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By Jean-Pierre Dormois

Is France nonetheless proving itself to be an exception to ecu monetary improvement? Jean-Pierre Dormois surveys France's marvelous fiscal transformation during the last century. His basic advent to the main transformation of French society tackles the main issues linked to France, resembling "Malthusianism", "exceptionalism" and "Colbertism", in addition to these present in usual kingdom monetary checks comparable to the position of human capital formation, financial associations, and openness to the remainder of the area.

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However, this contention cannot stand up to close examination of the record: to the whole economy the gains from colonisation were scanty and/or short-lived. Like most other European powers, France assembled the components of a ‘second colonial empire’2 in the thirty years after the Congress of Berlin in 1878. By 1913 it covered eleven million square kilometres and numbered a population of some fifty million people. The Versailles treaty of 1919 consolidated these possessions by granting France League of Nations mandates over former German and Ottoman colonies.

You can’t fall in love with a growth rate’ was one of the slogans of student demonstrators in the Latin Quarter∗ during the May 1968 uprising. Little did the demonstrators know that within a mere seven years, their aspirations would be fulfilled beyond their dreams and the economy would grind to a halt. 4. Oil crisis and ‘phoney’ recovery With hindsight the period following the 1973 oil crisis does not compare favourably with the ‘thirty glorious years’ of reconstruction and expansion (1945–75).

Successive plans de relance∗ had only resulted in widening both the trade and the budget deficits. Existing credit and exchange controls clearly were not succeeding in stemming capital outflows. It appeared that pursuing this type of policy would necessitate further moves towards isolating the French economy from the world in general and France’s European partners in particular. Jacques Delors, then Minister of Finance, introduced a plan de rigueur∗ containing measures aimed at setting the economy on a course of disinflation, restructuring and a balance of payments more conducive to European integration.

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