ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Japan
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Sweden.
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China.
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North Korea.
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Detailed explanation-1: -Sweden has a mixed economic system in which there is a variety of private freedom, combined with centralized economic planning and government regulation.
Detailed explanation-2: -As Norberg points out, by about 1950, Sweden was the fourth richest country in the world, and had the fifth freest economy. In other words, Sweden became wealthy through economic freedom. Then, it started to adopt socialist policies.
Detailed explanation-3: -The Swedish model of capitalism developed under the auspices of the Swedish Social Democratic Party which assumed power in 1932 and retained uninterrupted power until 1976.
Detailed explanation-4: -While no modern-day countries are considered to have a “pure” socialist system, Cuba, China, and North Korea have strong elements of socialist market economies.
Detailed explanation-5: -Sweden’s economic freedom score is 77.5, making its economy the 10th freest in the 2023 Index. Its score is about the same as last year. Sweden is ranked 7th out of 44 countries in the Europe region, and its overall score is above the world and regional averages.