Well, Scandinavia is actually much more free market-oriented than most people realize. Capital is allocated by the market, the government doesn’t own companies, regulation is usually light, corruption is non-existent. Companies can hire and fire easily, labor moves around. But these countries do tax a lot and spend a lot – on education, childcare, health and other things.
That’s from a CNN blog by Jason Miks. Well said. We talk about Scandinavia quite a bit in the book because, as Glenn says, “An epic history has to be more than a carnival of failure.” And when we thought of a shining example of a region that regained its economic balance, Sweden and its neighbors stood out.