The author traces the history of economic policies undertaken in France and Europe since 1944. She engages in a thorough critique of the measures taken by French rulers, mainly in financial and monetary matters. Her book is presented in the original form of a linear narrative without theoretical references but illustrated with numerous quotes that make reading more lively. The author demonstrates exceptional historical knowledge, as evidenced by references to great financiers, bankers, politicians, and economists, but also philosophers, novelists, and poets. In a precise and metaphorical style, she brings to life the main events that have marked contemporary history and… many readers of the book.
Christina Peicuti shows in particular that since the post-war period, France’s economic recovery plans and its opening to Europe and world markets have often been thwarted by internal and external events of various kinds: colonial wars, the “May 68 crisis”, oil shocks, the subprime crisis, the pandemic, the “yellow vests” movement, the war in Ukraine, etc. Regardless of their political orientations, successive governments have ignored the phases of international market cycles and have favored, in all circumstances, operating expenses (the “whatever it takes”), “fiscal hammering” (especially of companies) and public debt, over structural reforms and, above all, investments in research, in order to fight against unemployment with unequal results. This “economic dirigisme” and “inflationary Keynesianism” have led to a decline in France that is increasingly difficult to reverse. This “culture of spending” has stifled the revival of economic activity, slowed down France’s European integration and contributed to its deindustrialization.
Cristina Peicuti (professor at ESCP) is an economist in a cooperative banking group. Her doctoral thesis (Université Paris 2) focused on the 2008 financial crisis and the credit channel. She is the author of several books and scientific articles, including The European Economy in 100 Quotes, PUF, also published in 2024.
Review written by J-J. PLUCHART