The French have a long history in the philosophy of anything left, including the economy. Suddenly, in twist pivoting from his reforms announced during his election campaign, France`s President Macron is now talking about the ills of capitalism and he plans to focus on this at the G7 when he and his young Finance Minister Bruno Le Maire present a plan to change capitalism, because it destroys the planet, and causes income inequality. He seems to be moving toward 1970s type French Socialist Economic Philosophy……
Mr Macron will present a plan that promotes a minimum global tax, and higher levies on tech giants like Amazon and Facebook. This new form of socialism, looks much like the 1960s and 1970s in France did not work back then but there is no question that income inequality is an issue and it must be talked about.
This new focus on income inequality comes from the panic that is spreading in western democracies as vote anger takes over. The US bank, JP Morgan, saw its leader, Mr Jamie Dimon talk about this recently when he said that 40 percent of Americans have been left behind.
The next string of elections comes in May when the euro-skeptic politicians from around Europe make treats to dismantle the European Union – this of course will trigger protests as we are now seeing in France.
Clearly, France has first hand experience with workers fighting for their rights as they have been rioting in Paris and other major cities for 5 months. Mr Macron might be making this announcement to calm down his internal protestors.