Report
Patrick Artus

France: Where do the real social injustices lie?

A constant refrain in France is that social injustices must be reduced and that more social justice is needed. But, beyond the catchphrases, the question remains: where do the real social injustices lie? Not in income distribution: wages have increased faster than productivity ; income inequality is stable (after redistributive policies) and low relative to other OECD countries; Not in the redistributive system: the combination of taxes and welfare benefits provides France with a higher degree of redistribution than in all other OECD countries; Not in the reform of capital tax ation , which has simply corrected an aberration of the French system. There are social justice issues, however, regarding: Equal opportunities in the education system, as it does not correct social inequalities and its low quality creates a massive employability problem among young people; Real estate prices, which have risen too much, giving rise to an abnormal levy on incomes and to an undeserved increase in wealth. It would be good if the public debate on social justice focused on the real problems.
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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