Mitterrand first term (broad): expansion, tournant de la rigueur, cohabitation

Doctrine — stated goals and content

Three-phase first-term presidency encompassing the expansionary Common Programme (1981-1983), the tournant de la rigueur monetarist pivot (1983-1986), and the first cohabitation privatisation programme under Chirac (1986-1988). Economic school: starts as Socialist-Keynesian interventionist (Common Programme of the Left), pivots under Delors and Bérégovoy to European-social-democratic franc-fort discipline, then cohabitation period delivers classical-liberal Chirac-Balladur content. Left-right axis: starts strongly left in 1981, moves to centre by 1984, and right during 1986-1988 cohabitation — a canonical case of same presidency spanning different content codings per Invariant 3. Content: (i) 1981-1983 expansionary phase — nationalisations of 5 industrial groups + 39 banks (Law 82-155, 11 February 1982), 39-hour week, 5-week paid leave, retirement at 60, minimum-wage rise (covered under sibling movement mitterrand_nationalisations_1981_1983); (ii) three franc crises within EMS (October 1981, June 1982, March 1983); (iii) 25 March 1983 "tournant de la rigueur" — Mitterrand's decision to stay in EMS, plan Delors imposed wage-price discipline, forced-loan on high incomes, public-spending controls; (iv) 1984-86 Fabius government: Decree-Law abolishing prior authorisation for layoffs (3 July 1986 under Chirac formalised — preparation in 1985), industrial restructuring of steel (plan Fabius 1984, 30,000 job cuts), beginning of financial-market modernisation (MATIF opened February 1986, Commission des opérations de bourse strengthened 1984); (v) 1986-1988 Chirac cohabitation — privatisation law 6 August 1986 (65 companies listed including Saint-Gobain, Paribas, Société Générale, TF1), abolition of ISF wealth tax (reintroduced 1988), price-control abolition on most industrial goods (Ordonnance 1 December 1986), suppression of exchange controls phased 1987-1990. Popularity: 1981 presidential 51.8%, Left coalition landslide June 1981 legislatives (PS 285 seats alone); approval sank with franc crises to ~30% by end-1983; recovered in cohabitation ('protector' role); 1988 presidential 54.0% re-election vs Chirac 46.0%. Coherence: the first-term programme fractured by design — the three phases cannot be collapsed into one doctrine; a movement-level coding must acknowledge Mitterrand preserved social content (minimum wage, retirement age, weekly hours) through the pivot even as nationalisations were partially reversed under Chirac.