Francois Hollande's victory doesn't and shouldn't mean a movement toward socialism in Europe or elsewhere. Socialism isn't the answer to the basic problem haunting all rich nations. The answer is to reform capitalism. The world's productivity revolution is outpacing the political will of rich societies to fairly distribute its benefits. The result is widening inequality coupled with slow growth and stubbornly high unemployment. In the United States, almost all the gains from productivity growth have been going to the top 1 percent, and the percent of the working-age population with jobs is now lower than it's been in more than thirty years (before the vast majority of women moved into paid work). Inequality is also growing in Europe, along with chronic joblessness.

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