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In the 2010s, France was in a situation of systemic crisis, namely, the impossibility for political leadership to find a strategy of institutional change, or, more generally, a model of capitalism that could gather sufficient social and political support. In this lecture, the various attempts at reforming the French model are analyzed. In the 1980s, the left tried briefly to orient the French polit­ical economy in a social-democratic/socialist direction before changing course and opting for a more orthodox macroeconomic and structural policy direction.