Re-bonjour, Monsieur Colbert; The state as owner.(Jean-Baptiste Colbert) The Economist (US) | October 25, 2008 | COPYRIGHT 2008 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information) Copyright

To paraphrase George Bush, what's the French for "dirigiste"?

THIS summer, when Jim Bunning, a senator from Kentucky, read in his morning paper that the American government had taken control of Fannie Mae and Freddie Mac, he thought he had "woken up in France". In the weeks since, Western governments have spent hundreds of billions of dollars buying up the banking system. America's government has given its carmakers $25 billion in soft loans. And Nicolas Sarkozy, France's president, has floated the idea of a group of European sovereign-wealth funds taking stakes in ...

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