There is a quiet, calculated alchemy happening in the gilded salons of Paris and the boardroom suites of the CAC 40. For decades, the relationship between France’s industrial elite and the far-right was defined by a mutual, if polite, disdain. The business class viewed the Rassemblement National (RN) as a chaotic liability—a party of street protests and protectionist whims that would spook international markets. But the wind has shifted.
Jordan Bardella, the polished, media-savvy face of the RN, is no longer knocking at the door of the business establishment; he is being invited in for coffee. The narrative is shifting from “can we tolerate them?” to “are they the only ones who actually understand us?” This isn’t a sudden romance, but a pragmatic, cold-eyed realignment. As the French economy grapples with stagnation and a suffocating regulatory environment, a segment of the patronat—the employer class—is beginning to see Bardella not as a disruptor, but as a potential deliverer.
This rapprochement matters because it signals a fundamental mutation of the French right. If the RN successfully pivots from a party of populist anger to a party of managerial efficiency, the traditional center-right loses its primary utility. We are witnessing the “normalization” of the far-right, not through social acceptance, but through economic incentive.
The Seduction of Simplification
At the heart of this courtship is a extremely specific, very French pain point: the gap between gross and net salary. For a French CEO, hiring a high-skilled engineer is a fiscal odyssey. The “tax wedge”—the difference between what an employer pays and what an employee takes home—is among the highest in the OECD countries. Bardella has identified this as his primary lever of influence.
By proposing a rapprochement between gross and net salaries and a sweeping “simplification” of the labor code, Bardella is speaking the native language of the boardroom. He isn’t talking about abstract ideologies; he is talking about the bottom line. To a business owner exhausted by the bureaucratic labyrinth of the French state, the promise of a leaner, more aggressive pro-business stance is intoxicating, even if it comes wrapped in a nationalist flag.
However, this “pro-business” pivot is a delicate balancing act. The RN’s base remains deeply protectionist, suspicious of globalism and the very “big business” that Bardella is now courting. The risk is a cognitive dissonance that could fracture the party. Can you simultaneously promise to protect the small-town artisan from global competition even as slashing regulations for the multinational corporations that drive that competition?
The ‘Cuckold’ Warning and the Populist Trap
Not everyone in the business community is buying the Bardella brand. Alain Minc, the veteran strategist and advisor to presidents, has issued a stark warning: the business leaders who believe they have found a new ally in the RN may find themselves as the “cuckolds of history.” Minc’s argument is rooted in the inherent volatility of populism. Populist movements thrive on having an enemy; once the “external” enemy (the EU or immigrants) is addressed, the “internal” enemy—the wealthy elite—often becomes the next target.
This tension is mirrored in the historical precedent of other right-wing populist movements across Europe. In Hungary, Viktor Orbán initially courted the business class by promising stability and deregulation, only to later seize control of key sectors of the economy to benefit a loyal circle of “national champions.” The pattern is familiar: the elite provide the legitimacy and the funding, and in exchange, they receive short-term tax breaks, only to find the rule of law eroded around them.
“The danger for the business community is confusing a tactical alignment on tax cuts with a strategic alignment on the rule of law. A pro-business policy in a democratic framework is a benefit; a pro-business policy in a populist framework is a favor that can be revoked at any moment.”
This observation, echoed by analysts at the Bruegel suppose tank, highlights the gamble the French patronat is taking. They are betting that Bardella is a true convert to economic liberalism, rather than a strategist using business support as a stepping stone to the Élysée.
Winners, Losers, and the New Economic Order
If Bardella’s vision manifests in the 2027 election, the map of winners and losers in the French economy will be redrawn. The immediate winners would be the medium-sized enterprises (PMEs) and industrial giants who stand to gain from reduced social charges and a deregulated labor market. For them, the RN represents a break from the “dirigisme”—the state-led economic planning—that has characterized France for decades.
The losers, conversely, would likely be the public sector and the social safety net. The “simplification” Bardella promises is rarely a zero-sum game; it almost always involves a transfer of wealth from public services to private equity. France’s relationship with the European Commission would enter a period of extreme turbulence. While Bardella has softened his rhetoric regarding “Frexit,” the inherent contradiction between RN’s national sovereignty and the EU’s single market rules remains a ticking time bomb for investors who prize stability over tax breaks.
We are seeing a shift toward a “transactional politics.” The business class is no longer looking for a shared vision of society; they are looking for a service provider. Bardella is positioning himself as the most efficient provider of that service.
The Bourgeoisie’s Great Gamble
the rapprochement between the RN and the business elite is a symptom of a deeper crisis in the French center. For years, the center-right and the Macronist center promised a “modernization” of France that felt, to many employers, like a series of half-measures. Bardella is offering a clean break—a promise of radical simplification that feels more decisive, even if it is riskier.
The question that remains is whether the French business elite is blinded by the allure of short-term fiscal gain. History suggests that when the boardroom aligns with the populist, the boardroom eventually pays the price. But in the current climate of economic anxiety, the “unthinkable” alliance is becoming the new pragmatic standard.
The takeaway for the observer: Watch the specific policy papers the RN releases leading up to 2027. If they move from general “simplification” to specific, codified guarantees on the rule of law and international treaties, the rapprochement is real. If the rhetoric remains vague and focused solely on tax cuts, the “cuckold” warning may prove prophetic.
Do you think the business community is being naive in its courtship of populist movements, or is this a necessary evolution to save stagnant economies? Let’s discuss in the comments.
