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French postwar growth: from (indicative) planning to (administered) market

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France's post-war growth has gone through four phases. The strong growth performance of the 50s was helped by a catch-up phenomenon on best foreign practices, and by a positive effect of capital rejuvenation. Yet, the best performance comes next and cover a period of nearly twenty years starting around 1958 and coming to an abrupt end in 1973. The macro treatment of the oil shock was less than happy, and the supply side measures came to a standstill. The 80s did not prove to be better, even though further liberalisation measures were taken, this time concerning financial markets as well the privatisation of a significant part of still state-owned industry. Despite several waves of liberalisation, mostly after the creation of the EEC and the return of the franc to convertibility, both in 1958, and then in the eighties, France still appears to be struggling with lingering powerful rigidities

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