On Capitalism, and conflicted Frenchmen
October 29th, 2006 by Justin
This is old news but underreported and rather relevant. It seems that, according to a semi-recent survey from the University of Maryland, the French are, to say the least, not fans of capitalism. Not only are most French in doubt about the value of free enterprise, but most have low opinions of both competition and globalisation as well. From a sociologist’s standpoint, this might follow logically. An economist, however, might have trouble swallowing this proposition, given that:
By some measures, France has done quite well by capitalism, globalization and competition. It has more foreign investment as a percentage of the economy than its European neighbors. One in seven people is employed by a non-French corporation. The Paris stock market’s capitalization of $2.15 trillion is the largest in Europe behind London.
At best, then, the French are torn about the merits of capitalism. They continue to adopt many practices consistent with global integration, yet deny that integration’s value when asked. It would seem that a unified view of free enterprise would be more effective: either an outright rejection or acceptance in both action and word. Until that happens, though, free marketeers will have to be satisfied that one half of the equation is in place.
Interesting stuff. Another interesting point to that article is that more people from India and China believe in capitalism more than people in the United States do. Funny considering the economic system of China and the huge gap of class between the rich and poor in India.