Bloomberg Daybreak: US Edition Daybreak Weekend: Broken Capitalism and a 2026 Stock Outlook
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Dec 26, 2025 
John Authers, a Bloomberg Opinion columnist, dives into the forces that have reshaped capitalism, discussing its historical transformations and the tensions between AI-driven change and state intervention. Tim Craighead, Director of Equity Research, shares insights on European stocks set to shine in 2026, including key industrials and biotech opportunities. John Lee, focusing on Asian markets, analyzes the impact of AI, China’s mixed economic outlook, and opportunities in robotics and space. Get ready for a deep dive into the future of global markets!
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Capitalism Reinvents Through State-Market Compacts
- Capitalism repeatedly reinvents itself through shifting compacts between markets and the state.
- John Authers argues current stresses may require a new model blending active state action with market dynamism.
Historical Turns That Reshaped Capitalism
- John Authers recounts capitalism's historical phases from British industrialism to the postwar Keynesian era.
- He traces failures like the 1929 crash and Nixon ending the gold tie as turning points reshaping capitalist models.
Neoliberalism's Success And Subsequent Collapse
- The Reagan/Thatcher era shifted power back to markets with globalization and financialization.
- That model succeeded geopolitically but later collapsed under financial excess leading to the global financial crisis.