Roughly one-hundred-years of successful private innovation, free markets, and low taxes made Sweden a very wealthy country. Their neutrality through WWII helped. In 1970, feeling invincible, the country experimented with various democratic socialist policies. These attempts included the nationalisation of many services and government ownership of companies. This history brings to mind the joke, “how do you find yourself in possession of a small fortune? You start with a large fortune and waste a lot of it.”

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