DIANA JOHNSTONE—For historic reasons, most French people do not share the ardent faith of British and Americans in the benevolence of the invisible hand of the market. There is a national leaning toward a mixed economy, where the State plays a strong determining role. The French do not easily believe that privatization is better, least of all when they can see it doing worse.
Macron is an ardent devotee of the invisible hand. He seems to expect that by draining French savings into an international investment giant such as Black Rock, Black Rock will reciprocate by pumping investment into French technological and industrial progress.