La conversion de la France au libéralisme financier

Michel Castel

Revue d'économie financière, 2020, vol. N° 137, issue 1, 23-34

Abstract: How did France switch to a policy of monetarist inspiration only two years after the election of President Mitterrand in 1981, elected on a left-wing program? Two main types of reasons led her to make this switch. The first is common to all OECD countries from 1973, the second is specific to France. In addition to a very serious deterioration in the economic situation throughout the OECD, there has been the observation of the growing ineffectiveness of Keynesian policies and the idea that monetarist policies would be more effective. For its part, France had, more than others, sacrificed to a debt economy with ever more inflation and unemployment. Furthermore, in 1981, France economic policy was at the opposite of the international economic situation and the monetarist policies developed in the Anglo-Saxon countries. This, plus the commitment to sharply lowering inflation, very quickly led her to choose a policy of monetarist inspiration. Classification JEL : E61, E63, G21, G23, G28.

JEL-codes: E61 E63 G21 G23 G28 (search for similar items in EconPapers)
Date: 2020
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