Question

explain the difference between the economies of france and acadia.in your opinion, which has large economies

Answer 1

Acadia was a colony of New France in northeastern North America which included parts of eastern Quebec, the Maritime provinces, and Maine to the Kennebec River. During much of the 17th and early 18th centuries, Norridgewock on the Kennebec River and Castine at the end of the Penobscot River were the southernmost settlements of Acadia. The French government specified land bordering the Atlantic coast, roughly between the 40th and 46th parallels. It was eventually divided into British colonies. The population of Acadia included the various indigenous First Nations that comprised the Wabanaki Confederacy, the Acadian people and some small Scottish settlements.
Acadia Economy:
Most Acadian households were self-sufficient, with families engaged in subsistence farming only for a few years while they established their farms. Very rapidly the Acadians established productive farms that yielded surplus crops that allowed them to trade with both Boston and Louisbourg. Farms tended to remain small plots of land worked by individual families rather than slave labor. From the rivers, estuaries and seas they harvested shad, smelts, gaspereau, cod, salmon, bass, etc., utilizing fish traps in the rivers, weirs in the inter-tidal zone and from the sea with lines and nets from their boats. The fishery was pursued on a commercial basis as in 1715 at the Minas Basin settlements, when the Acadian population there numbered only in the hundreds, they had "between 30 - 40 sail of vessels, built by themselves, which they employ in fishing" reported Lieutenant-Governor Thomas Caulfield to the Board of Trade. As time progressed, the Acadian agriculture improved, and Acadians traded with the British colonies in New England to gain ironware, fine cloth, rum, and salt. During the French administration of Acadia, this trade was illegal, but it did not stop some English traders from establishing small stores in Port Royal. Under English rule,
the Acadians traded with New England and often smuggled their excess food to Boston merchants waiting at Baie Verte for transshipment to the French at Louisbourg on Cape Breton Island.Many of the pioneers into that area persuaded some of their relatives to accompany them, and most of the frontier settlements contained only five to ten interrelated family units.
France Economy:
The economy of France is highly developed and free-market-oriented. It is the world's 7th largest economy by 2019 nominal figures and the 10th largest economy by PPP figures. It is the 2nd largest economy in the European Union after Germany. France has a diversified economy, that is dominated by the service sector (which represented in 2017 78.8% of its GDP), whilst the industrial sector accounted for 19.5% of its GDP and the primary sector accounted for the remaining 1.7% The fifth largest trading nation in the world (and second in Europe after Germany),France is also the most visited destination in the world, as well the European Union's leading agricultural power. France was in 2020 the largest Foreign Direct Investment recipient in Europe, Europe's second largest spender in Research and development,ranked among the 10 most innovative countries in the world by the 2020 Bloomberg Innovation Index, as well as the 15th most competitive nation globally, according to the 2019 Global Competitiveness Report (up 2 notches compared to 2018). France's economy entered the recession of the late 2000s later and appeared to leave it earlier than most affected economies, only enduring four-quarters of contraction. However, France experienced stagnant growth between 2012 and 2014, with the economy expanding by 0% in 2012, 0.8% in 2013 and 0.2% in 2014, though growth picked up in 2015 with a growth of 0.8% and a growth of 1.1% for 2016, to a growth of 2.2% for 2017 and to later reach 2.1% for 2018. According to the OFCE, the expected 2019 growth rate is 1.3%.
According to me France Economy is greater as:
France’s economy is the fifth largest in the world and represents around one fifth of the Euro area gross domestic product (GDP). Currently, services are the main contributor to the country’s economy, with over 70% of GDP stemming from this sector. In manufacturing, France is one of the global leaders in the automotive, aerospace and railway sectors as well as in cosmetics and luxury goods. Furthermore, France has a highly educated labor force and the highest number of science graduates per thousand workers in Europe. Compared to its peers, the French economy endured the economic crisis relatively well. Protected, in part, by low reliance on external trade and stable private consumption rates, France’s GDP only contracted in 2009. However, recovery has been rather slow and high unemployment rates, especially among youth, remain a growing concern for policymakers. After the start of the
crisis the economy stagnated and the country has had to face several economic challenges. Government tax revenue has dwindled and consumer purchasing power has declined. Policy makers have attempted to modernize the economy; however, this has been a difficult process. The former Sarkozy government became deeply unpopular, partially due to its reform agenda. Nonetheless, with a government budget deficit that is higher than the Euro-area average and low growth forecasts, the current Hollande government faces the challenge of restoring France’s public finances while encouraging economic growth.
BOP: Since 2005, France has maintained a current account deficit, predominantly driven by trade in goods. Yet, in
2013, France’s trade deficit shrank to its lowest level since 2010, although this decrease was mainly caused by the fact that exports fell less rapidly than imports. Correspondingly, capital inflows have also fluctuated in the past, typically driven by large amounts of Foreign Direct Investment (FDI). France was ranked 10 in the world for
incoming FDI in 2010 and has historically been a leading FDI destination. However, FDI experienced a large decline in 2013, contracting 77%. The countries with the largest investments in France are the United States, Germany, Italy and the United Kingdom.

Economic policies:
Since the economic crisis, the government of France has had to re-evaluate this aspect of its economic policy. Despite recent changes to France’s policies, greater reform may be needed to kick-start the economy. France is ranked 141 out of 144 countries on “hiring and firing practices” according to the World Economic Forum’s Global Competitiveness Report and many critics advocate for labor market reform. Further, France’s housing market is under stress due to high prices and low market activity. Notably, French economic policy decisions are influenced by common European Union policies and targets, as well as France’s membership in supranational organizations such as WTO and the G7.

Exchange rate policy: Since its introduction, the USD/euro exchange rate has floated within a range of 0.90 USD per euro (annual average over period) and 1.47 USD per euro (annual average over period). After reaching its peak in 2008, the euro depreciated amid fears of a potential Eurozone breakup caused by the Greek sovereign debt crisis. While the euro has gained ground since then, uncertainty regarding the evolution of the debt crisis continues to impact the rate.