Abstract
Socialist parties face particular problems in attaining power in capitalist democracies as a result of both their broad economic aims and the requirements of political coalition‐building. The French Socialists, coming to power in 1981 after 23 years of Right‐wing rule, confronted challenges on three levels: of adapting to and utilising the institutional framework of the Fifth Republic; of dealing with the constraints on innovatory politics; and of creating a coherent economic strategy in recessionary conditions. The first of these tests was successfully passed, with a broad reinforcement of institutions and methods. The second test has been characterised by a first phase of economic policy tous azimuts followed by setbacks and the need to choose priorities. The third has led to the emergence of a ‘state capitalist’ approach which can be evaluated only in the longer term.

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