In this article from The Economist Magazine, the economic recovery over the past 2o years of the Scandinavians is discussed.
The wonderful socialist idylls of North Europe have seen better days. The United States’ liberal/progressive politicians in Congress, mainstream media outlets and the elite Hollywood class would have you believe otherwise.
It has been widely known for nearly 2 decades that the great socialist experiment of the Scandinavians was a near total failure. Their only real success was recognizing that high taxation and big government was leading them to financial ruin….so they corrected their economic model during their “austerity period” of the early to mid 1990s. The one good thing about governments in Northern Europe is their propensity to make correct decisions, eventually. The bad thing is that like all governments they will make the same mistakes over and over again.
In reducing taxes and cutting the government’s role in the economy in the 1990s, the economies of the region recovered from stagnation and near collapse. The one big flaw in the reforms however, was that they did not go far enough in setting up limited government. So, what will happen over time is that problem will recur, as it is the nature of government to expand and take control. One only hopes for the Swedes, Danes, Finns and Norwegians sake, that the transparent and efficient governments (according to Transparency.org) that they enjoy today will continue into tomorrow.
Of course, the push for big government and higher taxes on the wealthy in the US, using the Nordic countries methodology of 30-40 years ago, for a country that is literally broke (with US$1 trillion annual budget deficits and over US$16 trillion in debt) is a sure recipe for an economic cataclysm in the decades ahead. The Scandinavians when they set up their socialist states in the 1950-70s had economic prosperity and budget surpluses, but i guess that’s irrelevant. Jamaica has been advancing this liberal/socialist style of governance for far too long.