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FRANCE’S ECONOMIC SYSTEM CATHERINE WANNEMACHER Political History French Revolution in 1789 - overthrew monarchy - first republican government Napoleon Empire 1804 – implemented liberal reforms e.g. abolition of feudalism Napoleonic Code influenced numerous civil jurisdictions worldwide; first modern legal code e.g. forbid privileges based on birth, allowed freedom of religion, government jobs should go to most qualified Monarchy restored once, followed by several republics Currently in its Fifth Republic established in 1959 Economic History Tradition of state intervention Dirigisme economic systemic between 1944 to 1983 e.g. nationalization of major industries including transportation, electricity, banking sector etc. In recent years, government has sold shares in corporations esp. due to EU regulations - still exercises control over the economy Political System Republic (5th) – governance defined by the Constitution Semi- presidential representative democratic republic Multi-party system Checks and Balances Includes a popularly elected President (head of state) and a Prime Minister (head of government) and Cabinet Executive Branch have most power esp. President e.g. appoints all member of Cabinet and PM, military control etc. e.g. President appoints PM, National Assembly can revoke appointment Various organizations are independent of Executive branch E.g. Bank of France, Financial Boards, Energy regulations Culture Individualistic society – greater concern on social status and being judged as an individual Low tolerance for uncertainty – role of planning important Culture Hofstede Cultural Dimensions Organizational Structure Centralization – concentrated authority lies in one individual usually Reflected in government and businesses; (geographically) e.g. two more hierarchical levels more Originate in power and authority of earlier monarchs Property Rights Civil law – allows private property 2014 Property Rights Index 7.3 e.g. Napoleonic Code first introduced absolute ownership Measures degree to which country’s laws protect private property rights and degree government enforces these laws Assesses likelihood of private property expropriation And corruption within judiciary Right to buy and sell Right to reek profits Allocation Mechanism Markets Solves problems of resource allocation- decides amount of goods and service to be produced Incentives Material incentives e.g. wage, bonus, stock options for managers etc. Role of Planning High due to low tolerance to uncertainty State intervention is still exercised E.g. subsidies, planning inputs and outputs Social Safety Net Standard income – minimum hourly wage Social security benefits Illness, maternity and disability insurance Family benefits – allowances, family housing etc. Unemployment insurance Human Development Index (UN) Measures human development progress in three dimensions: long and healthy life, access to knowledge and standard of living (i)life expectancy (ii) mean years of education (iii) Gross National Income per capita 2013 HDI value 0.884 – very high category rank 20 out of 187 countries Human Development Index (UN) Human Development Index (UN) HDI progress relative to other countries GDP Growth Rate (%) Average growth rate from last four years (2010-2014) = 0.825 % From Data World Bank Economic Freedom Index (Heritage Freedom) Moderately free 63.5 index (rank 70 out of 175 countries) Index covers 10 freedoms including trade freedom, monetary freedom, property rights and entrepreneurship rights slightly decreased compared to last year Weighted equally brings greater prosperity Political and Civil Liberty (Freedom House) Political Rights 38/40 Electoral process 12/12 French President, lower house Parliament , National Assembly elected to five year terms Political Pluralism and Participation 15/16 Parties organize and compete on free basis Centre right UMP and Centre left PS are largest parties; far right and National Front Functioning of Government 11/12 Civil Liberties 57/60 Freedom of Expression and Belief 15/16 Associational and Organizational Rights 12/12 Rule of Law 15/16 Personal Autonomy and Individual Rights 15/16 Corruption Perception Index (Transparency International) Based on the degree of corruption in the public sector World Happiness Index rank 25 Measures happiness as an emotion and as a whole in life Sources sourceshttp://en.wikipedia.org/wiki/Napoleonic_Code http://europeanhistory.about.com/od/france/a/cpfrance.htm http://www.nationsencyclopedia.com/economies/Europe/FranceOVERVIEW-OF-ECONOMY.html http://education-portal.com/academy/lesson/checks-balances-internal-limitsof-the-french-executive-branch.html#lesson http://www.globalsmes.org/news/index.php?func=detail&detailid=512&catal og=24&lan=en http://internationalpropertyrightsindex.org/data_download http://www.cleiss.fr/docs/regimes/regime_france/an_index.html All websites on the Data Sources sheet THANK YOU FOR YOUR ATTENTION!
