The very notion of the “State as a Shareholder” is full of contradictions.
The State as a Shareholder wants everything and its opposite at the same time:
- its patrimonial and political dimension
- public service duties and market economy
- priority to profitability and concern for regional planning
- desire for reform but also social stability
- openness to competition but also priority for national champions
- appetite for dividends but also price regulation
- short-term urgency and strategic vision
- ever-greater quality with ever-fewer resources
These contradictory desiderata explain why France’s performance is so uneven: its achievements correspond primarily to the sectors in which the State as a Shareholder is involved.