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The Logic and Limits of Desinflation Competitive

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  • Lordon, Frederic

Abstract

How could it be that, starting with a Keynesian-Marxian economic programme, the Socialists decided in 1983, two years after coming to power in France, to adopt a diametrically opposed economic policy? The desinflation competitive, which has been maintained for fifteen years, comprises an almost classic conservative policy, substituting nominal stability, wage restraint, and public finance discipline for increased consumption, nationalizations, and devaluations. This major shift, in fact, corresponds to the acknowledgement by the Socialists of the new rules of opened and internationalized economies. The desinflation competitive was certainly necessary in the early 1980s to correct severe imbalances. However, it appeared more and more irrelevant and counterproductive as inflation disappeared and unemployment kept on rising. The failure of the desinflation competitive either to bring about disinflation, other than through brutal market adjustments, or to stop the rise in unemployment, reveals the inability of the French Socialists to build up genuine social-democratic institutions and policies. Copyright 1998 by Oxford University Press.

Suggested Citation

  • Lordon, Frederic, 1998. "The Logic and Limits of Desinflation Competitive," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 14(1), pages 96-113, Spring.
    • Handle: RePEc:oup:oxford:v:14:y:1998:i:1:p:96-113
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    Cited by:

    1. Meseguer Yebra, Covadonga, 2000. "Learning and economic policy choices with an application to IMF agreements," ISER Working Paper Series 2000-02, Institute for Social and Economic Research.

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