France ranks 21st in the Global Capitalism Index (GCI), a ranking developed by researchers at the University of Virginia. The GCI evaluates 161 countries using data from 2009, measuring how well they support capitalism through factors like private property rights, competition, and the ease of doing business. France scores 85.2 out of 100, placing it above Germany (24th), Spain (29th), Italy (36th), Ireland (22nd), and Austria (23rd). The top five countries are Switzerland (96.9), the United States (2nd), Hong Kong (3rd), Canada (4th), and Singapore (5th). The United Kingdom ranks 12th, while in Europe, Denmark (7th), Sweden (9th), and Norway (10th) are all ahead of France. At the bottom of the index, Venezuela scores 8.9 points, with Libya (160th), Chad (159th), and Mauritania (158th) also performing poorly. Researchers attribute Venezuela's low score to weak property rights, a lack of rule of law, nationalizations, and strict controls on currency and capital. Germany, which ranked higher than France in 2018, has since fallen behind. In 2018, Germany scored 94.9 points compared to France's 85.7, but by 2025, Germany's score had dropped to 84.4, while France's remained at 85.2. The researchers clarify that these scores are normalized annually, meaning a country's decline does not necessarily reflect an absolute loss in capitalism but rather a relative drop compared to others. Between 2018 and 2025, Germany saw significant declines in several categories, including labor market performance (from 83 to 59.7), business creation and development (from 90.4 to 67.8), competition (from 98.1 to 84.8), and market-friendly policies (from 91.1 to 81.4). Its banking system also weakened, dropping from 71.1 to 60 points. These declines are attributed to high administrative and regulatory burdens on businesses, limited entrepreneurial activity, and a fragmented banking sector. The International Monetary Fund (IMF) notes that German banks are less profitable than the average in the Eurozone, partly due to high operating costs and a large number of branches. France has seen some improvements in key areas, with its labor market score rising from 49 to 59.6 and its banking system score increasing from 77.2 to 88.4. The Organisation for Economic Co-operation and Development (OECD) credits reforms such as the development of company agreements, limits on executive compensation, and changes to unemployment insurance for creating a more flexible labor market. Despite these gains, France still trails Germany in major categories such as property protection, institutional quality, and competition. However, in the labor market, the two countries are now nearly equal, with Germany scoring 59.7 and France 59.6. France's banking system is a standout, scoring 88.4 points compared to Germany's 60. The GCI assesses the depth and stability of banking systems, and France's model—centered on a few large universal banking groups—performs significantly better than Germany's more fragmented system. Only one German bank is in the European top 10, compared to five French banks. Deutsche Bank, the largest German bank, ranks 9th in Europe with $1.436 trillion in assets, less than half of BNP Paribas, a major French bank. Despite France's high mandatory tax rates, researchers emphasize that capitalism is not solely defined by tax levels or the size of the state. Instead, they focus on how well a country allows capital to flow, protects private property, ensures competition, and supports business creation. Scott Miller, a professor at the University of Virginia and one of the index's authors, notes that countries like Denmark, Sweden, and Norway, despite high public spending and taxation, are among the world's top 10 in the GCI. He explains that capitalism can take different forms across countries but does not make them any less capitalist. France is categorized as an example of "commercial capitalism," marked by openness to trade and capital movements, similar to Singapore. This differs from "entrepreneurial capitalism" in countries like Switzerland and the United States, which prioritize business creation and market-friendly policies.