Although the circuits of capital model emphasizes the part played by the overaccumulation of capital at the core of capitalistic development, scientific research has seldom used this framework for analysing rural dynamics. After proposing a theoretical approach involving circuits of capital, rural areas and the socio-ecological fix, we draw on different historical sources, semi-directive interviews and press articles to understand how circuits of capital largely altered the socio-ecosystem of France’s upper Saône valley until the mid-nineteenth century before being directed instead towards other more urban areas. The marginalizing of this rural space by the third circuit of capital tended to reduce the socio-ecological transformations expected of capitalistic development in the twentieth century. Political actors at all levels then played a decisive role in the circulation of capital and the shaping of the river and its floodplain. Inclusion in the fourth circuit of capital is an objective for some political actors today who are developing strategies for branding and marketing the local area. If it develops successfully, this fourth circuit of capital will make a sizeable impact on the urbanization of this rural area, setting it on a new trajectory in terms of transformations of the river. It seems that each generation of circuit of capital involves greater socio-ecological impacts than the previous one, forming a palimpsest of capitalistic development.