Globalization And The French Economy

What is globalization?

The interchanging of views, products, culture and ideas between different countries is known as globalization. The process can be traced back in history, but it has grown in recent times with the growth of world economy and culture.

There are four aspects in the process which have been identified by the IMF; these include trade, monetary movement, migration and sharing of knowledge. Globalization is interlined with economy, social, cultural and geographical factors in the countries.

The economy in France

While France may be one of the European Union’s largest countries, with its economy being in ranked as the 6th largest in the world, it suffered from the economic slump in the 2000’s. The competitiveness between businesses has worsened, there has been a fall in their market share of experts and they also need to increase their control over public expenditure.

The French president Holland is working to address its crisis in European debt, and he has vowed to pursue not just economic policies that are tied with austerity but also growth.

France and Globalization

France is well known for their position against globalization. In the past, they backed trade protectionism, and opposed globalization. In recent years, this has changed as many of the companies in their countries are now leaders in the European industry; they not only provide supplies all over Europe but also employ people from outside France. However, there are still said to be strong sentiments against globalization. A clear evidence for this is Sarkozy’s pledge to reintroduce passport checks, reduce immigration and follow a policy of trade protectionism once again.

The reason for their strong hate for globalization can be linked to their understanding of it. They linked the concept of globalization to the increase in American influence over the world. American chains for fast food had begun to subject the world to their products, and at the same time they were destroying the cultures of the countries they entered. Their only concern was the maintenance and increase in their own profit margin.

Now, there are some who believe that there has been a shift in this hate for globalization. This is linked to the challenges that have resulted from technology and demographics. They were not a result of a direct decision enacted by open, traditional, political debate but instead resulted from a small gradual change that quietly lurked in the shadows.

While there may be a slight change, the French still remember the negative connotations attached to the word ‘globalization’ and remain wary of it as a result.