The Social and Economic Reforms abolished the special privileges of the nobility. It announced an end to feudalism, and called for taxes to be leveled according to the ability to pay. It also abolished guilds and forbade labor unions and compensated nobles for lands seized by peasants. Some of the key aspects of the reforms are:
- Loosening the 35 hour work-week. This is a major policy change and has been opposed strongly by labor unions in France.
- Tax cuts for investors. Certain tax cuts would act as incentives to investment.
- Jobs were lost and the workers became a smaller group.
- The economic reforms of France would also do away with standardized pay scales and introduce performance reviews and merit-based pay.