Report
Patrick Artus

France: Is the criticism of globalisation valid?

One common criticism of globalisation in France is that “neo-liberal capitalism” has led to free trade and offshoring; the consequences have been dramatic, with deindustrialisation, the transformation of jobs into low-paid service jobs, a low employment rate, etc. This criticism is very superficial: It overlooks the real income gain provided by the opening up of trade with emerging countries; It attributes deindustrialisation to free trade, when free trade has not had this effect in other OECD countries; It overlooks all the structural drivers of deindustrialisation and job losses in France: low skills, insufficient corporate modernisation and innovation, high corporate tax burden; It conflates reshoring with the preservation (or development) of some strategic industries: medicines, electronics, etc.
Provider
Natixis
Natixis

Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.

 

Analysts
Patrick Artus

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