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Women and poverty

poorest of the poor? Women

Janine Mossuz-Lavau, Fondation Jean-Jaurès, 33 pages. According

Janine Mossuz-Lavau, poverty is not neutral. She hits the first female population. This test aims to define poverty and the weight of the genre by analyzing the figures, before returning later, what is less known, the experiences of women affected by poverty after a qualitative survey conducted among women at different ages. Finally, the gaze that casts the company on money and poverty seems to remain divisive. Citizens the right or left did not, in this respect, the same analysis.
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monetarist theory in crisis?

On the site of the life of ideas:

monetarist theories to the test of the financial crisis

by Maya Bacache-Beauvallet [24-10-2008]

The crisis facing the world since 2008 still poses many puzzles. How did we get here, so that mechanisms seem relatively simple and could have been anticipated? This crisis does mark the failed monetary policies of the 1980s and is this the return of Keynesian stimulus package? The Paris School of Economics organized a great seminar involving eight specialists of the crisis, and academic professionals to inform the debate. Video clips.

elements of the financial crisis began to be known: the search for home ownership, reckless lending to households not creditworthy, securitization and distribution in the economy riskier loans or insolvent, the market downturn U.S. housing and snowball effect of lack of trust between financial officers and in particular among banks and interbank lending drying up of credit in the economy. The crisis facing the world since 2008 still poses many puzzles: mechanisms seem relatively simple therefore anticipated, then why did we get here? This crisis is comparable to that of 1929 or this Does specificities? Brand Does the failure of the monetary policies of the 1980s and in particular the independence of the central bank and its purpose? What are the ways of resolving the crisis and assists does one return of Keynesian stimulus package? To inform the debate, the Paris School of Economics organized a seminar bringing together eight outstanding specialists of the crisis, and academic professionals.

The financial crisis and the future of the financial system , Organized at the Paris School of Economics October 14, 2008.

Summary of interventions:
Bourguigon François, Paris School of Economics (EEP)
David Naude , Deutsche Bank
Fabrizio Coricelli , Paris 1, CEPR and CES
Andre Orlean , EHESS and PSE
Gunther Capelle-Blancard , Paris 1, CES
Paul Besson, Trading in Hedge Fund Industry
Gabrielle Demange, EHESS and EEP
Olivier Godechot , MHC
Philippe Martin, Paris 1, CEPR and CES.

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Bourguigon François, Paris School of Economics (EEP)

Francois Bourguignon (EEP)

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David Naude (Deutsche Bank)

David Naude (Deutsche Bank)

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Fabrizio Coricelli (Paris 1, CEPR and CES)

Fabrizio Coricelli (Paris 1, CEPR and CES)

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Andre Orlean (EHESS and PSE)

André Orléan (PSE et EHESS)

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Gunther Cappelle-Blancard (Paris 1,CES)

Gunther Cappelle-Blancard (Paris 1,CES)

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Paul Besson (Trading in Hedge Fund Industry)

Paul Besson (Trading in Hedge Fund Industry)

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Gabrielle Demange (EEP et EHESS)

Gabrielle Demange (EEP et EHESS)

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Olivier Godechot (CMH)

Godechot Olivier (MHC)

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Philippe Martin (Paris 1, CEPR and CES)

Philippe Martin (Paris 1, CEPR and CES)

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state would it return?

On the life of a great article idea:

October 2008: the return of the state?

Policy Perspectives on the Financial Crisis

by Bruno Bernardi [17-10-2008]

The unfolding financial crisis and attempts to stop it have led to the emergence of a new theme: we are witnessing, divine surprise for some, curse for others, the return of the state. Bruno Bernardi wondered if this idea is not an illusion, behind which he would discern the changes under way: a new step towards the absorption of the market or an overall reconfiguration of our historical and political horizon?

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• October 2008: the return of the state? (PDF - 67.2 kb)
  by Bruno Bernardi

In less than a year, so-called subprime crisis - these risky mortgages that have proliferated in recent years United States - has spread (by the process of fragmentation and resale of credit called securitization ) to the entire global financial system. The crisis of confidence that has resulted has endangered the existence of many leading banks, disorganized and dried up the credit market, caused a collapse in equity markets, suggesting a recession on a global scale. Under the financial crisis seems to be emerging a global economic crisis. At the heart of this turmoil, the market turned to dismay political institutions as a last resort before the debacle. States, directly off liquidity providers, credit from banks, guarantees to depositors and, more directly, by entering the capital of large financial groups, have "taken the hand." These measures will be effective, at least to mitigate the effects of the current crisis? They will avoid a depression? These are questions almost open and that theoretically belong to the essence of economics.

However, we can address these events from another angle, the more directly political. we not witnessing a dramatic shift in the dominant representations of what must be, in general, social organization?

Recent decades have seen ramp up the idea that the market, by its own dynamics and balances that helps train, was by definition the backbone of the whole of physical organization of society and the state as the political function attached to it, should only play a limited role, matters, in any case he had no legitimacy as an economic agent. This groundswell that has been called conservative revolution of or neoliberal wave , was first attached to the names of Margaret Thatcher and Ronald Reagan. We know the famous phrase of the latter, delivered during his inaugural address, January 20, 1981: "The State is not the solution to our problem, government is the problem" [ a ].

Three decades later, one can see without an ironic perplexity the heirs of Reagan and Thatcher, the singers of all - the market, redefining the scope of public policies (the shrink), turn into a few days or a few hours, heralds of the political decision, defenders of the state contractor, and rely heavily on measures of modesty called nationalization, nationalization would be when the right word .

More fundamentally, many believe we are at a turning point in thinking the relationship between economics and politics, State and market. Filling some, horrifying to others, we would see after a long hiatus, the return of the state. But before we confirm or disprove this reversal of perspective, to applaud or condemn, it is not necessary, taking a step back, examine the idea of a return of the state?

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the development el'Afrique analyzed by UNCTAD

-UNCTAD has also put online its report on the development of Africa and its position is changing: the liberalization did not know enough to ensure growth and development:

Economic Development in Africa 2008: Export Performance following Trade Liberalization: Some trends and prospects

The report this year is to review the export performance of Africa since trade liberalization in order to draw useful lessons for developing future business strategies and development. The main message that emerges is that the efforts for twenty five years by African countries in the area of trade liberalization have removed Most political obstacles that were considered the main obstacles to exports from these countries. Despite some progress in this area, the level and composition of Africa's exports have not substantially improved . African countries have not diversified their exports towards primary commodities and manufacturing goods more dynamic, which are less susceptible to the vagaries of international markets. Their share of world exports has actually declined from 6% in 1980 to 3% in 2007. Therefore, despite the strong growth in export earnings in recent years, Africa has yet to recover its lost market share. According to the report, the low adaptive capacity of supply is the main obstacle to the growth of African exports, which suggests that future export strategies should focus more on specific development areas to increase production for export.

The report on Economic Development in Africa provides some guidelines to help Africa to refocus its development priorities on the transformations structural order to increase supply capacity and adaptation of its exports. These proposals are underscored by the observation that export development requires more than trade liberalization and trade policy must be closely associated with the development policies of agricultural and industrial sectors complementary and clearly defined . The report highlights that macroeconomic and political stability and predictability of policy directions are prerequisites to the success of trade liberalization and policies sector development in Africa.

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growth and inequality are seen by the OECD

The latest OECD publication discusses 30 years of liberal discourse: the Washington consensus shatters: growth is a necessary condition for reducing inequality but it is not sufficient

The gap between rich and poor has widened in three OECD countries on four the past two decades . It notes that a new OECD report.

The report, entitled " Growth Unequal " economic growth over the past 20 years has benefited the wealthy more than the poor . In some countries, including Germany, Canada, the United States, Finland, Italy and Norway, the gap also widened between the rich and the middle class.

countries where the income range is wide generally experience greater poverty. Moreover, social mobility is less important in countries with high inequality, including the United States, Italy and the United Kingdom, whereas in the Nordic countries, where incomes are distributed more equitably, there is more social mobility.
Launching the report in Paris, the Secretary General of OECD, Angel Gurria, has warned against the problems caused by inequality and stressed the need for governments to tackle it. " Growing inequality is a germ of division. It polarizes societies, it creates a divide between countries and regions in the world a hollow gulf between rich and poor. Rising inequality Income blocking the "social elevator," the talented people working hard getting more difficult the rewards they deserve. It is not possible to ignore these growing inequalities. "

The number of low skilled and poorly educated unemployed is one of the main causes of income inequality. Another factor is the increasing number of people living alone and single parent families.

Some social groups have been more fortunate than others. The population is close to retirement age had the largest Strong revenue growth in the last 20 years and poverty has declined among pensioners in many countries. In contrast, child poverty has increased. (According to the OECD definition, there is poverty when every member of a household has an income below half the median income, adjusted for family size).

For children and young adults, the likelihood of poverty is now 25% higher than the general population. The likelihood of poverty for single parent households are three times higher than the average population. However, the OECD countries spend three times more on family policy 20 years ago.

In developed countries, governments have increased taxes and spending more on social benefits to offset the trend towards more inequality. According to the report, would have exacerbated inequalities faster without these expenses.

As argued by Mr. Gurría, we must address this problem otherwise. "Although taxes and transfers are important in many OECD countries to redistribute income and reduce poverty, our data confirm the loss of effectiveness over the past decade. Wanting to fill gaps in income distribution solely by an increase in social spending amounts to treating symptoms and not the disease. "

" If inequality has increased, it is largely because of the changes that have occurred on the job market. This is where governments must act. Low-skilled workers face increasing difficulties in finding employment. Increasing employment is the best way to reduce poverty, "said Mr Gurría.

Improving education is also an excellent way to achieve growth in the long run, benefits all, not just the elite, this is one of the findings of the report. In the short term, countries should take more effective measures to ensure that their people are employed and that working families receive benefits that increase their wage income, rather than relying on unemployment benefits, disability and early retirement

Interesting. The gap between rich and poor is not so important as you might think

Key elements of the report

Income gaps have widened over the past two decades in most OECD countries. In the current context of a changing global economy means that more people may be left behind. According to the Secretary General Angel Gurria, "Ensuring that growth benefits everyone, not just the rich, is the task we must undertake." Governments should not remain spectators: they should respond to income inequality with policies that help people cope.

Why the gap between rich and poor is widening there?
In most countries the gap is growing because rich households fared significantly better than the households of the middle class and poor households. changes in the structure of the population and the labor market over the past 20 years have contributed greatly to this inequality.

• The salaries of those who were already well paid have increased.
• The employment rate for people with a lower educational level decreased.
• And the number of households with one adult and one family is growing.

What can we do?
In some cases, government policies on taxation and redistribution of income have helped to fight against inequality. But this can not be the only answer. Public authorities should also improve their policies in other areas.

• Education policies should aim to equip people with the skills they need in the current job market.
• active employment policies are needed to help the unemployed find work.
• Access to paid employment is key to reducing the risk of poverty, but getting a job is not necessarily enough to be free. The study Growing Unequal shows that over half of the households concerned by poverty there is at least a share of income from work.
• policies related benefits of employment to assist families of assets that have difficulty accessing a standard of living by supplementing their income. In addition

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Did You Know? (Income inequality) The gap between rich and poor widened and the number of people living below the poverty line has increased over the last two decades. Evolution is quite widespread, affecting three quarters of OECD countries. The magnitude of change is limited but significant. [Table 11.1. Evolution of income inequality and poverty ] Income inequalities have widened significantly in the early 2000s, Germany, Canada, the United States and Norway. By cons, revenues have tended to equalize in Greece, Mexico and the United Kingdom. [Chart 1.1. Gini coefficients of income inequality in OECD countries, mid 2000s ] [Chart 1.2. Evolution revenuVariation inequality the Gini coefficient over different periods ] Rising inequality is usually explained by the fact that the rich saw their incomes improve as compared to low-income earners by compared to average income earners. [Table 1.1. and Table 1.2. Evolution of real household income by quintiles, Gains and losses and income shares by income quintile ]

Did You Know? (Poverty) About one ten had in OECD countries with incomes below half the national median in 2005. [Chart 5.1. Relative poverty rates for different income thresholds, mid-2000s ] The risk of poverty has declined for the elderly, while it increased for young adults and families with children . [Table 5.1. poverty rate of people of working age and for households with a head of working age, according to the characteristics of households ] [Table 5.2. Poverty Rate children and persons living in households with children by household characteristics ] Work reduces poverty: jobless families were almost six times more often affected by poverty than families of active . [Chart 5.8. poverty rate and employment in the mid-2000s ] More key messages on the last page synthesis Growing Unequal

Data on income distribution and poverty, Gapminder English only for now, Charts Gapminder allow interactions between the data on income distribution and poverty with time. You can select the flag of your choice on each axis and the bubble size represents a third indicator. You can then click on PLAY. You can also select the country (ies) of your choice and compare the results.

Gapminder Graph by default: OECD countries have the poverty rate they are willing to pay? Incomes are more equally distributed and there are fewer poor people when social expenditures are important, as is observed in the Nordic countries and in countries of Western Europe such as Austria, Belgium and the Netherlands. In these countries, in 2005, social spending in favor of people of working age accounted for 7-8% of national income and the share of working-age persons affected by poverty was between 5% and 8%. At the other extreme, the United States, Korea, Mexico and Turkey, benefits accounted for 2%, if not less, national income, and 12 to 15% of the working age population were affected by poverty. It would be easy to conclude that countries have the poverty rate is based on what they are willing to pay. Mexico and Turkey, higher tax revenues - which would allow expansion of social programs - would likely reduce inequality and poverty. But for most OECD countries, the answer is more complex ...

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An excellent drawing of Martin Vidberg I recommend the blog: BREAKING NEWS IN POTATOES

is euphoria in the markets!

While the Paris stock exchange as all European stock and those of Tokyo and the Dow Jones responded very positively to the support plan implemented by States, concerns about the evolution of the real economy are growing:

last week it was the IMF forecasts :

institution directed by Dominique Strauss-Kahn expects a global GDP growth of 3% next year. The U.S. showed only a weak growth of 0.1% and does not "recover their growth potential in 2010. The euro zone will do little better with a GDP increase of just 0.2% next year and recession in many states.

IMF World Economic Outlook: synthesis

today: Figaro: Unedic expects 46,000 more unemployed in 2008

While she provided 80,000 unemployed less in 2008, unemployment insurance now expects numbers much less encouraging. The government will unveil a plan to use next week.

figures Unedic last June were too optimistic. Assuming a decrease in the number of unemployed in 2008 (80,000), unemployment insurance had not been right and now seriously reviewing its forecasts. Tuesday Unedic unveiled its latest estimates. Unemployment insurance provides for 46,000 more unemployed in 2008 and an accumulated deficit to 5.09 billion euros at year end. The cause of these new figures, the assumptions of job creation (43 000 today against 119,000 in June) and economic growth (1% against 1.7% three months), both revised downward.

One explanation for this rise in unemployment: On the website of Le Monde:

P Krugman: The Nobel Prize in Economics in 2008 suggests a likely global recession
"Even if we are allocating the credit market, we'll probably have a serious recession ahead of us" , says he. According to Pau Krugman, the crisis has already inflicted heavy damage to the economy world, including the real economy resulting in a strong "downward trend" . Earlier he had said at a news conference that the world was heading "a recession, probably longer, but perhaps not a collapse" .
More generally, he believes that "people who assured us that the market worked, the pursuit of profit always led to a positive result, were massively deceived " .


cons info on the site an even more virulent critic of B Setser:

What limit to unlimited guarantees? by Brad Setser

We suggested that the risks had not disappeared but changed. In this massive and brutal "accordion fold" we are witnessing, the forms of money - deposits and savings - that we have conceded to the right and private interest now have an absolute privilege of freedom , were on the verge of losing all value. They had to seek refuge in extremis, with the only guarantee worth anything ultimately, the taxpayers' money and status. Thus, the potential bankruptcy of the debt has become one of the others, apparently putting an end to it panic. Moreover debts, however, we saved time. But the new situation - unheard of - which it is created. Each actor financial system totally dysfunctional, which should survive until now to have access to unrestricted funds distributed by the central banks, is now explicitly protected against bankruptcy. The states have therefore accepted in two stages to take the place of money markets moribund, then ensure that all the dead instead of living - do not shake, they are full of debt - remain alive. In other words, after the transfusion, admission to ICU. Well. Social Security finally reminds us its undeniable merits. She has avoided the widespread infarction. Several questions remain. When, how and under what conditions can we remove the probes of these critically ill patients who are likely to be a bit worried at the prospect of benefit once the benefits of fresh air and free competition of the "struggle for life" that As they were fond? And how much will this hospital? Should we also agree that are still paid dividends to shareholders of institutions that owe their survival to the community ? So, in summary, the themes that Brad Setser develops below. One last remark. Number of emerging nations have suffered this type of crisis. But never before - by far - the G7 had shown such magnanimity. For them, it was never intended to provide liquidity "unlimited" to help them through a bad patch, and the Argentines, just to name a few, it certainly remember very well. But without doubt this is an illustration of the theory of "comparative advantage". Finally

put mass rapid treatment was needed, nearly everyone agrees, but will it be enough, especially if it is suited not accompanied by structural measures that are not confined to a few codes good conduct?

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A plan to save whom?

A plan to save whom?

The first France:

Of Liberation: The State is 360 billion on the table to save the banks

Nicolas Sarkozy, this afternoon at the Elysee Palace, after the council of ministers. (Reuters)

The State is 360 billion on the table to save the banks

Germany then: On cons info: Berlin: a plan of 470 billion euros Monday, October 13

Berlin at the bedside of banks and investors. In the wake of a meeting of the Eurogroup, Germany must now present its own rescue plan expected volume of 470 billion euros.

Berlin: a plan of 470 billion euros

And during that time in London:

Respite. Surprising, coming from countries opposed to the single currency, the cradle of liberalism pushed by pragmatism, to recant his beliefs. And to nationalize everything goes. IMF to George Bush, yesterday, the answer Britain seems more appropriate than the American response .... And now Brown, the former sales representative of the social-liberalism assume its ideological shift, without being denied by the Europeans: "The old solutions of yesterday we will not be useful for the challenges of today and of tomorrow. " If there is to know its effectiveness, at least, evidence of the facts is there. The guarantee of interbank lending that the EU will follow? London has set to music on Wednesday in the tune of 250 billion pounds. The injection of liquidity into the market to relieve the credit crunch? Done: 200 billion pounds. The quasi-nationalization of the jewels of the country? Scheduled for Monday, beginning with the two largest banks (RBS and HBOS): 75 billion pounds (against 50 planned Wednesday). The worst crisis since 1929? Alistair Darling, his finance minister, has raised a month ago, when his French counterpart believed it, that "the worst of the crisis" was "past" .

Brown rescue "model"

p Jorion questions the logic of these multiple levels: The more daring the ringleader, Paul Jorion

"In terms of nationalization of the financial system, the country hit the fastest, determines the highest level on which the others are bound to follow, "said Paul Jorion. But Gordon Brown there really is a bold, or more prosaically, an essential realism to a more than worse? In this case, would it be in Because of this other form of "special relationship" between London and its former colony qu'entretiennent also the City and Wall Street or much of a position of weakness that would be common to European banks? Open questions but answers potentially ruinous.

By Paul Jorion, October 11, 2008

This text is an "article presslib '" (*)

long time ago - at the speed which will now things on 14 July, I wrote in America has changed ... same if she does not know yet : "To Uncle Sam, that changes everything: last night, the U.S. toppled the liberal social democracy."

America still did not know three months ago and she did not even know it yet today but it will maybe next week - if my tubes are not punctured. The process goes very quickly and even accelerating, and the reason is: it is the boldest is the ringleader.

What has occurred in recent days is that in terms of nationalization of the financial system, the country is most striking quickly determines the highest level on which the others are bound to follow: When Ireland guaranteed all deposits, Britain should follow, lest all his bank immediately siphoned to Ireland, but to do it has to go further in the nationalization as anyone else, automatically setting the new standard for those who do not want to be left behind in the new landscape : Competing for the United States, for Germany, which had sworn to high heaven last week that it would not, for the Benelux, the business Fortis and Dexia have led on this path, for Spain who just align with the Great Britain, and of course also for France, which still does not suspect anything - even if you work hard maybe this weekend at the Ministry of Finance.

I regularly denounces the belief in market self-regulation but this does not mean that there are no effects of self-organization in the financial system and training in the path of nationalization the boldest that we witness now, is a prime example.

Paul Jorion, sociologist and anthropologist, has worked in the past ten years in the U.S. banking industry as a specialist in price formation. He recently published implosion. Finance economy cons (Fayard: 2008) and Towards crisis of American capitalism? (La Découverte, 2007).

* An article presslib '"is reprinted in whole or in part provided that this paragraph is reproduced in its wake. Paul Jorion is a "journalist presslib," which lives exclusively its copyright and your contributions. It will continue to write as he does today as you'll help. Your support is expressed here.

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"The financial crisis overshadows the food crisis"

Interview

Sébastien Fourmy, spokesman Oxfam France, back from the annual meetings of IMF and World Bank, deplored the gap between the resources used in one case and passivity in the other.

Thus, in a statement, the NGO Oxfam said "These meetings have provided a shockingly low number of solutions for the poorest countries. World leaders recognize there is a crisis of global poverty, but have ignored ". However, hunger and malnutrition continue to grow: more than 925 million people suffer from hunger. "While the developed world has reached over 1,000 billion dollars in a few weeks to prevent its banks to fail, it fails to find 1% of this money to help the poorest countries to overcome the food crisis ", says Oxfam. Interview with Sébastien Fourmy, coordinator of campaigns for Oxfam France-Agir ici, and return to Washington.

means, but not hunger, by Laetitia Clavreu

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D learly, there is a crisis and crisis, emergency and emergency, billions and billions. This is the finding today, bitter, those years are appealing for donations to solve the problem of world hunger. Thus

François Danel, the executive director of Action against hunger, "said surprised" to see the ability to lift a few days $ 700 billion (517 billion euros) in the United States, and hundreds billion in Europe, then we encounter the greatest difficulties in finding funds for children dying of hunger. " And remember the words of the Swiss sociologist Jean Ziegler, former UN rapporteur for the Right to Food: "A child dies of hunger today is a child murdered."

means, but not hunger, by Laetitia Clavreul

LISTEN JEAN ZIEGLER

JEAN ZIEGLER

Then the forum asks: Here lies liberalism? 1979-2008

By François Lenglet, editor of the economy, politics, international at The Tribune.

nationalized banks in Europe and the United States. European leaders who rehabilitate public intervention to suspend the common rules that prohibit state aid, as those promoting competition. The paychecks boxes, finance stigmatized, criticized the market economy: the crisis has caused a huge head-to-tail ideological. As if, with the crackling of the global banking system, ended a great liberal cycle. A cycle like capitalism has known many who always interrupted in the same way, with a resounding financial crash.

For nearly thirty years as a market economy without limits was celebrated on every continent, and that attributed to him not without reason the extraordinary runaway economic growth of recent years which saw the U.S. GDP to grow by half between 1994 and 2006 and China out of the Middle Ages. On behalf of the efficiency we have organized the withdrawal of the public in most countries. We deregulated the energy, telecommunications, transport, extolling the virtues of competition.

This great liberal wave born during the 1970s in the Anglo-Saxon. In 1979, Margaret Thatcher conquers the power in the United Kingdom. In recent years, she gives up this great country exhausted by opening borders, slashing public spending, lowering taxes and breaking unions. Fifteen months later, America elects as president an old actor converted into touch in politics, Ronald Reagan. This Republican will also wonder, restoring an America that had been considerably weakened. He will succeed with the same revenues as its British counterpart: less taxes, less regulation, less government.

In 1989, the fall of the Berlin Wall ten times the liberal wave, because it opens up to trade and market economy a continent that aspires to freedom political and economic. Russia, Poland, Czechoslovakia, the new German states, all rushed to deny the plan and the worship market, with the zeal of the convert. The European Economic Community welcomes the new catechumens with enthusiasm. Europe is itself engaged in an undertaking of vast scope, the single market. The project is inspired again by the great liberal wave that swept the world: open borders, the dismantling of national industrial policies in favor of competition, restraint of the public sphere.

liberal fervor is at its peak in early 1990s, thanks to the emergence of newly industrialized countries, as China in particular, who are also embracing the market economy. Western companies are taking advantage of new freedoms investment and low transportation costs to extend their field of action. Global trade exchange surreptitious nature: the intra-firm trade tilted, the business organization is nestled in the new geography of growth, taking advantage of the considerable differences in wages in a world where the economic rules of the game are universalized.

The first break occurred in 1997-1998, with Asian crisis, which bends the path of folly "dragons" of Southeast Asia. Three years later, the bursting of the dotcom bubble and the Enron scandal. This casts a shadow over the veracity of the accounts published by companies. But global growth resumed at a brisk pace, thanks to medications Alan Greenspan, who supports the U.S. economy by lowering interest rates. The result will

the biggest bubble in history, with the explosion in property prices in the world and the incredible growth of debt - economic freedom fosters the "animal instincts" to resume the words of economist John Maynard Keynes. The total debt of Americans (all agents combined) reached 350% of GDP in 2007 - even in 1929, it had only graze the 300%. The subprime crisis occurs in July 2007 and amplified in 2008.

The rest is history. The market has produced a catastrophe that is unable to solve alone. Hence the incredible series of nationalizations of financial institutions in recent months. As always, other nations follow, and begin to preach also for the return of the state, control over pay, the re-regulation ... And conversions ideological multiply. That of Paul Krugman, for example, noted economist and advocate of globalization once happy and now much more circumspect.

Or that of Giulio Tremonti, Berlusconi's lieutenant, who published in early 2008, a book that is a hit, Paura e la Speranza's ("Fear and Hope"). Formerly teacher of the liberal right, he challenges the market today, "totalitarian ideology" and calls for the construction of a Europe "with doors, provided they are not always open." All signs of the huge ideological reversal is at work before our eyes in the world. Nicolas Sarkozy himself has also been advocating the role of the state in the economy during his speech in Toulon, in late September 2008.

far can this inclination regressive? Nothing is impossible now. Between globalization most likely in a phase of eclipse. As its primary cause is neither the technology nor the lower transportation costs, or even business organization, but the degree of tolerance for companies to international openness and desire for freedom. Feeling that varies significantly from one period to another, depending on market conditions and confidence in the future. In times of crisis, citizens do not require more freedom, but more protection.

In the coming months, our companies will therefore restore national borders. In Europe, we started with the proliferation of fragmented and contradictory measures that governments have taken to fight against the crisis. And in a short time, liberalism will seem what it is: a nice idea of good weather, completely inappropriate when the collective soul is concerned about an unusual storm. One consolation, however. During this cycle that opens, France, viscerally anti-liberal, will with the times, under an eternal law: a stopped clock tells the time twice a day.



Detoeuf Augustus, May 1, 1936: "Liberalism is dead!"
In 1930 also, we wondered how to get out of the crisis and the need to return to economic intervention to the detriment of the market economy. In France, a small group of enlightened minds, Ecole Polytechnique, then creates a reflection group, "X-Crise. On 1 May 1936, X-Crise receives a great business leader, Augustus Detoeuf, head of Thomson-Houston, who gave a lecture entitled "The End of Liberalism." Excerpts: "Liberalism is dead, he was killed not by the will of men or because of a free government action, but an inevitable evolution internal [...] I believe that the false mystic liberal liberal statements without sincerity, all this demagoguery for the ruling classes and people who confuse freedom with economic freedom at all, are public dangers.

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The job
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Should we extend credit hypotécaire in France?

On the website of EAC a report that debate: Stay classes Average: demand, supply and balance of the housing market
Report Jacques Mistral and Valerie Plagnol

An inventory of the housing market
The current problems in the housing market in France should do not forget that the housing policy since the end of the Second World War has to accompany the profound changes experienced by the Company and that the average conditions of housing has never been so good. Thus, in fifty years, while population has increased by 40%, the housing stock has doubled, reaching, in 2006, 32 million homes.
At the same time, the number of owners of their primary residence has steadily increased and now reaches nearly 57%. The improvement of the park is also qualitative since the proportion of homes without sanitary comfort increased by nearly 40% in 1954 to 2.6% in 2002 and the average surface principal residences increased to 90 sq.m. in 2002. Finally, unlike its European neighbors, France has chosen to offer diverse coexist where private housing, private rental and public rental. This diversity in the housing market, which can combine the flexible offer that requires a society increasingly mobile and property investment company called for by a richer and older, is a comparative advantage under-recognized in our country.
Despite these positive developments, the housing market since the early ninety, many failures. Housing costs has been steadily increasing housing prices rose by nearly 40% since 2004. This acceleration in prices, the magnitude of which contrast sharply with that of household income, resulting from the combination of insufficient supply - particularly given the slowdown in the construction of social housing between 1996 and 2006 and the recent crises in the sector U.S. banking foreshadow a tightening of access to credit.
In this context, and while real estate prices skyrocketed, the issue of access to middle-class property, located in the heart of this CAE report, there is all the more acute in housing in France is facing not only market failures but government intervention. Given the scale and diversity of needs in the face of demographic and environmental challenges ahead, Jacques Mistral and Valerie Plagnol wonder about the measures to be implemented to improve the adjustment of supply and demand the housing market. They propose to loosen the physical constraints on supply, changing the governance of housing policy, to streamline state aid and to rethink the funding of home ownership so as to expand credit.


Le Monde in an article entitled

A report recommends developing ... Mortgage Credit in France

L he Council of Economic Analysis (CAE) is not cold in his eyes in a financial crisis, he advocated to develop the mortgage in France, in a report on middle-class housing, released Thursday, October 9.

This recommendation will inevitably be debated, because the storm that devastated the financial markets for several weeks is born of the subprime market, these risky mortgages granted unfettered by U.S. banks. "