« Création de valeur » et partage des richesses

Aux sources de la crise : Cration de valeur, de quoi parle-t-on ? Profil du capitalisme no libral la racine des solutions : Le transfert de valeur du salariat vers le capital Le partage des richesses cres Promenade dans le jardin franais : bonnes questions, bonnes rponses

Valeur et richesse*Aux sources de la crise, la racine des solutions :cration de valeur et partage des richesses

Valeur et richesse

Pour les actionnaires Cration de valeur = augmentation de la valeur boursire ou du prix de cession de lentreprisePour la socit Valeur = richesse cre par lactivit sociale

Valeur ajoute (VA) = Production (CA) consommations intermdiaires (biens et services incorpors la production) Produit intrieur brut (PIB) = Somme des VA de toutes les entreprises dun pays Donc dbat sur la gnration et laffectation des ressourcesValeur et richesse*Cration de valeur (ou de richesse),de quoi parle-t-on ?

Valeur et richesse

Profil du capitalisme no libral depuis le tournant des annes 80Aux sources de la criseValeur et richesse*

Valeur et richesse

Aprs lexpansion de laprs-guerre, les annes 70Rapport de forces favorable aux salaris (pouvoir dachat, emploi, protection sociale)Effritement des profits et des gains de productivit ; maturit des grandes technologiesLes annes 80 : le tournant libralReagan, Thatcher font partout des mulesPolitiques de drglementation gnralise et premires grandes dfaites sociales (contrleurs ariens aux USA en 1981 ; mineurs en GB en 1985)Les annes 90 et 2000 :Mondialisation marchande et globalisation financireExtension des marchs lEst, en Russie, en Chine, et aussi par privatisation des services publics

Valeur et richesse*Retour sur 30 ans en 3 points

Valeur et richesse

Moyens : revenir sur les acquis et conqutes de la priode prcdenteModifier le partage de la valeur ajoute au dtriment des salarisAbaisser le cot du travail et hausser la productivitFaire sauter les verrous de la protection socialePolitique fiscale en faveur des hauts revenus

But : largir le champ daction conomique, social et gographique du profitValeur et richesse*Les annes Reagan, Thatcher, Mitterrand & Co

Valeur et richesse

Envol des profits et des cours boursiersDrglementation financireMultiplication des socits financires non rglementes, ct des banques (elles-mmes concentres*)Gonflement de lindustrie financire et des produits risqus, complexes, opaques et donc dangereuxAbsorption et auto alimentation des capitaux et liquidits abondantes par les circuits financiersEssor de la consommation par endettementCreusement des dficits USCouverts par les missions de Bons du Trsor USPar les placements des conomies dites mergentes (BRIC : Brsil, Russie, Inde, Chine et dautres)Valeur et richesse*Les annes Bush & Co : lge dordu profit et de la finance 5 banques amricaines dinvestissement dominaient le march jusqu la crise : Bear Sterns, Lehman Brothers, Goldman Sachs, Merryl Linch et Morgan Stanley

Valeur et richesse

Transfert considrable de richesse produiteRestriction de la part salariale dans la VAEn mme temps que des gains de productivit (ralentis)Accroissement rapide des ingalitsPonction de lpargne (surtout aux USA)Soutien de la consommation (et de linvestissement) par lendettement (via des taux dintrt faibles) titrisableEndettement des mnages aux USA par exemple : 60% du revenu disponible en 1975170% en 2008, palliant la baisse de pouvoir dachatDe 2003 2008 : +25% de travailleurs pauvres (aux revenus infrieurs la moiti du salaire mdian) dans le mondeValeur et richesse*Nouveau modle, nouveaux leviers

Valeur et richesse

Valeur et richesse*Essor rapide de la rentabilit des firmes globalises ;Socits financires : 30% de rentabilit aux USA !Source : US Department of Commerce, BEA, National Economic Accounts

Valeur et richesse

Graph1

2119.55

1617.55.2

15125

16.514.56

12.5137.5

1814.57

2015.36.5

21157

19.5157.5

2215.17

23166.5

2619.96.3

30206.5

28207

2217.58

25218.1

2421.58.5

24.522.59

24209.1

2620.58.5

3019.98

3122.56.6

32258

33298.7

35319

40309.5

38339.8

3433.510

26309

28319.3

Part des profits du secteur financier dans lensemble des profits US >>>

Fin./total

Financires

Non financires

Rentabilit des socits financires et non financires aux USA(bnfice / stock net de capital fixe)

Sheet1

808182838485868788899091929394959697989900123456789

Fin./total211615161218202120222326302822252424242630313233354038342628

Financires19.517.51214.51314.515.3151515.11619.9202017.52121.522.52020.519.922.5252931303333.53031

Non financires55.2567.576.577.576.56.36.5788.18.599.18.586.688.799.59.81099.3

En 2007, un systme financier alternatif2 fois plus gros que le systme bancaire USValeur et richesse*Source : Brender & Pisani, Fed, FMI, Hedge Fund Research

Valeur et richesse

Graph1

7030

6833

6535

6436

6535

6537

6340

6539

6639

6541

6447

6450

6558

6465

6570

6680

6992

70110

Banques d'investissementHedge fundsVhicules hors bilan(SIV, SPV)

Banques de dpt

Systme "alternatif"

Taille des systmes bancaires US "alternatif" et de dpt (en % du PIB US)

Sheet1

909192939495969798990001020304050607

Banques de dpt706865646565636566656464656465666970

Systme "alternatif"3033353635374039394147505865708092110

Valeur et richesse*En arrire-fond : depuis 50 ans rosion du rythme de croissance et des gains de productivitSource : Eurostat, OCDE, FMI, M. Aglietta (Le Monde 18/05/10)

Valeur et richesse

Graph1

0.045

0.025

0.023

0.019

0.008

Srie 1

Taux de croissance annuel moyen (TCAM)

Zone

Feuil1

Srie 1Srie 2Srie 3

| 1965-1974 |4.5%

| 1975-1984 |2.5%

| 1985-1994 |2.3%

| 1995-2004 |1.9%

| 2005-2009 |0.8%

Pour redimensionner la plage de donnes du graphique, faites glisser le coin infrieur droit de la plage.

Graph1

0.037

0.032

0.028

0.033

0.012

Srie 1

USA

Feuil1

Srie 1Srie 2Srie 3

| 1965-1974 |3.7%

| 1975-1984 |3.2%

| 1985-1994 |2.8%

| 1985-2004 |3.3%

| 2005-2009 |1.2%


Graph1

0.08579995680.0522345154

0.04993473480.0522345154

0.0258671990.0522345154

0.03994242390.0522345154

0.0548794030.0522345154

0.04625469010.0522345154

0.03689414370.0522345154

0.04759372870.0522345154

0.0313746930.0522345154

0.03206825040.0522345154

0.07956166590.0522345154

0.04993968560.0643483937

0.0689333650.0643483937

0.05496071990.0643483937

0.05351327080.0643483937

0.04584449750.0643483937

0.04519552460.0643483937

0.04706139240.0643483937

0.0476944090.0643483937

0.05625158690.0643483937

0.04754718920.0643483937

0.04798856990.0470185619

0.04072001860.0470185619

0.05135835920.0470185619

0.03585015060.0470185619

-0.00094450720.0470185619

0.03628737050.0470185619

0.02725016790.0470185619

0.03453767090.0470185619

0.03005436510.0470185619

0.01422977320.0470185619

0.01309758140.0154425544

0.02307551810.0154425544

0.0150893750.0154425544

0.02121968310.0154425544

0.02087090230.0154425544

0.02071284060.0154425544

0.01710904070.0154425544

0.03651812610.0154425544

0.02440349370.0154425544

0.01832712530.0154425544

0.0090658770.0140438217

0.01958753180.0140438217

0.00379317490.0140438217

0.02066021980.0140438217

0.01219099310.0140438217

0.0073085340.0140438217

0.01791349520.0140438217

0.01952685290.0140438217

0.01255195260.0140438217

0.01195728030.0140438217

0.00075638940.0132917783

0.00401711720.0132917783

0.00960144970.0132917783

0.02361192490.0132917783

0.0133279240.0132917783

0.0122315270.0132917783

0.00913091830.0132917783

-0.00378002640.0132917783

-0.01400690490.0132917783

20102010

Var. annuelle

Tendance sur 10 ans

France : variation de la productivit annuelle par tte(PIB / emploi salari total) GA en %

Sheet1

1950195119521953195419551956195719581959196019611962196319641965196619671968196919701971197219731974197519761977197819791980198119821983198419851986198719881989199019911992199319941995199619971998199920002001200220032004200520062007200820092010

Var. annuelle8.6%5.0%2.6%4.0%5.5%4.6%3.7%4.8%3.1%3.2%8.0%5.0%6.9%5.5%5.4%4.6%4.5%4.7%4.8%5.6%4.8%4.8%4.1%5.1%3.6%-0.1%3.6%2.7%3.5%3.0%1.4%1.3%2.3%1.5%2.1%2.1%2.1%1.7%3.7%2.4%1.8%0.9%2.0%0.4%2.1%1.2%0.7%1.8%2.0%1.3%1.2%0.1%0.4%1.0%2.4%1.3%1.2%0.9%-0.4%-1.4%

Tendance sur 10 ans5.2%5.2%5.2%5.2%5.2%5.2%5.2%5.2%5.2%5.2%5.2%6.4%6.4%6.4%6.4%6.4%6.4%6.4%6.4%6.4%6.4%4.7%4.7%4.7%4.7%4.7%4.7%4.7%4.7%4.7%4.7%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.3%1.3%1.3%1.3%1.3%1.3%1.3%1.3%1.3%

100

Valeur et richesse*Conclusion : profil du capitalisme nolibraldepuis les annes 80 non dmenti par la criseBaisse de la part des salaires (dans la VA des entreprises ou le PIB par pays)Hausse du taux de profit (bnfice / capitaux)Diminution relative du taux dinvestissement (FBCF / VA)Forte augmentation de la part des dividendes

Valeur et richesse

Graph1

0.0290.07

0.030.087

0.0920.167

0.1210.192

1980

2010

Dividendes des entreprises(en % de la VA, comptes nationaux)

Feuil1

19802010

USA2.9%7.0%

France3.0%8.7%

UK9.2%16.7%

RFA12.1%19.2%


Valeur et richesse*Mise en perspective historique de la crise actuelle :O la situer dans londe longue du capitalisme ?Automneou hiverdu cycle ?

Valeur et richesse

Graph1

0

10

5

20

10

40

20

90

60

Phasesexpansive / rcessive

xx

Production

Capitalisme moderne : 2 sicles dexistencerythms par 4 ondes longues historiques

???

Sheet1

1789181618481873189619191940-451968-73???

xx0105201040209060

Ouest30.638.634.631.6

Nord45.946.94543.9

Transfert de valeuret partage des richesses cres la racine des solutionsValeur et richesse*

Valeur et richesse

Part des salaires dans le PIB avant la crise : - 10 pointsTransfert global de richesse estim en 20 ans : 20 000 Md Valeur et richesse*Source : Dew-Beker & Gordon, Base de donnes Ameco (Com. europenne)Source : Comptes rtropols INSEE, base de donnes Ameco

Valeur et richesse

Graph1

0.6750.62

0.670.605

0.6650.61

0.660.6

0.650.6

0.6530.605

0.660.603

0.6510.601

0.640.6

0.630.575

0.6250.56

0.620.562

0.6210.565

0.610.555

0.6080.55

0.610.552

0.610.553

0.620.553

0.610.55

0.60.545

0.60.54

0.5950.535

0.590.525

0.5870.523

0.590.525

0.5930.526

0.5950.53

0.5930.528

0.590.526

0.5950.523

0.580.52

0.5760.518

0.5720.518

0.5720.515

USA

UE

Part des salaires dans le PIB (USA et UE) 1975-2008

USA

Sheet1

1975197619771978197919801981198219831984198519861987198819891990199119921993199419951996199719981999200020012002200320042005200620072008

USA68%67%67%66%65%65%66%65%64%63%63%62%62%61%61%61%61%62%61%60%60%60%59%59%59%59%60%59%59%60%58%58%57%57%

UE62%61%61%60%60%61%60%60%60%58%56%56%57%56%55%55%55%55%55%55%54%54%53%52%53%53%53%53%53%52%52%52%52%52%

Graph1

67.173.2

68.569.5

7070.8

70.770.7

70.168.8

69.870.4

69.468.7

69.167

69.965.4

69.964.9

69.765

69.568.2

70.168.4

68.869.5

70.572.8

7376.4

7376.2

7276.2

72.775.1

72.874.2

73.973.4

74.172.9

74.272.7

7472.5

72.671

71.468.2

67.967.6

67.267.3

65.365.9

64.965

65.464.6

65.765

65.764.9

66.365.2

65.765.9

64.866

65.665.2

64.665.2

63.665.7

64.665

64.664.1

64.864

65.462.8

65.361.8

65.360.2

65.159.9

65.459.4

65.158.5

6558.4

- 9 pt

France

Japon

Part des salaires en % de la VAdes socits non financires (1960-2008)

Sheet1

1960196119621963196419651966196719681969197019711972197319741975197619771978197919801981198219831984198519861987198819891990199119921993199419951996199719981999200020012002200320042005200620072008

USA65.364.864.36463.662.96363.864.165.265.964.864.864.765.56463.96464.164.465.364.465.564.163.563.563.564.164.263.363.463.663.363.162.362.461.761.562.662.86463.76362.661.86161.161.561.2

France67.168.57070.770.169.869.469.169.969.969.769.570.168.870.573737272.772.873.974.174.27472.671.467.967.265.364.965.465.765.766.365.764.865.664.663.664.664.664.865.465.365.365.165.465.165

Japon73.269.570.870.768.870.468.76765.464.96568.268.469.572.876.476.276.275.174.273.472.972.772.57168.267.667.365.96564.66564.965.265.96665.265.265.76564.16462.861.860.259.959.458.558.4

Valeur et richesse*Endettement priv : substitut du pouvoir dachat,dsormais relay par la dette publiqueSource : donnes trimestrielles Banque de France, BCE

Valeur et richesse

Graph1

87.672.247.1

88.371.447.3

89.271.547.6

89.971.147.9

89.87147.9

91.470.648

93.67148.1

94.77148.2

95.57148.4

9770.749.5

98.370.249.8

100.269.850.2

101.269.850.4

10469.251.1

105.369.351.7

105.96952.3

106.368.452.4

107.967.653.2

109.167.353.8

111.166.854.4

111.766.854.8

113.366.155.9

114.866.356.5

11666.857.6

117.366.658

1196658.8

120.665.859.1

121.965.459.6

122.66559.8

124.264.460.2

12563.760.3

125.963.360.5

125.962.960.4

124.862.760.7

125.562.860.8

123.763.161.1

123.264.461.6

123.565.362.7

123.666.163.3

122.566.564

120.465.864

118.665.164.5

11764.464.3

USA

Japon

Zone

Endettement des mnages (en % du PIB)

Feuil1

Dette des mnages (% PIB)2000Colonne1Colonne2Colonne32001Colonne4Colonne5Colonne62002Colonne7Colonne8Colonne92003Colonne10Colonne11Colonne122004Colonne13Colonne14Colonne152005Colonne16Colonne17Colonne182006Colonne19Colonne20Colonne212007Colonne22Colonne23Colonne242008Colonne25Colonne26Colonne272009Colonne28Colonne29Colonne302010Colonne31Colonne32

USA87.688.389.289.989.891.493.694.795.59798.3100.2101.2104105.3105.9106.3107.9109.1111.1111.7113.3114.8116117.3119120.6121.9122.6124.2125125.9125.9124.8125.5123.7123.2123.5123.6122.5120.4118.6117

Japon72.271.471.571.17170.671717170.770.269.869.869.269.36968.467.667.366.866.866.166.366.866.66665.865.46564.463.763.362.962.762.863.164.465.366.166.565.865.164.4

Zone 47.147.347.647.947.94848.148.248.449.549.850.250.451.151.752.352.453.253.854.454.855.956.557.65858.859.159.659.860.260.360.560.460.760.861.161.662.763.3646464.564.3

Graph1

119.3106.770.5

119.710771.1

120.5106.871.5

121.2108.671.9

121.8108.272.3

121.4107.572.1

123.5109.772

125.8109.572.1

126.9110.272.3

127.510772.6

128.5107.874.1

130.3107.174.7

132.3107.175.5

133.6107.275.7

137.3107.676.6

138.7108.977.5

139.5107.378.5

140.310778.8

142.510580.1

144.3104.981.1

146.8104.782.1

148.3103.982.7

151.2101.784.3

153.9101.585.4

156.4104.687

158105.987.9

159.9103.389.1

161.6102.689.9

162.9102.690.8

163.5102.191.5

165.810392

167.2101.592.5

168.4100.693

168.199.592.8

16599.593

164.799.892.9

160.999.393

158.998.792.7

15898.593.4

156.9100.693.9

155100.494.5

152.398.494.6

150.596.895.9

148.896.295.9

USA

Japon

Zone

Endettement des mnages (en % du RDB)

Feuil1

Dette des mnages (% RDB)2000Colonne1Colonne2Colonne32001Colonne4Colonne5Colonne62002Colonne7Colonne8Colonne92003Colonne10Colonne11Colonne122004Colonne13Colonne14Colonne152005Colonne16Colonne17Colonne182006Colonne19Colonne20Colonne212007Colonne22Colonne23Colonne242008Colonne25Colonne26Colonne272009Colonne28Colonne29Colonne302010Colonne31Colonne32Colonne33

USA119.3119.7120.5121.2121.8121.4123.5125.8126.9127.5128.5130.3132.3133.6137.3138.7139.5140.3142.5144.3146.8148.3151.2153.9156.4158159.9161.6162.9163.5165.8167.2168.4168.1165164.7160.9158.9158156.9155152.3150.5148.8

Japon106.7107106.8108.6108.2107.5109.7109.5110.2107107.8107.1107.1107.2107.6108.9107.3107105104.9104.7103.9101.7101.5104.6105.9103.3102.6102.6102.1103101.5100.699.599.599.899.398.798.5100.6100.498.496.896.2

Zone 70.571.171.571.972.372.17272.172.372.674.174.775.575.776.677.578.578.880.181.182.182.784.385.48787.989.189.990.891.59292.59392.89392.99392.793.493.994.594.695.995.9

Analyse du cas franais : pour les grands groupesenvol des profits et de la rentabilitValeur et richesse** RBE / capitaux engags (ROCE, Return on Capital Employed) des 215 premiers groupes franais non financiers, hors France Tlcom et Vivendi (SBF 250)Source : R. du Tertre et Y. Guy, Revue de lIres, 2009, 3e trimestre

Valeur et richesse

Graph1

0.08

0.052

0.071

0.05

0.069

0.078

0.09

0.08

0.102

0.071

0.082

0.08

0.103

0.108

0.112

0.125

ROCE

Rentabilit conomiquesocits non financires du SBF 250 *(CA international : 60%)

Feuil1

ROCE

928%

935.20%

947.10%

955%

966.90%

977.80%

989%

998%

0010.20%

017.10%

028.20%

038%

0410.30%

0510.80%

0611.20%

0712.50%

Graph1

-0.0150.027

0.0620.02

0.2580.247

0.3350.24

0.4520.336

0.5480.664

aprs IS & int. fin.

-12 pt

+12 pt

2004-07

1992-95

Rpartion de la VAdes grands groupes (en %)

Feuil1

2004-071992-95

Financement externe-1.5%2.7%

Dividendes verss6.2%2.0%

Investissement brut25.8%24.7%

Rsultat brut33.5%24.0%

Profit brut45.2%33.6%

Salaires54.8%66.4%

Taux de profit : depuis les fastes annes 80hausse aux USA et en Europe, dont la France bien placeValeur et richesse*Source : Michel, Husson, note sur le taux de profit (dc. 2009) ; donnes de comptabilits nationales

Valeur et richesse

Graph1

22.512462612217.5004446638

23.153770812916.6039561607

24.856486796816.3659378427

25.621060437516.1915150629

27.014898581916.9186729967

28.624851266416.4728874567

28.910103420815.8920500891

26.932084309115.9560676215

26.659441885716.2532959052

25.114155251116.7999751203

22.237181644816.1707842944

22.594142259415.4990012497

23.416720915115.3503924324

24.573583611915.279732461

22.13769494112.9691529767

20.596290302511.4329005411

20.943587433811.8382018663

21.928428402712.5341515533

22.630096504612.7782753355

21.378414579712.4644858496

18.870973407811.4256313182

18.986568986610.8406482226

17.082874116311.2330085623

18.227086598312.2477202876

21.443491509613.1637655138

21.529935537713.853611291

21.100575091114.6702273229

21.90234383214.6703882782

23.034625652515.804923853

22.899077072816.1626537636

22.035725012815.6721383704

20.977730041814.5871797229

21.532684421214.1646594176

21.818559933513.893606891

22.81032238314.9157645761

23.32106113315.3442530869

24.506906077315.4629784405

25.606206287916.1776258849

25.28408025516.6685578791

25.107164002416.1312743188

24.851978286416.0268403424

23.493742472615.8265923857

22.882706946715.9341842037

23.197248191216.3229641621

25.393957456316.8620818888

26.401034928816.9859671082

26.940552370517.7311266179

24.673262668917.6449914012

22.658406043517.2091519038

USA

F + RFA + UK

Taux de profit (en %) : profit net / capital net

USA

F + RFA+ UK

Feuil1

1960196119621963196419651966196719681969197019711972197319741975197619771978197919801981198219831984198519861987198819891990199119921993199419951996199719981999200020012002200320042005200620072008

USA22.523.224.925.627.028.628.926.926.725.122.222.623.424.622.120.620.921.922.621.418.919.017.118.221.421.521.121.923.022.922.021.021.521.822.823.324.525.625.325.124.923.522.923.225.426.426.924.722.7

F + RFA + UK17.516.616.416.216.916.515.916.016.316.816.215.515.415.313.011.411.812.512.812.511.410.811.212.213.213.914.714.715.816.215.714.614.213.914.915.315.516.216.716.116.015.815.916.316.917.017.717.617.2

Graph1

17.695853000320.82094287413.317660887

17.294437691419.611628989712.3679079687

17.916529315118.5983898712.3296264713

17.881513995917.841199441712.8085294532

18.358511694518.426906486313.877106245

18.434402710218.325459982212.4794470919

18.694357817617.760999550411.118227232

18.812754824317.73829366911.2597162246

18.703812678218.514813662911.2370892019

19.637764468519.063627940611.1769250579

19.3208466318.49503597269.9982691975

19.246192196316.744823486710.2032401601

19.613939161115.786676900810.6881450403

19.996814551115.590155293410.4080257155

17.368316437314.46741052376.4196156067

14.745095075713.59723281285.0253187827

14.775181786214.21669754135.3728711964

14.702598298114.03522683358.0857109755

15.127329032313.89712098558.7013207267

14.653626251413.78629321848.2051144708

13.802438271612.31178033667.4871790964

13.176729068111.51781187277.1948985587

13.106700036411.45371004018.8235679815

13.911512915112.245222019710.4585606283

15.456463530212.56305563511.6358579641

16.635379186113.037186071512.1687482566

19.790275782813.636597275810.9224386366

20.325636986312.969438112711.3969453438

21.941593000613.732138273312.5750973418

22.792140406814.600260243211.6150975415

21.965477655315.062034379110.0204838797

21.370116952613.74443285488.6864999071

21.581125370212.78278399668.4084854227

20.766522737211.98999066939.7093970872

21.33574970112.909365137211.4554718968

21.905022614713.272422127211.858644397

21.37132426413.330742324112.7845540822

22.352489526613.902847571213.4655202129

23.772142417414.191471579913.2795182503

22.811653914113.942132107512.7051236823

23.386856557813.47258501812.431383022

22.949057109713.716508809911.8414512301

22.789496452714.044163247811.9106037299

23.044136086314.340142478112.5874185636

22.849915547315.321459055813.2207294083

22.62414350615.695470607113.3358816505

22.693777305416.656816733314.4646354816

22.791661359516.581440257314.2054130989

21.83385355716.31201352214.0560435966

France

RFA

UK

Taux de profit (en %) : profit net /capital net

France

Feuil1

1960196119621963196419651966196719681969197019711972197319741975197619771978197919801981198219831984198519861987198819891990199119921993199419951996199719981999200020012002200320042005200620072008

France17.717.317.917.918.418.418.718.818.719.619.319.219.620.017.414.714.814.715.114.713.813.213.113.915.516.619.820.321.922.822.021.421.620.821.321.921.422.423.822.823.422.922.823.022.822.622.722.821.8

RFA20.819.618.617.818.418.317.817.718.519.118.516.715.815.614.513.614.214.013.913.812.311.511.512.212.613.013.613.013.714.615.113.712.812.012.913.313.313.914.213.913.513.714.014.315.315.716.716.616.3

UK13.312.412.312.813.912.511.111.311.211.210.010.210.710.46.45.05.48.18.78.27.57.28.810.511.612.210.911.412.611.610.08.78.49.711.511.912.813.513.312.712.411.811.912.613.213.314.514.214.1

Valeur et richesse*Profits en croissance mais relativement peu rinvestis :o sont-ils donc alls ?Source : donnes tous secteurs Ameco (com. europenne) traites par M. HussonTaux de marge = rsultat dexploitation/VA ou quivalent ; taux dinvestissement = FBCF/VA- Dividendes- Consommation de luxe- Spculation financireRetournement1973-75

Valeur et richesse

Graph1

28.593410627120.2653404999

28.736174182620.8199840282

28.817137448821.0764180427

28.598982404321.3513359709

29.063242505621.9582793519

29.508135062721.9075061994

29.64585341721.8404435606

29.427355239521.6339991946

29.538942056521.8779100993

29.260087736122.2975415064

28.509187945822.6153717168

28.318348842422.7959821281

28.565056598523.264239115

28.57841574424.0057727655

27.322330297423.480855221

26.668139650322.1960410537

27.06137368421.9137892713

27.215048565622.3002740993

27.522094362722.8830118982

27.757317253823.3297977279

27.274982588923.0694364297

27.591077932122.4246865378

27.649593070821.4110226229

28.849099448620.8261368209

29.819209051121.0523370316

30.593137870121.093436797

30.888584045721.0746711279

30.608905653621.2290196073

30.950662029721.8460611145

31.726694650522.1947779088

31.480398813922.072317757

30.845492908621.3948546675

31.016962199620.9854511552

31.226416709420.4897973492

31.907150553820.4514410807

32.233635464120.5649574753

32.838931247220.6007592139

33.08599787520.5073174113

32.654005842720.5423040099

32.662381899620.8716272135

32.345056307521.1004906549

32.550191925520.4870311241

33.215759711819.5037852943

33.529646186419.3543940842

34.340569232719.6549203075

34.692740113820.1783253105

34.940284999320.5162563465

35.343390467520.4335062421

35.1257952719.9529357198

34.569008547217.9295932395

35.528245253717.5203781872

36.016889707117.6134972258

Taux de marge

Taux d'investissement

Taux de marge et dinvestissement USA + Europe + Japon (en % du PIB) 1960-2010

Sheet1

1960196119621963196419651966196719681969197019711972197319741975197619771978197919801981198219831984198519861987198819891990199119921993199419951996199719981999200020012002200320042005200620072008200920102011

Taux de marge29292929293030293029292829292727272728282728282930313131313231313131323233333333323333343435353535353636

Taux d'investissement20212121222222222222232323242322222223232322212121212121222222212120202121212121212020192020212020181818

Valeur et richesse*Dpression salariale et inflation boursirecreusent partout les ingalitsSource : Atkinson, Piketty, Saez (2009), Dow-Jones, Ameco Calculs M. Husson (IRES, mai 2011) * Demi-somme de lindice Dow Jones (dflat par lindice du prix du PIB) et de la part des profits dans la valeur ajoute, aprs centrage et rduction des 2 variables.Source : Bourguignon & Morrisson (2002), Milanovic (2009, 2010) in M. Husson (IRES n130, mai 2011) * Indicateur global dingalit calcul sur lensemble des habitants de la plante en les classant selon leur revenu individuel

Valeur et richesse

Graph1

0.0183865326-0.7055398793

0.0496744998-0.6993200553

-0.0653371618-0.6808262239

-0.0808193711-0.6058439217

-0.0841475898-0.3615052609

-0.0609567897-0.1178714666

-0.2113838478-0.1723660249

-0.3130569408-0.278215671

-0.5102319155-0.3604339266

-0.446124294-0.6396441647

-0.5961402125-1.0189955628

-0.7383088428-0.781145934

-0.6260288697-0.6864112959

-0.7341136594-0.7193449997

-0.971318885-1.1762800277

-1.0752193457-0.9949889188

-1.1398306567-0.8128880867

-1.2284139135-0.7857537054

-1.2199007601-0.7747259851

-1.1277600139-0.7827680113

-1.0346594313-1.0880893161

-1.0812961582-0.963917129

-1.1591541174-1.1176558407

-1.229143851-0.6001612136

-1.0944622135-0.4169240009

-0.9491767037-0.2539381937

-0.8380907812-0.0790770157

-0.4009745396-0.0490781958

0.2811107359-0.092176486

0.29421542080.2523940122

0.54654961220.1770948391

0.44913299510.0438708069

0.5603635910.1130994515

0.42610599380.2328083703

0.37753982940.4701275709

0.43405590170.6906028157

0.82943990051.130121136

1.03845424731.5237738156

1.32460752321.5311937748

1.50520650931.8657909635

1.72214777321.6001879292

1.61186746391.4466305131

1.4630882161.4261321241

1.55388149131.4558250256

1.98344615951.8607766568

2.54677646951.9954567083

P / VA

Part du 1% le plus riche

Indicateur synthtique Bourse / profit *

Part du 1% le plus riche et indicateur synthtiqueDow-Jones / Profit (USA + UK + Allemagne + France)

Part du 1%le plus riche

Feuil1

Part du 1% le plus richeIndicateur synthtique Bourse / profit *

19600.0-0.7

19610.0-0.7

1962-0.1-0.7

1963-0.1-0.6

1964-0.1-0.4

1965-0.1-0.1

1966-0.2-0.2

1967-0.3-0.3

1968-0.5-0.4

1969-0.4-0.6

1970-0.6-1.0

1971-0.7-0.8

1972-0.6-0.7

1973-0.7-0.7

1974-1.0-1.2

1975-1.1-1.0

1976-1.1-0.8

1977-1.2-0.8

1978-1.2-0.8

1979-1.1-0.8

1980-1.0-1.1

1981-1.1-1.0

1982-1.2-1.1

1983-1.2-0.6

1984-1.1-0.4

1985-0.9-0.3

1986-0.8-0.1

1987-0.4-0.0

19880.3-0.1

19890.30.3

19900.50.2

19910.40.0

19920.60.1

19930.40.2

19940.40.5

19950.40.7

19960.81.1

19971.01.5

19981.31.5

19991.51.9

20001.71.6

20011.61.4

20021.51.4

20031.61.5

20042.01.9

20052.52.0

2006

2007

2008


Graph1

0.5

0.532

0.56

0.588

0.61

0.616

0.64

0.635

0.657

0.683

0.699

0.694

0.706

0.699

Monte en puissancedes mergents

Actuellement,les 10% les plus aiss reoivent 55%du revenu mondial.Le top 1%, 15%

Gini 3

Indicateur dingalits mondiales(Gini 3 *) 1820-2007

Feuil1

Gini 3

18200.500

18500.532

18700.560

18900.588

19100.610

19290.616

19500.640

19600.635

19800.657

19880.683

19930.699

19980.694

20020.706

20070.699


Valeur et richesse*Depuis 2009 : relance des marges et bnfices,effondrement des investissementsSource : OCDE, Eurostat (moyennes annuelles en % de la VA)

Valeur et richesse

Graph1

34.886222219.4949005143

34.956137719.6667716441

35.056591618.9696320114

34.923077618.0178919906

35.775838315.7129429859

37.042844315.8553941835

37.696107516.0986182661

Taux de marge


USA

Feuil1

05060708091011p

Taux de marge34.935.035.134.935.837.037.7

Taux d'investissement19.519.719.018.015.715.916.1

Catgorie 33.51.83

Catgorie 44.52.85


Graph1

34.515764619.8123409944

34.911756520.4702733406

35.267570820.9544537996

35.105213720.7838295446

33.438102119.0232030064

34.055868318.0828550885

34.493951918.1665234669

Taux de marge >>19.820.521.020.819.018.118.2


Graph1

34.633329523.2961702447

34.979759723.349392784

36.52561623.4076866793

35.827754923.1964378657

34.439482821.2658270549

35.41017120.7944200682

35.662356520.3626402323

Taux de marge


Japon

Feuil1

05060708091011p

Taux de marge34.635.036.535.834.435.435.7

Taux d'investissement23.323.323.423.221.320.820.4


Spculation financire : toujours en formeavec les drivs et dautres produits (Hedge funds, ETF*)Valeur et richesse*Source : BRI, BlackRock, Hedge Fund Research (juin 2011)* ETF, ETN, ETP, ETC, ETV : Exchange Traded Funds, Notes, Products, Commodities, VehiclesDrivs de crditDrivs de taux

Valeur et richesse

Graph1

508

586

674

598

595

604

583

601

Nb

March mondial des produits drivs(en milliers de Md$)

Sheet1

06/0712/0706/0812/0806/0912/0906/1012/10

Nb508586674598595604583601

Graph1

212820

309.8973

412.11105

565.61464

796.71868

711.11407

10361600

1311.31917

1446.32045

ETF

HF

March mondial des ETF & des Hedge funds(encours total en Md$)

Feuil1

ETFHF

2003212820

2004309.8973

2005412.11,105

2006565.61,464

2007796.71,868

2008711.11,407

200910361,600

20101311.31,917

20111446.32,045

2012p2400

2013p2900

Valeur et richesse*La crise, quelle crise (pour la finance) ?Source : Mac Kinsey Global InstituteInversion des facteurs aprs la crise : - Actions des mergents - Dettes souveraines des avancs

Valeur et richesse

Graph1

54

72

114

155

179

202

175

201

212

Srie 1

Stock mondial dmissions de dettes et dactions(en milliers de Md$ taux de change constant)

Feuil1

Srie 1

199054

199572

2000114

2005155

2006179

2007202

2008175

2009201

2010212

Valeur et richesse*Perte de croissance due la crise : 6-8 pointsenviron 900 Md$ (750 Md) qui ne seront pas comblsSource : OCDE, calculs M. HussonPIB de la zone : environ 9 500 Md (12 000 Md$)

Valeur et richesse

Graph1

99.021204819899.0212048198

99.721982090699.7219820906

100.3276886029100.3276886029

100.9291244867100.9291244867

101.7909153988101.7909153988

102.9188540634102.9188540634

103.5850775702103.5850775702

104.612382709104.612382709

105.3968916724105.3968916724

105.8409001477105.8409001477

106.4500560137106.4500560137

106.8909107942106.8909107942

107.4253653482107.5165414305

107.9624921749107.0450585791

108.5023046358106.4755210043

109.0448161589104.5948348063

109.5900402397101.8954965183

110.1379904409101.7183037655

110.6886803931102.1254424823

111.2421237951102.4168471692

111.7983344141102.7647008033

112.3573260862103.7378729894

112.9191127166104.1406260993

113.4837082802104.41552864

114.0511268216105.291149818

Perte PIB - 8%750 Md

Tendance

PIB

Zone (indice 100 en 2005)

Feuil1

Z 2005Colonne1Colonne2Colonne32006Colonne19Colonne20Colonne212007Colonne22Colonne23Colonne242008Colonne25Colonne26Colonne272009Colonne28Colonne29Colonne302010Colonne31Colonne32Colonne332011

Tendance99.099.7100.3100.9101.8102.9103.6104.6105.4105.8106.5106.9107.4108.0108.5109.0109.6110.1110.7111.2111.8112.4112.9113.5114.1

PIB99.099.7100.3100.9101.8102.9103.6104.6105.4105.8106.5106.9107.5107.0106.5104.6101.9101.7102.1102.4102.8103.7104.1104.4105.3

Graph1

99.174933486399.1749334863

99.597456160399.5974561603

100.3546737615100.3546737615

100.8729365919100.8729365919

102.1958914813102.1958914813

102.5646097698102.5646097698

102.5915119626102.5915119626

103.3416083951103.3416083951

103.5679033104103.5679033104

104.3971238391104.3971238391

104.9858071152104.9858071152

105.7374860297105.7374860297

106.2661734598105.5452144758

106.7975043271105.7018801863

107.3314918487104.6297486821

107.868149308102.8114769502

108.4074900545101.5367877595

108.9495275048101.357967302

109.4942751423101.7599177109

110.041746518103.0116609137

110.5919552506103.9595675868

111.1449150269104.4034537668

111.700639602105.0649312115

112.2591428105.8735794752

112.820438514106.3768087274

Perte PIB - 6%900 Md$ (750 Md)

PIB des USA :environ 15 000 Md$(11 000 Md)

Tendance

PIB

USA (indice 100 en 2005)

Feuil1

USA2005Colonne1Colonne2Colonne32006Colonne19Colonne20Colonne212007Colonne22Colonne23Colonne242008Colonne25Colonne26Colonne272009Colonne28Colonne29Colonne302010Colonne31Colonne32Colonne332011

Tendance99.299.6100.4100.9102.2102.6102.6103.3103.6104.4105.0105.7106.3106.8107.3107.9108.4108.9109.5110.0110.6111.1111.7112.3112.8

PIB99.299.6100.4100.9102.2102.6102.6103.3103.6104.4105.0105.7105.5105.7104.6102.8101.5101.4101.8103.0104.0104.4105.1105.9106.4

Valeur et richesse*Transfert de dette prive lEtat : lexplosionet une bonne affaire pour les banques !Source : FMI, Perspectives de lconomie mondiale (juin 2011)

Valeur et richesse

Graph1

4814.2874693.6054

4769.2544827.7093

5186.044984

5842.255218.0848

6567.615465.7793

7071.765715.9687

7434.885867.737

7911.135984.8481

9221.436472.8815

11696.267115.2846

13905.9167837.2069

USA

Zone

Dette publique totale (en Md$ et Md)

Feuil1

Md$/20002001200220032004200520062007200820092010

USA4,8144,7695,1865,8426,5687,0727,4357,9119,22111,69613,9064,684

Zone 4,6944,8284,9845,2185,4665,7165,8685,9856,4737,1157,8371,364


Valeur et richesse*Mcanisme global de transformation de la dette priveen dette publique (socialisation des pertes)Banques privesEmprunts (dette)Intrts (dficit)* Dpenses fiscales = niches fiscales recenses et dclasses

Valeur et richesse

Banques europennes : trs exposes aux risques souverains, qui entraneront invitablement les banques localesValeur et richesse* Grce 60 MdSource : FMI (Rapport sur la stabilit financire, septembre 2011)+ Irlande + Portugal 80 Md+ Belgique + Espagne + Italie 200 Md+ Banques locales 300 Md

Valeur et richesse

Quelques lments dapproche concrtePromenade dans le jardin franaisValeur et richesse*

Valeur et richesse

Valeur et richesse*Bnfices et dividendes (maintenus) du CAC 40 :a va, merci !* CAC 40 reconstitu au primtre 2010 (source : Investir, mars 2011)

Valeur et richesse

Graph1

91.538.20.4174863388

92.239.40.4273318872

58.734.80.5928449744

45.634.90.7653508772

82.839.90.481884058

93.7430.4589114194

Bnfices nets

Dividendes verss

Taux de distribution (dividende / bnfice) en % >>>

Bnfices nets publis et dividendes verss des socits du CAC 40 * (en Md)

Feuil1

Bnfices netsDividendes verssTaux de distribution (dividende / bnfice) en % >>>

200691.538.242%

200792.239.443%

200858.734.859%

200945.634.977%

201082.839.948%

2011 p93.74346%


Valeur et richesse*Cration de valeur pour les actionnaires du CAC 40 : prs de 260 Md de 2006 2010, malgr la crise

CAC 40 (en Md)200620072008200920102011pCapitalisation boursire *1 2301 4178059961 002800Variation de la capitalisation+321+187-612+191+6-202+ Dividendes perus394135364035+ Rachat d'actions71311133- Augmentation de capital-9-14-10-24-4-10= Cration de valeur358227-57620445-174Cumul358585921325884

* Moyenne du mois de cltureSource : tude Ricol Lasteyrie (2011)

Valeur et richesse

Valeur et richesse*Mais aussi nettoyage par la crise :dfaillances dentreprises toujours levesSource : Coface, Xerfi Risk bas sur les dfauts dentreprise (procdures de rglement ou liquidation judiciaire)

!200 000emploismenacssur 2011

Valeur et richesse

Graph1

16837

17716

18849

22917

22862

21835

Q1

Dfaillances dentreprises(janvier-avril de lanne)

Feuil1

Q1

200616,837

200717,716

200818,849

200922,917

201022,862

201121,835


Valeur et richesse*Investissement et perspectives : toujours faibleset orients vers le basSource : Banque de France et Insee, enqutes mensuelles (juillet 2011), Xerfi

Valeur et richesse

Graph1

83.8182

83.8382

83.2282

83.482

82.0982

81.6782

80.9582

80.1982

79.9782

78.0782

74.8682

71.8682

72.2182

71.0882

70.3182

69.9282

69.7882

70.5382

71.0982

71.3382

71.9982

72.8682

73.1882

73.482

73.7182

74.1782

75.0182

75.2782

76.0582

77.0982

76.6682

74.4782

77.2982

77.1382

78.482

78.4282

79.882

80.182

80.482

80.382

8182

8082

79.482

78.782

Moyenne de long terme : 82%

Niveau infrieur depuis 3 ans

Cap prod

Moyenne de long terme (82%)

Utilisation des capacits de production (en %)

Feuil1

Colonne1Cap prodMoyenne de long terme (82%)Srie 3

01/0883.8182

83.8382

83.2282

83.482

82.0982

06/0881.6782

80.9582

80.1982

79.9782

78.0782

74.8682

71.8682

01/0972.2182

71.0882

70.3182

69.9282

69.7882

06/0970.5382

71.0982

71.3382

71.9982

72.8682

73.1882

73.482

01/1073.7182

74.1782

75.0182

75.2782

76.0582

06/01077.0982

76.6682

74.4782

77.2982

77.1382

78.482

78.4282

01/1179.882

80.182

80.482

80.382

8182

8082

79.482

08/1178.782

Graph1

46.6

47.4

48.6

49.6

50

49.9

49.2

47.2

44.4

43.1

42.7

42.9

42.9

44.1

44.7

45.1

46

- 9%

FBCF

Investissement en niveau (Md)SNF, volumes chans (CVS, CJO)

Feuil1

Colonne1FBCF

03/0746.6

6/30/0747.4

9/30/0748.6

12/31/0749.6

03/0850

6/30/0849.9

9/30/0849.2

12/31/0847.2

03/0944.4

6/30/0943.1

9/30/0942.7

12/31/0942.9

03/1042.9

6/30/1044

9/30/1044.7

12/31/1045.1

03/1146

Valeur et richesse*Climat des affaires : morose depuis dbut 2011Mises en chantier : en baisse drastique depuis 2008Source : Banque de France et Insee, enqutes mensuelles , Moniteur du BTP, Xerfi

Valeur et richesse

Graph1

10297

10296

10295

10296

10496

10798

10899

110101

110102

110103

106102

103100

9999

98.598

9897

Industrie

Services

Indicateur du climat des affaires

Feuil1

IndustrieServices

06/1010297

10296

10295

10296

10496

10798

10899

01/11110101

110102

110103

106102

103100

9999

9998

08/119897

Valeur et richesse*Impact de la crise : tassement de lvolutiondes salaires et du revenu en FranceSources : Comptabilit nationale, Dares, Insee (tude, mai 2011)volution du SMB(ensemble des salaris)volution du SMPT (masse salariale totale / population salarie totale) y compris primes diversesvolution du RDB

Valeur et richesse

Graph1

2.87610619473.56541268950.2

2.86028602863.56844159460.8

2.72331154683.25607064020.4

2.60303687643.46899754171.1

2.6881720433.1038221740.3

2.78074866312.7994616420.2

2.65111346772.68572955640.3

2.64270613112.11193241820.6

2.7225130892.44511634020.1

3.01768990632.57920921710.4

2.99586776862.60247234870.2

2.98661174052.26215098240.01

2.7522935781.42435519060.2

2.22222222221.35290363750.3

2.00601805421.3696892834-0.5

1.91.46631272910.1

1.78571428572.2267206478-0.3

1.87747035572.1659740587-0.2

1.67158308751.70148880270.1

1.7664376841.9060670238-0.1

Evol SMB

Evol SMPT

Evol RDB

volution du salaire mensuel de base (SMB), du salaire moyen par tte (SMPT)et du revenu disponible brut (RDB) ; donnes trimestrielles ensemble des secteurs,en glissement annuel (GA en %)

Feuil1

Colonne1Evol SMBEvol SMPTEvol RDB

20062.883.570.20

2.863.570.80

2.723.260.40

2.603.471.10

20072.693.100.30

2.782.800.20

2.652.690.30

2.642.110.60

20082.722.450.10

3.022.580.40

3.002.600.20

2.992.260.01

20092.751.420.20

2.221.350.30

2.011.37-0.50

1.901.470.10

20101.792.23-0.30

1.882.17-0.20

1.671.700.10

1.771.91-0.10


Valeur et richesse*Linflation reprend, les salaires freinent, donc le pouvoir dachat baisse, lpargne et la consommation aussiSource : donnes Insee, Banque de France

Valeur et richesse

Graph1

0.0190.0050.015

-0.0060.0010.028

0.0020.010.001

-0.002-0.0050.015

Pouvoir d'achat

Taux d'pargne

Inflation

Evolution annuelle (en %) : inflation,pouvoir dachat et taux dpargne des mnages

Feuil1

2007200820092010

Pouvoir d'achat+1.9%-0.6%+0.2%-0.2%

Taux d'pargne+0.5%+0.1%+1.0%-0.5%

Inflation+1.5%+2.8%+0.1%+1.5%

Graph1

35.872202605-0.0041968521

36.6392670910.004814583

35.933733418-0.0074124105

35.795903395-0.0024421122

36.192892089-0.0114499441

35.775817143-0.006275893

35.821543964-0.0053396379

35.831029967-0.0045786346

35.896385295-0.0020011523

35.589439503-0.0043918482

35.571730911-0.0034519307

35.603349081-0.0072937919

35.873929083-0.0024958399

35.346104222-0.0021873591

35.229067539-0.0029543396

35.604278395-0.0081229983

35.399272008-0.0055302915

35.8537308730.0038345127

35.4542926960.0049712578

35.4051724560.0045238279

35.678541714-0.0029878583

35.8630504940.0022441679

36.0383229380.0081219489

36.600242650.0184310677

35.9243509480.0151117416

35.6830454640.0058349546

36.24100859-0.0060202889

35.818466475-0.0075568715

36.1799937460.0002941544

35.470782612-0.0035156957

36.4909096380.0037048091

35.966542116-0.0028754247

36.3696916520.0126352483

36.227103450.0038990628

36.8079594550.0136805739

36.849470090.0097162303

36.8243336370.0176710298

37.035343640.0119226337

36.7014993760.0061577698

36.286332143-0.0041508029

35.838811332-0.0170040558

36.250895108-0.0197640631

>

Consommation en volume (en Md)et variation trimestrielle (en %)

Feuil1

>

200835.9-0.4%

36.6+0.5%

35.9-0.7%

35.8-0.2%

36.2-1.1%

35.8-0.6%

35.8-0.5%

35.8-0.5%

35.9-0.2%

35.6-0.4%

35.6-0.3%

35.6-0.7%

200935.9-0.2%

35.3-0.2%

35.2-0.3%

35.6-0.8%

35.4-0.6%

35.9+0.4%

35.5+0.5%

35.4+0.5%

35.7-0.3%

35.9+0.2%

36.0+0.8%

36.6+1.8%

201035.9+1.5%

35.7+0.6%

36.2-0.6%

35.8-0.8%

36.2+0.0%

35.5-0.4%

36.5+0.4%

36.0-0.3%

36.4+1.3%

36.2+0.4%

36.8+1.4%

36.8+1.0%

201136.8+1.8%

37.0+1.2%

36.7+0.6%

36.3-0.4%

35.8-1.7%

36.3-2.0%


Partage du temps de travail : la preuvepar les heures supplmentaires et les exonrationsValeur et richesse*186 M dH. sup. au T2 2011 soit 400 000 ETP = emplois perdus depuis T1 2008779 M, soit + 16% par rapport T1 2008.Cot annuel = 4,5 Md Source : Acoss (Urssaf), Eurostat (enqute EFT)

Valeur et richesse

Graph1

152.3060232734576.090125

172.9591692715670.782379

183.6757299355710.457274

183.6428232676718.073707

187.4688212676735.688776

165.7271312734670.074824

166.8406379375677.47124

167.8206686035682.332166

177.1203566035718.525673

166.8362902715682.506813

175.9580709336723.599126

178.9337002656735.650194

182.5431595996755.657123

174.4892679355729.58699

186.3779.4

>

Heures supplmentaires (en millions)et exonrations (en M) par trimestre

Feuil1

Colonne1>

T4 07152.3060232734576.090125

172.9591692715670.782379

183.6757299355710.457274

183.6428232676718.073707

T4 08187.4688212676735.688776

165.7271312734670.074824

166.8406379375677.47124

167.8206686035682.332166

T4 09177.1203566035718.525673

166.8362902715682.506813

175.9580709336723.599126

178.9337002656735.650194

T4 10182.5431595996755.657123

174.4892679355729.58699

T2 11186.3779.4

Graph1

40.7

40.3

39.6

39.2

38.6

37

37.3

37.7

37.6

37.7

37.8

37.6

38

37h hebdo. effectivesau lieu de 38h= 500 000 emplois(pour 18,5 M salaris temps plein)

Srie 1

Dure du travail hebdomadaire effective en h(enqute temps plein au 4e trimestre)

Feuil1

Srie 1

9840.7

9940.3

0039.6

0139.2

0238.6

0337

0437.3

0537.7

0637.6

0737.7

0837.8

0937.6

1038


Valeur et richesse*Niches fiscales (recenses et dclasses) :environ 145 Md, soit 95% du dficit annuel de lEtatSource : Alternatives conomiques (septembre 2011) ; Katia Weidenfeld : lombre des niches fiscales (Economica 2011) ; Projet de loi de finances 2011 (Assemble nationale)

Valeur et richesse

Graph1

52.7389.3

22.18.869.1

62.521.116.4

88.511.30.2

70.811.817.6

Impts pays

Niches fiscales recenses

Niches fiscales dclasses

Part des niches fiscales (recenses et dclasses) dans les recettes fiscalespotentielles par catgorie en 2009 (en %) ; total 360 Md bruts

0,2

Feuil1

Impts paysNiches fiscales recensesNiches fiscales dclasses

IRPP53389

IS22969

ISF632116

TVA89110

TIPP711218

Graph1

67

50.3

15.3

6.2

2.2

3.5

Totaldes niches145 Md

Srie 1

Dpenses fiscales 2011 (niches en Md)

TIPP 6,2

ISF 2,2

Divers 3,5

Feuil1

Srie 1

IS67

IRPP50.3

TVA15.3

TIPP6.2

ISF2.2

Divers3.5


Valeur et richesse*Poser les vraies questions, cest y rpondre !Avec un droit de regard et de contrle reconnu pour les salaris, les usagers et les consommateurs

Valeur et richesse

La crise : quelle crise ? Comment ? Pourquoi ? Jusqu' quand ?*La crise : quelle crise ? Comment ? Pourquoi ? Jusqu' quand ?La crise : quelle crise ? Comment ? Pourquoi ? Jusqu' quand ?*La crise : quelle crise ? Comment ? Pourquoi ? Jusqu' quand ?Finie, la Crise ?*La crise : quelle crise ? Comment ? Pourquoi ? Jusqu' quand ?*La crise : quelle crise ? Comment ? Pourquoi ? Jusqu' quand ?

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