France's Economy

A detailed Summary of France's Economy


France is one of the four West European trillion-dollar economies and is the worlds number four economic powers in terms of GDP. France matches a growing services sector with a diversified industrial base and substantial agricultural resources. Industry generates one-quarter of GDP and more than 80% of export earnings and because of this France has generated a budget surplus of $20.9 billions based on 1995 data. (http://www.theodora.com/wfb/france_economy.html). The government retains considerable influence over key segments of each sector, with majority ownership of railway, electricity, aircraft, and telecommunication firms.

Following World War II France's industrial sector was virtually destroyed at the hands of Nazi Germany. Because of this, the United States pumped millions of dollars into France's economy under the Marshall plan, which was designed to restore Europe and prevent it from falling to the hands of the emerging Soviet Union. Military


During the 1960's a movement of mass consolidation of businesses continued in order to create a streamlined efficient business sector. This is expressed by the slashing of three of the five auto companies France possessed as mentioned earlier. The creation of the hypermache whipped out inefficient corner shops in order to compete with foreign firms. Attention of the economy was focused on high-growth industries. In 1973 decline began as industrial growth decreased one per cent per year as unemployment toped 10% for most of the 80's and 90' s where 150,000 industrial jobs where lost yearly. Inflation reached 10% from the mid 70's to 80's effecting primarily the steel and auto industries that where established to compete with foreign firms. No post 1974 government has been able to jumpstart France's economy. The biggest question one may ask is why did this nationalization not work?

The Chirac administration has been gradually relaxing its control

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Approximate Word count = 647
Approximate Pages = 3 (250 words per page double spaced)

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