Social Dialogue in France and the reaction of the Financialisation of the Economy

Although France, unlike the English-speaking countries, came late to the capital market economy, the phenomenon of financialisation of companies – or ‘private equity' – has now gained considerable ground. Yet the fact that the procedures and choices governing its operation are confined within the managerial sphere makes it difficult to gain any clear idea of how the various dimensions of labour, and in particular the social dialogue, are affected by this new business model. The article sets out to gain deeper insight into this dialectic through a series of semi-directive interviews of worker representatives intended better to understand aspects that are difficult to quantify. Analysis of the interview findings reveals a shared awareness of changes in practices and in the underlying business model that determines corporate operations; the resulting changes in the rules of the game governing interaction between the two sides of industry prompt a serious reconsideration of the methods and purposes of trade union action.