelier, Wiener, and Mandelbrot, Engle belongs to a family of researchers whose contributions to finance stemmed from a shift between disciplines. He did not come primarily from financial practice, but from a culture of measurement, dynamic models, and the analysis of complex phenomena. [1] Journal of Economic and Social Development (JESD) – Resilient Society, Vol. 10, No. 2, September 2023. After his initial studies, he continued his education at Cornell University, where he earned a PhD in economics. He then taught at the Massachusetts Institute of Technology, followed by the University of California, San Diego, which would become one of the major centers of modern econometrics. He later joined New York University, where his work moved even closer to practical financial applications. This academic trajectory placed him at the intersection of several worlds: theoretical econometrics, macroeconomics, financial markets, and risk management. Econometrics, the discipline at the heart of his work, consists of applying statistical methods to the analysis of economic phenomena. It does not merely describe data; it seeks to identify relationships, test hypotheses, and build models capable of accounting for how economic and financial variables evolve over time. In Engle’s case, this ambition focused on a variable that has become central to contemporary finance: volatility. Volatility was, of course, known before Engle. In Markowitz’s work, it appears as a measure of risk in portfolio theory. In Black–Scholes, it becomes the key parameter in option pricing. In these frameworks, however, it is often treated as a relatively stable quantity, or at least as a value that can be estimated over a given period. Yet observations of financial time series show something quite different. Volatility changes. It contracts, expands, and sometimes explodes. It appears to follow a dynamic of its own. This idea is essential. In a classical model, one may assume that an asset’s returns are random but that their variance remains constant. Such an assumption greatly simplifies calculations and makes it possible to work with a stable distribution of returns. But it is empirically fragile. Markets move through very different regimes. A stock, currency, interest rate, or equity index does not fluctuate with the same intensity in normal times, during a financial crisis, following a central-bank announcement, or in response to a geopolitical shock. Risk is therefore present not only in price levels, but also in the instability of instability itself. Engle made it possible to formalize this second layer of uncertainty. In his landmark 1982 paper, he introduced ARCH models—Autoregressive Conditional Heteroskedasticity. The term may sound technical, but the idea is intuitive. “Heteroskedasticity” means that variance is not constant. “Conditional” means that the expected variance at a given date depends on the information available from the preceding period. “Autoregressive” means that this variance depends on its own past values, or more precisely on past shocks observed in the series. In other words, in an ARCH model, tomorrow’s uncertainty depends on the magnitude of yesterday’s errors or surprises. If markets have recently experienced large movements, the model predicts higher volatility in the immediate future. If recent movements have been small, it predicts lower volatility. This logic corresponds remarkably well to market experience: after a shock, prices do not immediately return to a calm regime. Investors reassess their positions, orders multiply, hedges are adjusted, margin requirements change, and expectations diverge. The initial shock gives rise to a prolonged period of turbulence. Engle’s contribution can be summarized by a simple equation. If an asset’s return is represented as a random innovation whose variance changes over time, then its conditional variance may depend on past shocks. In a basic ARCH model, the conditional variance at time t can be expressed as a constant plus a term involving the square of the error observed in the previous period. The squared error plays a central role: it measures the magnitude of the shock regardless of its sign. A large rise and
FAYAMA T., KARAMBIRI S., ADIOLA B. (eds.), Perspectives from the Humanities and Social Sciences on Global Changes, L’Harmattan, 2026, 458 pages.
The authors examine the economic and social developments taking place across the 54 countries of the African continent. They observe that these developments are becoming increasingly uneven. Population growth is among the highest in the world: Africa’s population is expected to increase from 1.5 to 2.5 billion inhabitants between 2025 and 2050; at the global level, one in three young people will then be African. Although economic growth remains robust (an average of 4% in 2025), significant differences can be observed from one region to another. Growth appears to be more sustainable in East and West Africa than in North and Southern Africa. The average level of public debt remains moderate (around 60% of GDP), but varies considerably from one country to another. China, Turkey and the Gulf countries are gradually replacing Western countries as major creditors, while international aid (from the IMF, World Bank, etc.) tends to decline. The authors also observe that Africa is facing global crises—including pandemics, financial crises and energy crises—while also being affected by specific structural vulnerabilities, such as its overexposure to global warming, erratic fluctuations in commodity prices, various epidemics and ethnic conflicts. The book is divided into three parts. The first focuses on the challenges facing agriculture, which is confronted with multiple difficulties arising from global warming, environmental issues, fluctuations in international markets, lack of financing, and the impact of deforestation on flora and fauna. The authors deplore the insufficient involvement of public authorities and the lack of ethical standards among certain economic actors. In the second part, the authors examine food and health security. They highlight the progress that has been made, particularly through the efforts of international organizations. They call on governments to make greater use of local authorities and to delegate more responsibilities to them. The third part addresses the development of the digital economy in economic activities and education and training. The growing influence of social networks and disinformation on African youth is a source of concern for sociologists, who recommend a profound reform of teaching methods in African educational institutions. The 28 authors are African academics and researchers, engineers, and senior civil servants. Jean Jacques Pluchart
Nicolas HAZARD, je ne suis pas un algoritme !, Editions Flammarion, Février 2026, 182 pages
The Turgot Prize was awarded in 2021 to Aurélie Jean for her book Les algorithmes font-ils la loi ? (Do Algorithms Make the Law?). In his book Je ne suis pas un algorithme (I Am Not an Algorithm), Nicolas Hazard offers a fresh perspective, providing what he sees as a clear-eyed diagnosis of our times and, above all, an invitation to take action. We live in a world of dependence and alienation, in which we believe we are exercising our freedom when in fact we are merely responding to the prompts and solicitations of a system that is beyond our control. In the age of social media, where the individual takes centre stage, where growth drives our economic system, and where technology occupies a dominant position, we retreat into what reassures us most and act in pursuit of immediate results, while remaining deeply dissatisfied and having lost sight of the meaning of our lives in favour of an endless pursuit of “more.” Fortunately, we are much more than algorithms make us believe. Technology is merely a set of tools. It is up to us to decide what place we want to give it and to set appropriate limits. We therefore need to regain control of our lives and our minds. The freedom to make our own choices is often only an illusion, because there is frequently an algorithm influencing us. Our true freedom does not lie in being able to do everything we desire, but in learning to exercise self-restraint and select the options that will make us happy in the long term. This book is a wake-up call—a call to stop submitting to a digital diktat—so that everyone can reconnect with their own uniqueness, take responsibility for their choices, and regain control over what makes us profoundly human. Nicolas Hazard offers several practical recommendations: take a mini digital detox and spend some time away from your phone; stop using social media for 48 hours; write for fifteen minutes about a value that defines you; read an article, watch a video or listen to a podcast presenting an opposing viewpoint and reformulate its ideas with empathy; keep a “meaning journal” and record an activity or encounter that seemed meaningful to you; carry out one concrete altruistic act every day, as this can increase your self-esteem; and devote at least one hour a week to a project or cause that is important to you. In short, let us take action to reclaim the meaning of our lives. Nicolas Hazard, a graduate of Sciences Po and HEC, is an entrepreneur and essayist. He is also a Special Adviser to the European Commission on social innovation and the founder of INCO, a group that develops responsible investment solutions, supports entrepreneurs, and trains young people for the jobs of the future. Book review written by Michel Gabet
Jean BARRERE, Economie du numérique – Pouvoir, plateformes et souveraineté à l’ère de l’IA , Dunod , septembre 2026, 198 pages.
“Nothing lasts; life is nothing but change.” This is a substantial reference work that requires a methodical approach to fully grasp its contents. Jean Barrère highlights imbalances that have changed everything! Even the analytical tools of political economy now belong to a world where products, markets, and boundaries have fundamentally shifted in nature. The gap is widening, the author notes, driven by technologies governed by a hyper-powerful mechanism in which growth begets growth—a virtuous, self-reinforcing spiral. We are worlds away from the classical law of diminishing returns. The book dissects this unique phenomenon of rent reinforcement across three sections and ten chapters, shedding light on the concepts, their foundations, measurement methods, temporal metrics, and associated risks. The author outlines the exponential dynamics inherent to the digital economy—characterized by its structure, regime shifts, and capacity for market lock-in. Notably, this exponential trajectory requires a different financing model than a linear one. He reminds us that the battle for digital sovereignty is not primarily fought at the level of visible applications. Instead, the infrastructure should be viewed as a stack of bottlenecks comprising various constituent layers. Generative AI is spreading at breakneck speed, and the capital being mobilized is surging furiously. Yet, power within this market structure remains heavily concentrated, despite any decline in token value. “Superstar firms” already command a massive installed base. The real issue at stake is not the disappearance of work, but rather the pace at which new tasks are created and how productivity gains are shared. Admittedly, governance technology is advancing more rapidly than the legal frameworks intended to regulate it. However, given the pace at which the industrial policy shaping the digital economic landscape is evolving, only a few hyperscalers will remain, exercising absolute control over the sector’s infrastructure. Among its other merits, this book appears to be particularly timely! Jean Barrere is a strategy and artificial intelligence consulting partner at the firm Accurency and a lecturer in the economics of the digital sector at the University of Paris-Panthéon-Assas. Book review by Freddi Godet des Marais – Club Turgot 2026
Laurence DEVILLERS, Savoir vivre avec l’IA , Denoel, 2026, 284 pages.
With her latest book, Laurence Devillers establishes herself as one of France’s leading experts in automation, robotics and AI. In it, she undertakes a useful exercise in analysing the lessons to be be learned from the exponential development of generative AI since 2022. This exercise is becoming increasingly difficult due to the recent proliferation of books, articles and talks, which are more or less “hallucinatory”, – on this “disruptive innovation” and this historic “social phenomenon”. The author clearly explains how to “survive with AI”, by harnessing its digital capabilities without losing its human capabilities, that is to say, unlike software, to retain one’s ability to understand situations, to make sense of phenomena and to become aware of one’s responsibilities. She endeavours to convince the reader that, although the the development of AI is inevitable, it can nevertheless be controlled by humans, thanks to practices governed by rigorous ethical charters and to appropriate actions for learning its systems, its logic and its languages. She criticises approaches that ascribe to AI a consciousness and a personality. She identifies the multiple biases of its software but puts into perspective the risks that AI poses to the psychology of its users and to democracy. She answers 8 of the questions that her users ask themselves: How can deepfakes be recognised? What is a ChatGPT hallucination? from ChatGPT? What are the hyperparameters of ChatGPT? How do you train ChatGPT to perform a task and make it repeat it? What are the limitations of current AI? What language does AI speak to us in? What is the paradox of our use of Big Tech? How can we foster critical thinking in young children when it comes to digital technology and AI? The author also endeavours to shed light on the 8 myths surrounding AI. Finally, she explores the scientific potential of AI, its contribution to public health, health, its environmental impact and its contribution to the graphic arts. Laurence Devillers is a professor at Sorbonne University and director of the LISN laboratory at the CNRS. Jean-Jacques Pluchart
JOURNAL OF FINANCIAL ECONOMICS:
Issue No. 162 (2nd quarter 2026), ‘Finance and Ethics’ The special issue was edited by A. Buresi, Presiding Judge of Chamber at the Rennes Court of Appeal, and Ch. Walter, Scientific Adviser to the Cercle Turgot and Associate Researcher at EHESS. It brought together 29 authors and 20 articles. The publication of the dossier led to a conference on 21 September at the Institut de France, which was chaired by J-C. Trichet (Chair of the Turgot Prize jury) and by P. Berès (Chair of the Europe-Finance-Regulation Association). The publication is divided into four parts: Ethics, finance and behaviour of stakeholders; Ethics and business; Ethics and market finance; Ethics of the financial system. In each of the sections, the authors distinguish, on the one hand, the reprehensible behaviour of financial actors and the institutional mechanisms frameworks (civil and criminal) put in place to regulate them, and on the other hand, unethical biases – described as epistemic – introduced by financial systems and models into the functioning of organisations. The authors specifically clarify the differences between the concepts of ethics, professional ethics, conflict of interest, social, civil and liability, market integrity, etc. They show that the presentation of non-financial data (ESG) is a new challenge for the Chief Financial Officer. They highlight the growing difficulty of balancing finance and performance, financial return return and collective objectives, responsible finance and sustainable investment… The authors trace the evolution of European and French law as applied to finance, in order to integrate compliance into the strategy and operations of the company, and to ensure compliance with the standards, codes and charters issued by the State and companies. The authors also endeavour to measure the contributions of AI to sustainability reporting and the alignment of management practices with compliance requirements. The most interesting issue, which was highlighted by J-C. Trichet during the conference, concerned the ethics of the financial system, the organisation of which can lead to behaviours that are incompatible with the collective interest and whose some of its models contain biases . The topic and the wealth of content in this special issue make it essential reading essential reading for regular readers of the Cercle and Turgot Club newsletter. J-J. Pluchart
Talent management: a strategic lever to unleash productivity
Nadia Antonin In France, productivity growth productivity has been declining since the COVID crisis and has not managed to return to its pre-crisis level, unlike countries such as Germany, which has seen its productivity increase since that time. The sixth report of the National Productivity Council (CNP), published in July 2026, indicates that productivity per capita was only 0.7 points below its 2019 level, but nevertheless remained about 4 points below its trend trajectory. In the digital age, “how can the key economic indicator of technological progress be so poor? Economists have called this the “productivity paradox” (David Rotman, “The Productivity Paradox”, MIT Technology Review – June 2018. INSEE defines productivity as “the ratio, in volume, between output and the resources used to achieve it “. When it comes to human capital management, it must go beyond the mere administration of human It is imperative to implement strategic talent management talent that encompasses a set of approaches aimed at identifying, developing, mobilising and retaining skills, because poor talent management is the worst enemy of productivity. When properly conceived, talent management ensures the sustainability of the company as the epicentre of productivity. It makes it possible to put the right people in the right place, to strengthen their commitment and to promote the optimal use of skills. Many French companies are facing serious challenges in talent management that are weighing on their productivity and performance. Olivier Lagrée, Talent Management consultant, refers to them as “real deadly sins, as it is so difficult to recover from them “. Before examining the various strategies for improving talent management, let’s say a few words about this concept. The concept of “talent management” Professors Robert E. Lewis and Robert J. Eckman, in their article “Talent Management: A Critical Review ” (June 2006) describe three schools of thought regarding talent management: 1) The first school of thought defines talent management as “a set of practices, functions, activities or areas of specialisation typical of human resources departments, such as such as recruitment, selection, development and career and succession and succession ” (J.S. Heinen, C. O’Neill, 2004, Hilton, 2000, Holsen, 2000); 2) the second approach focuses mainly on “the concept of talent pools” (Kessler, 2002, Pascal, 2004); 3) the third approach is based on “talent in a generic way, i.e. without taking into account organisational boundaries or specific positions”. Identifying talent The first step in an effective talent management policy is to identify high-potential profiles. potential. It relies on the ability to assess a person’s natural abilities, motivation and potential for development of an individual. For Van Duyne, poor choices during recruitment can lead to “Caligula-style appointments”, that is, managers do not hesitate to recruit the people they want, regardless of their skills. Providing meaning and strengthening commitment Productivity does not depend solely technical skills. It is also linked to the motivation and commitment of employees. Talent management must incorporate a strong human dimension. Recognising skills, offering opportunities for development, listening to employees and creating an atmosphere of trust are essential principles. The performance of a team depends first and foremost on the well-being and motivation of people. Well-being at work and productivity Academic research is increasingly focused on increasingly in well-being and quality of life at work. According to various studies happy employees are 12–13% more productive. For example, a study by the University of Warwick reveals that well-being at work promotes a 12% increase in productivity among employees, whereas unhappy workers are 10% less productive than average. According to a study by Oxford Business School and British Telecoms, happy employees are 13% more productive than those who are not happy. Putting the right people in the right place One of the main causes of loss of productivity lies in the mismatch between employees’ skills employees and the tasks assigned to them. When there is a mismatch between an employee’s skills and the requirements of their role, the drop in productivity is immediate and has repercussions at several levels of the company. Conversely, a good match between skills and responsibilities promotes performance, autonomy, motivation and quality of work. Making management a driver of talent management Management is a real accelerator of productivity. A manager’s watchwords must be following: motivation, dynamism and team development, professionalism and trust. A charismatic leader will be able to to identify talent, to value skills, to support progress and to offer assignments that match each individual’s abilities. We need to shatter the unflattering image of the French manager that has emerged from recent national and international surveys. When it comes to management practices, France does not come out well when compared with its European neighbours, according to a report by the General Inspectorate of Social Affairs (IGAS) published in March 2025. The real challenge for companies is no longer just about having talent, but about knowing how to bring it out and put them in a position to succeed. Ultimately, effective talent management talent is all the more essential as it is a major issue for France’s competitiveness. By disregarding the skills, merit and potential of its talented individuals, or by creating conditions that drive them to leave the country, France loses some of its driving force, its wealth creators, its skills, etc. It sacrifices its productivity.
Emmanuel Razavi, Jean-Marie Montali, Paris-téhéran, Le grand dévoilement, Les éditions du Cerf, 2026, 234 pages.
The two authors – both Iranian nationals – are senior journalists specialising in the Middle East. They wrote this book in response to the expert opinions we read in the media. There is a considerable gap between analysis and reality. The Islamic dictatorship that has been in place since 1979 operates solely through extreme violence. It is a regime that is afraid of everything: afraid of freedom, afraid of women… In 2022, the death of Mahsa Amini and the slogan “Woman, Life, Freedom” showed that the Iranian people have nothing left to lose. In Iran, rising prices, the collapse of purchasing power and the environmental crisis are the direct consequences of a mafia-like regime based on corruption, predation and repression. The Iranians are not asking for reform of the regime; they want it to disappear. This is an insurrection against a totalitarian and sclerotic system. Many Iranians do not understand why we watch them fall in silence… and why we react so little, so late and so weakly. Iran’s youth no longer want this closed-off system. Bloomberg conducted an investigation that shed a harsh light on the financial empire – controlled by the ruling structure – built on the confiscation of property. It represents assets worth billions of dollars. These financial realities – which, beyond their illicit nature – contrast, to say the least, with the image of piety and austerity promoted by the state media and the power of the Ayatollah and his family. This book is a lesson in history, geopolitics and humanity. Emmanuel Razavi contributes to the international editorial teams of Le Figaro, Paris Match, Franc-Tireur, Atlantico… Jean-Marie Montali was Executive Director of Le Figaro Magazine and Le Parisien. They are the authors ofseveral books on the Middle East Michel Gabet
Fabien ELOIRE, *The Turning Point in Finance*, Ed Action publique, 328 pages, June 2026.
In the mid-1970s, the French financial sector was on the verge of a major transformation that some have termed the financialization of the French economy. Ten years later, measures had been implemented. This book examines the events that brought about these changes and the reforms developed within ministries and government agencies that led to a new framework for public policy in the monetary and financial spheres. By examining the key players behind the scenes and the goals they pursued, by analyzing their rhetoric and justifications, and by describing the inner workings of their respective institutions, the sociological approach at the heart of this book demonstrates the complexity involved in understanding the trajectory of reform—a demonstration that is successfully achieved in this work. The objective is to describe and analyze the period from 1980 to 1986, during which far-reaching changes were initiated in the monetary and financial sectors: -The end of the Bretton Woods agreements (1973) and the oil crises (1973, 1979): monetary instability and the need for reforms. -The left’s rise to power in 1981, followed by an economic reorientation beginning in 1983 (competitive disinflation). -The Fabius government (1984–1986) and Economy Minister Pierre Bérégovoy: key figures in the reforms. The first part of the book is devoted to the period preceding the monetary and financial reforms of the “Tournant de la rigueur” (1981–1983); it analyzes the mechanisms that led to the shift from a stimulus policy to one more in line with the prevailing orthodoxy in economic policy, based on maintaining the “grands équilibres.” The second part deals with monetary and financial reforms proper (capital markets, credit policy, and stock market modernization). It focuses in particular on the inner workings of the central administration and the bureaucratic process by which officials from the Treasury Directorate, in collaboration with the Bank of France and the office of the Minister of Economy and Finance, designed and implemented these measures. This analysis is fascinating in that it describes the educational role played by senior civil servants toward their counterparts in the Socialist Party and Parliament, and, above all, the explanatory methodology adopted by Jacques Delors and Pierre Bérégovoy. Part Three analyzes the course of reforms pursued by the French government from a “neoliberal” perspective. Behind the economic debates lie symbolic and geopolitical issues as well, and the choice of Europe weighs heavily on the Socialists’ economic policies. The text notes the existence of a “White Paper” drafted by members of the Bérégovoy cabinet (under the leadership and coordination of JC Naouri), considered the most comprehensive resource for understanding all the measures taken during this period, which calls for “the modernization of the economy, the reconciliation of business with society, and balanced budgets.” The fourth part revisits the origins of the new economic strategy for disinflation. Bourdieu is drawn into the discussion because, according to him, it is necessary to understand “the state of opinion among the mobilized and organized segment of opinion makers.” The author confirms that the homogeneity of the backgrounds and socioeconomic origins of these “influencers,” the “pioneers,” and the “new converts” is key to the development of this “neoliberal” policy. The conclusion draws a connection between these reforms of the economy’s financing system in the 1980s—which affected the very structures of France’s monetary and financial institutions—and the trend toward the financialization of the economy that took hold in the following decade. Finally, the author steps beyond his role as a researcher and commentator on the facts to point out that this “deregulated, liberalized, and flexibilized” post-reform world has favored “those who hold capital.” This book will captivate those who lived through this period—which significantly changed the way they worked—as well as those who, beyond simply recalling the structural measures that shaped the French economy, are interested in the “making of laws and regulations” from a sociological perspective. A fascinating book! Dominique Chesneau
Isabelle GUERIN.The indebted woman. La Découverte Political Economy Collection, 394 pages
The result of two decades of research and local collaboration, the author invites us on a journey through time and space to illustrate the uniqueness of women in human cybernetics, based on real-life cases drawn mainly from Asia and Africa, but also, to a lesser extent, from the Western past. The book focuses on women in all their dimensions: as childbearers, wives and mothers, but also in their central role as managers of daily life and in maintaining the balance of the family unit. The various testimonies highlight her vital role in community life and in the often precarious economic balance precarious balance of the family. This precariousness is created and perpetuated by a combination of several factors: endemic unemployment mainly affecting men, human relationships dependent on social status within the community, the persistence of practices that lead to debt (dowry, marriage), the aggressive commercial policies of the banking sector and various intermediaries, an age pyramid distorted by the high proportion of young people in need of training and therefore financial support, changes in traditional resources, the emergence of new needs, etc. Women are largely responsible for managing the burden of debt and financial obligations towards lenders, whether they are the community, banks or loan sharks. This involves difficult negotiations with problematic outcomes, sometimes obtained in exchange for favours, with the woman’s body becoming a bargaining chip or a means of facilitation. This sexualisation in the process is a significant factor, particularly in Africa, despite attempts at alternative forms of financing, such as microcredit or those set up by religious congregations. Furthermore, lenders favour commitments from women, which are considered more reliable, and this strengthens the lender/borrower relationship. In summary, in a traditionally patriarchal system, traditionally patriarchal system, the qualities recognised in women enable them to occupy a central place in family life, community life and in the economic and social environment. In return for the mental, physical and sexist burden that is their daily life, women often find often find a joyful outlet in the bonds that unite them. This state of indivisibility tends to diminish with the emergence of a new, more educated generation. A thoroughly researched, resolutely feminist work, offering insight into the intimate details of the cases studied over a long period and, through them, the opportunity to explore other cultures, as well as to relive European life in the late 19 th and early 20 th centuries. Isabelle GUERINSocio-economist. Research Director at IED and CESSMA, affiliated with the French Institute in Pondicherry. She co-founded and co-directed the Observatory on Rural Dynamics and Social Inequalities in South India. She has published numerous works on the financialisation of inequalities, the resistance it provokes, and the investigative approach that brings lives and figures into dialogue. Reading notes HubertAlcaraz