MITTERRANDIAN REFORMISM, OR THE GREAT TRANSFORMATION OF DECLINING FRENCH CAPITALISM

Rémy Herrera and Zhiming Long
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Rémy Herrera: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique
Zhiming Long: THU - Tsinghua University [Beijing]

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Abstract: We analyze how the French left led by F. Mitterrand and the Socialist Party failed to "change the lives" of the French. We describe the difficulties encountered by the "relaunch" policy of 1981 and the change of course carried out, first with the inflection to austerity in 1982-1983, accompanied by devaluations of the franc, then the turn to neoliberalism and financial markets in 1984-1985, with the emphasis placed on business recovery and European integration. This betrayal of the left's program, leading to social inequalities and "new poverty," partly explains the return of the right to power as early as 1986.

Keywords: European integration; economic rigor; currency devaluation; financial markets; reformism; socialism; capitalism; France (search for similar items in EconPapers)
Date: 2025
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Published in Research in Political Economy, 2025, 40 (1), pp.99-106

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05432514

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