Essay: Impact of Financial Crisis on the Economy of France

Sample Essay

In a bid to mitigate the risks of financial crisis within the economy, the French government decided to develop the mercantile concepts where they believed that in order to create wealth the neighbors have to suffer (Crouch and Streek, 2000). They accepted the mercantile axioms and this worked perfectly well for them. They believed that once wealth has come into the country it should not be allowed to go. This was an effective strategy that assisted the country in reducing the impact of financial crisis to its economy, which was later translated to the various citizens in the economy (Hay, 2008). However much this method and axiom was crude, it worked for the country. They developed a notion where all that had come in the economy was never allowed to go out. Various measures were employed to see that this was achieved.

Another response was to vest all the powers of controlling, supporting, and regulating the industry and mining to the Crown. This compared to the Great Britain was very useful in achieving a stable economy where there was little financial crisis. Such powers ensured that the mining and the industrial sector were essential for the mitigation of the risks associated with the financial crisis (Fox, 1998).

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