Finally,in France,subject to 'state capitalism',governments played an activist role in planning industrial policy, and were keen to hold a stake in many parts of the economy. whilst reforms were undertaken from the 1980s onwards-which, for Schmidt,suggested a move towards a new 'state-enhanced' approach in France-these reforms also had limited impact, because they fitted in with existing patterns of state intervention in the France economy. For example, ownership in many large companies was liberalized through the selling of shares, but in practice many of these remained within the hands of actors closely connected to the state- 'the corporate governance system evolved from a state-centered structure run by a tight elite network,to what looks like a private structure but is run by the same elite as before'(hancke,2002:55)