Privatization has transformed French capitalism. By changing the structure of corporate ownership and control, it has moved the country from a highly state-controlled economy to a more market-oriented one. Companies are now more interdependent as a result of cross-shareholding, and less dependent on the state as a result of financing from the markets. Market pressures, however, have not done much as yet to change corporate governance structures and practices. What is more, state interventionism has not disappeared entirely, although it remains much more circumscribed than in the past.
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