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France is the fourth-largest Western industrialized economy. It has substantial agricultural resources, a large industrial base, and a highly skilled work force. A dynamic services sector accounts for an increasingly large share of economic activity (72% in 1997) and is responsible for nearly all job creation in recent years. GDP growth averaged 2% between 1994 and 1998, with 3% recorded in 2000.

Due to its numerous overseas departments and territories scattered on all oceans of the planet, France possesses the second-largest exclusive economic zone (EEZ) in the world, covering 11,035,000 km² (4,260,000 sq. miles), just behind the EEZ of the United States (11,351,000 km² / 4,383,000 sq. miles), but ahead of the EEZ of Australia (8,232,000 km² / 3,178,000 sq. miles). According to a different calculation cited by the Pew Research Center, the EEZ of France would be 10,084,201 km² (3,893,532 sq. miles), behind the United States (12,174,629 km² / 4,700,651 sq. miles), but ahead of Australia (8,980,568 km² / 3,467,416 sq. miles) and Russia (7,566,673 km² / 2,921,508 sq. miles).

Membership in France's labour unions accounts for less than 10% of the private sector workforce (in 2003, 8.2% of the workforce) and is concentrated in the education, manufacturing, transportation, and heavy industry sectors. Most unions are affiliated with one of the competing national federations, the largest and most powerful of which are the CGT, FO, and CFDT.

The extinction of the main Capetian line (1328) brought to the throne the related house of Valois, but as Philippe IV's grandson, Edward III of England claimed the French crown for himself, inaugurating the succession of conflicts known collectively as the Hundred Years' War. The following century was to see devastating warfare, peasant revolts in both England (Wat Tyler's revolt of 1381) and France (the Jacquerie of 1358) and the growth of nationhood in both countries.

Napoleon Bonaparte seized control of the republic in 1799, making himself First Consul. His armies engaged in several wars across Europe, conquered many countries and established new kingdoms with Napoleon's family members at the helm. Following his defeat in 1815, the French monarchy was re-established, which was then legislatively abolished and followed by a Second Republic in 1848. The Second Republic ended when the late Emperor's nephew, Louis-Napoléon Bonaparte was elected President and proclaimed a Second Empire in 1852. Less ambitious than his uncle, the second Napoleon was also ultimately unseated, and republican rule returned for a third time in the Third Republic (1870).

France has an important aerospace industry (lead by Airbus Industrie) and is the only European power to have its own national space centre. France is also the most energy independent Western country due to heavy investment in nuclear power, which also makes France the smallest producer of carbon dioxide among the seven most industrialised countries in the world. Large tracts of fertile land, the application of modern technology, and EU subsidies have combined to make France the leading agricultural producer in Western Europe.

Government economic policy aims to promote investment and domestic growth in a stable fiscal and monetary environment. Creating jobs and reducing the high unemployment rate has been a top priority. The Government of France has successfully reduced a double-digit unemployment rate in excess of 10% to 8%-9%, recently. France joined 10 other European Union countries in adopting the euro as its currency in January 1999. Henceforth, monetary policy will be set by the European Central Bank in Frankfurt.

Although ultimately a victor in World Wars I and II, France - much like Britain - suffered extensive losses in its empire, comparative economic status, working population, and status as a dominant nation-state. Since 1958, it has constructed a semi-presidential democracy (known as the Fifth Republic) that has not succumbed to the instabilities experienced in earlier, more parliamentary regimes.

Dirigisme came to be highly contested in the 1980s, with complaints of bureaucracy and lack of reactivity to new challenges. As a result the government largely retreated from economic intervention; Dirigisme has now essentially receded. Despite significant reform and privatization over the past 15 years, the government continues to control a large share of economic activity: Government spending, at 53% of GDP in 2000, is the highest in the G-7. Labour conditions and wages are highly regulated. The government continues to own shares in corporations in a range of sectors, including banking, energy production and distribution, automobiles, transportation, and telecommunications.

Under the constitution, the president was originally elected for a seven year term; this has been reduced to five years. The president names the prime minister, presides over the cabinet, commands the armed forces, and concludes treaties. The president may submit questions to national referenda and can dissolve the National Assembly. In certain emergencies, the president may assume special, comprehensive powers.