Distribution and growth: can the new left deal with Theneo-Schumpeterian "accord"? Some comments on the French experience

The full employment commitments of the western governments of the post war period originated in a certain broad accord on what "modern capitalism" should allow in terms of welfare an employment and what the policy means should be to achieve it. A similar broad vision is necessary to realise the institutional changes which would give to the emerging growth regime its full potential. The widespread and vague notion of a New Economy evokes such representation and draws on some broad new accord that we qualify of neo-schumpeterian. The Third Way can be seen as a political expression of the left of this modernist vision but the structural policies attaches to it are often narrow and country specific. The Third Way à la française sounds more ambitious than average but is still severely limited in scope and nature buy the centralisation of the design and implementation of its policies.