Sweden
Sweden is a powerful example of the importance of public policy. The Nordic nation became rich between 1870 and 1970 when government was very small, but then began to stagnate as welfare state policies were implemented in the 1970s and 1980s. The Center for Freedom and Prosperity Foundation video explains that Sweden is now shifting back to economic freedom in hopes of undoing the damage caused by an excessive welfare state.
Highlight: The "peeing in your pants" analogy as an economic model about half way through is priceless.
Related: Income distribution in the U.S vs. Sweden (HT: Nick Schulz)
Originally posted here.
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