There were many social side-effects, like a surge in unemployment and the emergence of an underclass of new poors . By and large, however, the free market revolution dramatically enhanced France s economic standing and helped to rival Germany as the leading country in Europe. The third revolution, which can be dated from the late Nineties and has taken off for good only a few months ago, is about the New Economy. Some figures are quite impressive. By the first half of the year 2000, eight out of the forty companies listed in the Paris CAC-40 index belong to the digital economy.
More established companies are equally attractive.
France s New Economy revolution owes a lot to its two previous ones and may even be described as their culmination. By their sheer volume and their sophistication, the French industry and services have provided a strong market basis for the emerging computer and internet related technologies. This was true even within a context of State-run juggernauts. By the late seventies, the then largely nationalised banking industry was instrumental in the launching of the smart credit card. Nevertheless it was the world s first attempt in global on-line services before the Internet explosion of the Nineties.