This excerpt originally appeared in National Review Online on April 25, 2012.

So here is my “the glass is half full” outlook for France: Yes, the French will probably elect a Socialist. Yes, he will try to implement many bad policies. But at some point it will become obvious that there is no way to further avoid reforming the labor market, the social programs, and the tax system, or to avoid reducing spending. When that time comes (hopefully not too late), it may be easier for Hollande push these refroms through than it would be for a free-market president (note that there were no free market candidate on the menu in France this time around), to make the French accept the reforms.