This article is fascinating and there is a lot in it. It could serve as one counter example to the Europe is Screwed thread.
https://www.wsj.com/world/europe/the-worlds-most-surprising-capitalist-makeover-is-under-way-in-sweden-a7830619
In the past, they were the socialist state that almost everyone here still thinks they are with the obvious, terrible results that were then reversed when they largely abandoned leftism in the 90s:
A few examples of how they have embraced capitalism:
And the results:
The really interesting stuff is in healthcare where they have embraced technology and efficiency. Now, they still have an inherent culture advantage here over the US, so you have to discount these spending figures when comparing to us. It's just not apples to apples:
But, in doing relative comparisons within their own country the hospital in this article that has embraced more capitalist methods sees the following results against its in-country peers with a notable quote from the leftist who leads the local government:
They do have their own "disproportionately impacted" but if they kicked those people out then this story pretty much is a complete happy ending:
Much more in the article. Highly recommend.
https://www.wsj.com/world/europe/the-worlds-most-surprising-capitalist-makeover-is-under-way-in-sweden-a7830619
In the past, they were the socialist state that almost everyone here still thinks they are with the obvious, terrible results that were then reversed when they largely abandoned leftism in the 90s:
Quote:
But starting in the 1960s, the center-left Social Democratic Partywhich dominated the country's postwar politicssharply raised taxes and spending, ultimately taking government spending as high as 70% of GDP by the 1990s.
The changes triggered a long period of weak growth, stagnant after-tax incomes and ballooning budget deficits and debt that culminated in a banking crisis in the early '90s.
Under pressure from investors, the government instituted sweeping economic reforms over the next two decades. They included cuts to unemployment benefits and housing subsidies and the privatization of public services, as well as tax cuts and a reform of the pension system to make it more affordable. Strict limits were imposed on government debt. (Sweden's debt to GDP is a meager 36%, compared with 129% for the U.S.) In the mid-2000s, the government eliminated wealth and inheritance taxes.
Quote:
Sweden's economy is expected to grow by around 2% a year through 2030, roughly the same pace as the U.S. and double the growth rates of France and Germany, according to an April forecast by the International Monetary Fund.
While many European countries are raising taxes, Svantesson has cut them three years in a row. Sweden's top income-tax rate has fallen close to 50% from nearly 90% in the 1980s.
Considering the overall tax burden, "it's more attractive here…than the U.S.," said Conni Jonsson, the billionaire founder of EQT, a Stockholm-based private-equity firm.
A few examples of how they have embraced capitalism:
Quote:
Its total public social spending billwhich includes healthcare, education and all welfare paymentshas fallen to 24% of gross domestic product, similar to the U.S. and well below the over 30% for nations like France and Italy.
Today, nearly half of primary healthcare clinics are privately owned, many by private-equity firms.
One in three public high schools is privately run, up from 20% in 2011. School operators are listed on the stock exchange.
And the results:
Quote:
The country saw more than 500 initial public offerings over the 10 years through 2024, more than Germany, France, the Netherlands and Spain combined, according to a landmark 2024 report on Europe's economy by former European Central Bank President Mario Draghi.
It has now moved ahead of the U.S. in the number of billionaires per capita, thanks to a thriving tech startup scene and videogame industry that has produced hits like Minecraft and Candy Crush.
The really interesting stuff is in healthcare where they have embraced technology and efficiency. Now, they still have an inherent culture advantage here over the US, so you have to discount these spending figures when comparing to us. It's just not apples to apples:
Quote:
Private competition has had broad benefits across the industry. At a time when aging populations are costing governments around the industrialized world more money every year, healthcare spending per capita in Sweden grew around 1% a year on average between 2014 and 2024 after adjusting for inflationroughly half the pace in the U.K. and a third of the pace in the U.S., according to the Organization for Economic Cooperation and Development.
But, in doing relative comparisons within their own country the hospital in this article that has embraced more capitalist methods sees the following results against its in-country peers with a notable quote from the leftist who leads the local government:
Quote:
"We do more for less," says CEO Gustaf Storm. He estimates it costs 15%-20% more at public Swedish hospitals to treat conditions such as appendicitis than at his hospital.
Aida Hadiali, a center-left politician who leads the Stockholm region government that is responsible for healthcare, is a fan. She says St. Göran's is more efficient at producing good outcomes for patients, with lower reimbursements, than the public system.
They do have their own "disproportionately impacted" but if they kicked those people out then this story pretty much is a complete happy ending:
Quote:
The transformation also has losers: renters outside big cities, where there are fewer new jobs and shrinking public services, and urban, low-income migrant communities that have historically been more dependent on the state.
Much more in the article. Highly recommend.