Bloomberg Daybreak: Europe Edition Daybreak Weekend: Broken Capitalism and a 2026 Stock Outlook
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Dec 27, 2025 
John Authers, a Bloomberg Opinion columnist and author, dissects the forces that have disrupted capitalism, exploring AI's impact on jobs and the need for wealth redistribution. John Lee, a research content manager, shares insights on the 2026 outlook for Asian equity markets, highlighting strong performances from Korea and Taiwan driven by AI. He also discusses China's export growth despite weak domestic demand and the potential of India's market amidst its AI challenges. The conversation unpacks complex interactions between markets, state roles, and emerging themes.
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Capitalism Needs A State-Market Compact
- Capitalism survives by reinventing itself through shifting compacts between markets and the state.
- Effective markets need a politically legitimate state to act as referee, John Authers argues.
Four Waves Of Capitalism Over A Century
- Major historical shifts created distinct capitalist models: laissez-faire, postwar Keynesian, and neoliberal financialized capitalism.
- Each model solved problems but sowed seeds for the next crisis, culminating in the global financial crisis era.
AI Could Force A New Social Contract
- AI could be as transformative as the industrial revolution, massively boosting productivity but displacing many jobs.
- That scale of change would require rethinking redistribution and a more active state role to preserve democratic consent.