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

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ID: 320313
2026
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Abstract
Abstract 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 per cent 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.
Reference Key
openalex_W4414903640 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Aïmane Abdelsalam, Léo Vigny
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Journal cambridge journal of economics
Year 2026
DOI
10.1093/cje/beag017
URL
https://doi.org/10.1093/cje/beag017
Keywords Keywords not found

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