Let’s Call French Economic Patriotism What It Really Is: Fascism
The authority to ban shareholders of French companies from selling a majority of their shares to foreign investors is an abuse of property right, and a license to protect French company executives from their own shareholders. It will concentrate power in the corporate bureaucracy (a word they, not surprisingly, invented) and so stifle innovation even further. Such business regulations are growth killers and tantamount to third world style capital controls. Put a fondue fork in her, France is done. There’s always that last socialist regime, and Hollande has provided it. The brilliant free-market economist who helped save post war France as an advisor to de Gaulle, Jacque Rueff, must be whirring like an Alstom turbine in his grave watching what they’ve done to the economy he helped build.
“Writing in the newspaper Le Monde, Mr Montebourg said the decree was a “choice of economic patriotism”.
““We can now block sales and demand conditions. It is an essential rearmament of public power. France cannot sit back while other states are acting,” he wrote.
““With this decree, we are rebalancing the balance of forces between the interests of multinational businesses and the interest of states, which are not always aligned.”
“He added: “You have to remember that Alstom is an essential link in our energy independence.””
Trending on Affluent Investor
Sorry. No data so far.