Link: Stumbling and Mumbling: Anti-capitalism: good for equities.
The French stock market outperformed the US stock market despite the latter being more market friendly:
Had you bought French rather than US stocks at pretty much any time in the last 30 years - barring the late 80s - you'd have made money.
France's out-performance has been especially marked over the last 10 years - the period when the US's productivity surge has excited Anglo-Saxon triumphalism. During this time a sterling-based investor would have made 11.7% a year in French stocks against only 7.9% in US ones.
I take two messages from this. First, anti-capitalists are, in Lenin's phrase, useful idiots - they actually help stock markets. Second, a healthy economy and a health stock market are two different things.