Pré-Publication, Document De Travail Année : 2025

Resurgence of fiscal interventionism: a longitudinal analysis of public aid to businesses in France since 1949

Résumé

The 1980s marked the transition from demand-driven Fordist policies to supply-driven ones, emphasizing budgetary discipline and competitiveness. However, this shift did not signal the end of fiscal interventionism but rather its transformation. In this paper, we introduce a novel indicator that encompasses all government-to-business wealth transfers, including direct expenditures and tax expenditures. This new measure offers a clearer picture of the level of government support for businesses. Findings reveal that French public aid surged over three decades, reaching 8% of GDP by 2019, making it the fastest growing budget item since the 1990s. Fiscal policy has not been abandoned in the post-Fordist era; it is now employed as a supply-side strategy rather than a demand-side one. We also evaluate this fiscal policy, showing that while state aid has a limited impact on employment and investment, it significantly boosts corporate margins after the Great Financial Crisis.

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Dates et versions

hal-05000473 , version 1 (21-03-2025)
hal-05000473 , version 2 (17-10-2025)

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  • HAL Id : hal-05000473 , version 1

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Aïmane Abdelsalam, Léo Vigny. Resurgence of fiscal interventionism: a longitudinal analysis of public aid to businesses in France since 1949. 2025. ⟨hal-05000473v1⟩
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