Far from the myth of the end of history, the 21st century is marked by the multiplication of shocks.
They lead to a strong comeback of the state, whose role is not only reinforced but considerably extended.
France, which was built around the state, amplifies this evolution.
The so-called “whatever it takes” strategy has raised public spending to 62% of GDP and debt to 118% of GDP.
The war in Ukraine is an opportunity for a new acceleration of public interventions, with the resilience plan, which mobilizes more than 30 billion euros to cushion the consequences of the explosion in energy prices for households and businesses.
The State, from now on, guarantees and finances by debt all the functions of the economy: production, consumption and investment.
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Nicolas Baverez: “We are in 1938!”
In appearance, therefore, the State has never been so present and omnipotent.
In reality, he has never been so vulnerable.
Its financing depends entirely on the ECB through its purchases of…
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