ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Sweden
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Mexico
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USA
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Soviet Union
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Detailed explanation-1: -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-2: -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-3: -Sweden has a mixed economic system in which there is a variety of private freedom, combined with centralized economic planning and government regulation. Sweden is a member of the European Union (EU).
Detailed explanation-4: -The system focuses on social welfare over profit. Countries like China and Russia follow the socialist system.