I often say that democratic socialism is a necessary evil to disillusion naive young people about collectivism and to restrain the nepotism of right wing politicians. The problem is that socialist governments are often a costly affair.
Yet, this time, the election of socialist Mr Hollande in France may bring a positive outcome to offset such costs if he acts on his electoral promises and kills the proposed new European treaty introducing a suicidal fiscal compact for the Euro Area.
Within five years we will be able to judge that and the usual costs of socialism in terms of increased inequality, slower productivity growth, rising inflation, mounting unemployment, more corruption, bigger public spending and debts, etc.
For future reference we summarise here the situation inherited by Mr Hollande:
My bet is that in five years France will be worse off in about ten of these indicators. Still, good luck France and Mr Hollande!