Sweeden

A detailed Summary of Sweeden

A military power during the 17th century, Sweden has not participated in any war in almost two centuries. An armed neutrality was preserved in both World Wars. Sweden's long-successful economic formula of a capitalist system interlarded with substantial welfare elements has recently been undermined by high unemployment, rising maintenance costs, and a declining position in world markets. Questions regarding the benefit of remaining a monarchy have also plagued Sweden. The royal family is still strongly supported, and has worked closely with the Social Democrats to change the state of Sweden's economic factors.

Indecision over the country's role in the political and economic integration of Europe caused Sweden not to join the EU until 1995, and to forgo the introduction of the euro in 1999. During the 20th century, Sweden developed into a modern welfare state. This was made possible by a favorable political and economic development in the Nordic countries.

Since the late 19th century, the Nordic countries developed from agrarian societies to fully industrialized societies. Parallel with economic development, democratic institutions and parlimentarism were introduced. In 1865, the Diet of the Four Estates was repl

To discuss how the economy is fairing in more recent times, it should be noted that since 1993 the economy has grown vigorously. Unemployment has fallen steadily, with a prediction that it will drop below 5% next year. This would be an achievement even more impressive given very high labor force participation rates (in Sweden, as in the U.S., about three-fourths of working-age adults are employed, compared with less than two-thirds in Continental Europe). Not to mention that the budget is in surplus. How did Sweden manage this turnaround? Sweden has scaled back its welfare state a bit and eliminated some of the disincentives in the tax system. Also, last year Sweden collected 63% of GDP in taxes. All in all, the Swedish welfare state remains extremely generous.

Aided by peace and neutrality for the whole twentieth century, Sweden has achieved an enviable standard of living under a mixed system of high-tech capitalism and extensive welfare benefits. Because of inactivity in WWI, Sweden took the advantage of the increase in foreign demands caused by the war. This caused an accelerating inflation, which after the war, the export industry was struck deeply by a recession. It took a few years before the economy started growing again. Sweden faired better than other countries like the US and Germany because of an export boosting devaluation on the krona in 1931. An economic boom followed the Second World War. Once again, Sweden managed to escape the war, and after another devaluation of the krona, the forestry and mining industries grew rapidly. Sweden was one of the most successful countries during this era.

Sweden has had a very prolific economic history. The ability to stay neutral through both World Wars was a great benefit. Despite the two-time devaluation of the krona, the economy still faired very well, while other count

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Approximate Word count = 1241
Approximate Pages = 5 (250 words per page double spaced)

Category: Foreign