Belgian financial elites and destructive entrepreneurship in King Leopold's Congo free state

Abstract This study investigates the role of financial elites in the Congo Free State (CFS). An analysis of director interlocks between firms operating in the CFS and Belgian banks listed on the Brussels Stock Exchange (BSE) reveals that the Belgian financial establishment was a crucial contributor to large, capital‐intensive CFS ventures from the start, contradicting the idea that business in the CFS was driven by a few rogue financiers. Whilst the number of CFS firms was small and their economic importance was limited, almost all the large financial firms, including the Société Générale de Belgique, had two or more CFS firm directors on their board. Financial firms were much more involved in large CFS ventures than in other similar Belgian firms operating abroad.