What it is, why it isn’t socialism, and what we should in the U.S. Outside a H&M store in Stockholm, the Swedish capital. The nationwide country is capitalist, but Scandinavian capitalism is different from that in America. It really is a truth universally recognized that arguing about the meanings of conditions like “capitalism” and “socialism” is a waste of time.
So I will simply assert that the world has many tastes of capitalism – U.S./British, Japanese, Scandinavian, German, French/Italian/Southern European, and others. The original socialists I know view these countries as sellouts to capitalism. The Scandinavians themselves are quick to deny that they are socialists, too. “I know that many people in the U.S. Nordic model with some sort of socialism. Therefore, I’d like to make one thing clear. Denmark is from a socialist prepared economy far.
Denmark is market economy. If we want to avoid quibbling on the s-word and instead just refer to a Scandinavian style of capitalism, what are a few of its important elements? The relevant question is difficult, because the Scandinavian design of capitalism went through several levels within the last 50 years or so. Inside a 1997 article, the prominent Swedish economist Assar Lindbeck explained how in the decades after World War II Sweden acquired a growing overall economy, generous public services, full employment, and an equivalent distribution of income fairly.
In brief, the Swedes themselves didn’t think the Scandinavian model of capitalism was working everything well in the 1980s and early 1990s, and they completed a hardheaded redesign. For example, there was a broad reputation that as a little, market-oriented economy open to international trade, Sweden needed healthy companies and skilled employees, so top taxes rates were rolled back. Many government benefit programs were redesigned and rolled back.
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A roof was placed on public spending. The U.S. system of capitalism depends on financial bonuses to encourage work. In the Scandinavian model of capitalism, high taxes decrease the financial motivation to work but pay for cultural services that encourage work. Henrik Jacobsen Kleven referred to this trade-off in a 2014 article.
He computed that “in the Scandinavian countries … the average worker entering employment will be able to increase usage by only 20 percent of earned income due to the combined aftereffect of higher fees and lower transfers. … than every other country. The ensuing higher taxes burden is considerable. The total taxes burden in the Scandinavian countries is almost half of GDP, while the combined spending of most U.S. 38 percent of GDP.