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Lessons from Sweden's public sector revolution

Lessons from Sweden's public sector revolution

(L-R) Sweden's King Carl XVI Gustaf, Queen Silvia, Speaker of Parliament Per Westerberg, Crown Princess Victoria and Prince Daniel arrive at Skansen Museum to celebrate Sweden's national day in Stockholm June 6, 2012. (REUTERS/Jessica Gow/Scanpix)

Decade after decade, Sweden keeps inspiring the world in terms of innovative economic policy.

In the 1970s and 1980s, the "Swedish model" of social democracy was the indispensable reference for aspiring interventionist politicians around the world. It was proof that you could have a dynamic and productive economy with sky-high tax and spending ratios and a very elaborate social safety net.

Many people still haven't realized that this model started to change two decades ago, because it was undermining the country's prosperity and proving much too costly.

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