{"id":6404,"date":"2012-12-09T04:48:32","date_gmt":"2012-12-09T09:48:32","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=6404"},"modified":"2012-12-09T04:48:32","modified_gmt":"2012-12-09T09:48:32","slug":"insight-making-france-work-again-reuters","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/09\/insight-making-france-work-again-reuters\/","title":{"rendered":"Insight: Making France work again | Reuters"},"content":{"rendered":"

Marc John identifies the challenges facing France and how it can recover its lost vigor.<\/p>\n

In just over 30 years after World War Two, France lifted itself from the ignominy of Nazi occupation into a sleek and modern Group of Seven economy with world-beating industrial champions in sectors such as energy and aerospace.<\/p>\n

Its welfare system is among the most generous in the world. A road and rail transport network means its companies are within hours of tens of millions of potential customers. It is a leader in luxury goods and is the world’s top tourist destination.<\/p>\n

But somehow that Gallic vigour is being lost.<\/p>\n

Unemployment is at 14-year highs as plant closures mount, France’s share of export markets is declining, and the fact that no government in three decades has managed a budget surplus has created a public debt pile almost as big as national output.<\/p><\/blockquote>\n

After three decades of uninterrupted post-WWII boom — often described as the “Glorious 30” — the French government lost its way.<\/p>\n

By 1980, French economic growth had shrunk to two percent compared to its pre-oil crisis rate of above six percent – a rate which France and most rich states have not seen since.<\/p>\n

In the years that followed, governments around the world reacted in their fashion: Britain’s Margaret Thatcher faced down Britain’s unions in a drive to free up labor markets, while Scandinavian leaders sought to free their economies of debt.<\/p>\n

In France, governments of left and right chose entrenchment: strong rises in public spending which helped ease the social and employment shocks but which sent national debt soaring from 20 percent of output in 1980 to its current record of 91 percent.<\/p>\n

The next three decades are sometimes called the “Pitiful 30”.<\/p><\/blockquote>\n

Influence exerted by interest groups — or “insiders” — prevented government reform of the labor market, making France increasingly uncompetitive in the face of global competition. This is the same problem that Mancur Olson<\/a> identified in Great Britain after WWII — when Britain floundered while Germany and Japan flourished. Narrow interest groups maximize their own welfare at the expense of the broader economy.<\/p>\n

France faces massive challenges in overhauling — possibly “dismantling” — its welfare state and restoring international competitiveness. Responsibility has fallen to the unlikely figure of socialist President Francois Hollande.<\/p>\n

Read the entire article at Insight: Making France work again | Reuters<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Marc John identifies the challenges facing France and how it can recover its lost vigor. In just over 30 years after World War Two, France lifted itself from the ignominy of Nazi occupation into a sleek and modern Group of Seven economy with world-beating industrial champions in sectors such as energy and aerospace. Its welfare … <\/p>\n

Continue reading “Insight: Making France work again | Reuters”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,33],"tags":[1455,3169,3663],"class_list":["post-6404","post","type-post","status-publish","format-standard","hentry","category-economy","category-uk-europe-countries-regions","tag-france","tag-socialism","tag-welfare-state"],"yoast_head":"\nInsight: Making France work again | Reuters - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insight: Making France work again | Reuters - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Marc John identifies the challenges facing France and how it can recover its lost vigor. 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According to Eurostat data published in April 2011, the hourly labor cost in France was \u20ac34.2, compared to \u20ac30.1 in Germany \u2013 and nearly 20% higher than the eurozone average of \u20ac27.6.\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6280,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/11\/26\/france-to-arcelormittal-if-you-dont-like-losing-money-get-out-of-france-quartz\/","url_meta":{"origin":6404,"position":1},"title":"France to ArcelorMittal: if you don\u2019t like losing money, get out of France – Quartz","author":"Colin Twiggs","date":"November 26, 2012","format":false,"excerpt":"By Simone Foxman It\u2019s clear that [Arnaud Montebourg, France\u2019s Minister of Industrial Renewal] is confusing the culprit with the victim. The continued failure of European politicians to resolve the region\u2019s debt and banking problems for good has finally caught up with companies across the euro area. Those firms that waited\u2026","rel":"","context":"In "UK & Europe"","block_context":{"text":"UK & Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6735,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/02\/17\/sweden-has-reformed-its-welfare-state-to-deliver-both-efficiency-and-equity-europp\/","url_meta":{"origin":6404,"position":2},"title":"Sweden has reformed its welfare state to deliver both efficiency and equity | EUROPP","author":"Colin Twiggs","date":"February 17, 2013","format":false,"excerpt":"Will Tanner writes: At face value, the Swedish welfare state is an unlikely poster child for sustainable government. In 2011-12, government spending was 53.1 per cent of GDP, paid for by taxes on the average worker of 42.7 per cent. The country\u2019s \u201ccradle to grave\u201d social security system has long\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6221,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/11\/18\/french-fury-at-economists-time-bomb-warning-france-24\/","url_meta":{"origin":6404,"position":3},"title":"French fury at Economist\u2019s \u2018time-bomb\u2019 warning | FRANCE 24","author":"Colin Twiggs","date":"November 18, 2012","format":false,"excerpt":"Katharyn Gillam at France24 writes: In its edition set to hit news stands on Friday, the highly-respected British weekly [The Economist] warned that France\u2019s high taxes on businesses were eroding the country\u2019s competitiveness and that France was a bigger danger to Europe\u2019s single currency than the debt-stricken countries of Italy,\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1897,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/14\/europes-economy-shows-weakness-wsj-com\/","url_meta":{"origin":6404,"position":4},"title":"Europe’s Economy Shows Weakness – WSJ.com","author":"ColinTwiggs","date":"November 14, 2011","format":false,"excerpt":"Italy was forced to pay its highest interest rate since the euro's creation to sell five-year bonds\u2014a sign of skepticism that new governments in Italy and Greece will be able to simultaneously boost economic growth and reduce high public-debt levels......Industrial production in the euro zone plunged 2% in September from\u2026","rel":"","context":"In "UK & Europe"","block_context":{"text":"UK & Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6518,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/23\/how-the-welfare-state-traps-the-poor-in-dependency-the-british-version-international-liberty\/","url_meta":{"origin":6404,"position":5},"title":"How the Welfare State Traps the Poor in Dependency, the British Version \u00ab International Liberty","author":"Colin Twiggs","date":"December 23, 2012","format":false,"excerpt":"Dan Mitchell describes how withdrawal of welfare benefits as your income rises can create a tax cliff that discourages the unemployed from seeking more work. A graphic from British newspaper The Spectator gives this example: John 21, works 25 hours per week at a gross wage of \u00a35.70 per hour.\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6404","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=6404"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6404\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=6404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=6404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=6404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}