In this study of the brandy trade and its merchants, Professor Cullen explores the development of cognac, the world’s most famous spirit product, which emerged as a consequence of a chronic wine surplus. While Professor Cullen focuses on the brandy trade, his findings contradict the view of a ‘static’ French economy in the eighteenth century. Professor Cullen shows that the brandy trade was based on a sophisticated regional economy, which, by 1720, had become a key component of French involvement in the modern international trading system. Notwithstanding the competition supplied by the emergence of surplus in other cereals and by foreign markets, regional specialisation in the Charente was an indispensable element in ensuring the quality of stable output, and was recognised in the region’s success in attracting foreign négociants, such as the household names of Martell and Hennessy.