France’s Socialist government is in deep trouble. There has been no real amelioration of economic conditions during the current year; in fact, things seem to have deteriorated further. The rate of inflation will come to roughly 9 percent this year (as against a German rate of only 3 percent and a significant lowering of the British rate). The unem- ployment rate is about 8 percent and seems to be increasing. The mean number of months during which a person is unemployed in France is around 13, higher than almost anywhere in Europe.
Many of the nationalized industrial concerns have been accumulating huge new debts. In 1981 the combined losses of the newly nationalized industries amounted to around $900 million. Last year these...
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