The phantom of Palais Brongniart: economic patriotism and the Paris Stock Exchange

Helen Callaghan and Paul Lagneau-Ymonet ()
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Helen Callaghan: Max Planck Institute for the Study of Societies - Max-Planck-Gesellschaft
Paul Lagneau-Ymonet: IRISSO - Institut de Recherche Interdisciplinaire en Sciences Sociales - INRA - Institut National de la Recherche Agronomique - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique

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Abstract: France is famous for promoting national champions, notably by preventing foreign takeovers, but in 2005–2006, the French government allowed the New York Stock Exchange to take control of Euronext, a French-led pan-European company that includes the Paris Bourse. By mapping the public discourse surrounding this striking case of non-intervention, we explain why opponents of the transatlantic merger failed in their appeals to ‘economic patriotism'. Discursive strategies designed to justify discrimination against territorially defined outsiders ran into several hurdles, including weak patriotic sentiments for the company concerned; a lack of patriotic alternatives to the proposed merger; and the questionable patriotic credentials of those demanding intervention. Our findings advance research on demand side of ‘economic patriotism', including its discursive dimension. Beyond that, they inform research on business–government relations, and on the political implications of corporate ownership structures.

Keywords: Patriotisme; Protectionnisme; Concurrence internationale; Relations économiques internationales (search for similar items in EconPapers)
Date: 2012
Note: View the original document on HAL open archive server: https://hal.science/hal-01519920v1
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Citations: View citations in EconPapers (6)

Published in Journal of European Public Policy, 2012, 19 (3), ⟨10.1080/13501763.2011.640788⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01519920

DOI: 10.1080/13501763.2011.640788

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