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France is one of the four West European trillion-dollar economies and is the worlds number four economic powers in terms of GDP France matches a growing services sector with a diversified industrial base and substantial agricultural resources Industry generates one-quarter of GDP and more than 80 of export earnings and because of this France has generated a budget surplus of 209 billions based on 1995 data httpwwwtheodoracomwfbfranceeconomyhtml The government retains considerable influence over key segments of each sector with majority ownership of railway electricity aircraft and telecommunication firms Following World War II Frances industrial sector was virtually destroyed at the hands of Nazi Germany Because of this the United States pumped millions of dollars into Frances economy under the Marshall plan which was designed to restore Europe and prevent it from falling to the hands of the emerging Soviet Union Military hero Charles DeGaulle established a provisional government whose goal was to nationalize major industries including Renault and Citroen motor companies and three major banks A General Planning commission was established by combining efforts of businesses and civil servants to rebuild industry This was an example of businesses cooperating with bureaucrats in order for France to modernize and once again become a flourishing economy which it once had prior to WWII During the 1960s a movement of mass consolidation of businesses continued in order to create a streamlined efficient business sector This is expressed by the slashing of three of the five auto companies France possessed as mentioned earlier The creation of the hypermache whipped out inefficient corner shops in order to compete with foreign firms Attention of the economy was focused on high-growth industries In 1973 decline began as industrial growth decreased one per cent per year as unemployment toped 10 for most of the 80s and 90 s where 150000 industrial jobs where lost yearly Inflation reached 10 from the mid 70s to 80s effecting primarily the steel and auto industries that
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