Sweden is an example of a socialist government. Which statements describe Sweden’s government? Check all that apply.
☐ Citizens are not allowed to own property. ☐ No economic classes exist. ☐ Rulers are in power for a lifetime. ☐ One ruler has absolute control. ☐ Resources are collectively owned by the people.
Answers
Explanation:
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Explanation:
The glory days for Sweden economically took place prior to the 1960s, when they had a free economy, low regulation and lots of wealth. Between 1870 and 1950, Sweden had the highest per capita income growth in the world and became one of the richest countries, behind only Switzerland, the U.S., and Denmark.
In the 1960s, Sweden started to redistribute wealth, which brought wealth creation to a halt. By the mid-1990s, the country had growing economic problems because it continued to redistribute wealth it wasn’t creating. It was at this juncture that many of the wealthy (ABBA band members included) and entrepreneurs were leaving Sweden. In 1994, Sweden began implementing the following measures designed to reverse this trend:
Reduce Regulation
Reduce Government Spending
Reform their Welfare Programs
Shrink their Government
Sweden has continued on this path for the last 24 years, which has brought them a modest rate of growth, but not nearly as robust as pre-60s levels due to government taxation remaining high.
Many view Sweden as socialist. However, the country is, in fact, very pro-capitalism, but does it with redistribution through taxes. Personal income is taxed at a rate of 61.85 percent, plus a 7 percent social security tax rate for employees. On top of these taxes, Sweden also has a 25 percent consumption tax. For these sacrifices of financial freedom, this is what Sweden offers their citizens in benefits:
Pension
Health care
Unemployment Insurance
Education through Ph.D. Level
Child Day Care
Very generous leaves of absence from work with benefits including: education up to 6 months, starting your own company up to 6 months off, parental leave up to 16 months with 80 percent of your pay during time off
16 public holidays (10 of these holidays are Christian-based, even though just five percent of the population are regular church attendees).
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