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→Recent history
Postwar prosperity provided the foundations for the social welfare policies characteristic of modern Sweden.
Postwar prosperity provided the foundations for the social welfare policies characteristic of modern Sweden.
Despite extensive social welfare programs, financed by high taxes, Sweden remains a capitalist country, and the main industries and banks are privately owned. Sweden enjoyed excellent economic performance until the world crisis of the 1970s, after that, economic efficiency declined considerably. Prior to 1983, Sweden and other northern European social democracies experienced full employment, large social benefits, modest income in equality, and a near total abolition of poverty. After 1983 unemployment became a major problem.
Despite extensive social welfare programs, financed by high taxes, Sweden remains a capitalist country, and the main industries and banks are privately owned. Sweden enjoyed excellent economic performance until the world crisis of the 1970s, after that, economic efficiency declined considerably. Prior to 1983, Sweden and other northern European social democracies experienced full employment, large social benefits, modest income in equality, and a near total abolition of poverty. After 1983 unemployment became a major problem. The distance between the political parties narrowed after 1968, as the Social Democrats and the middle class parties grew more similar.
Sweden became a member of the [[European Union]] (EU) in 1995. In September 2003 Sweden held a referendum on entering the European Monetary Union. The Swedish people rejected participation, with 56% voting against and 42% for. All parliamentary parties pledged to respect the outcome of the referendum. No new referendum is planned for the foreseeable future.
Sweden became a member of the [[European Union]] (EU) in 1995. In September 2003 Sweden held a referendum on entering the European Monetary Union. The Swedish people rejected participation, with 56% voting against and 42% for. All parliamentary parties pledged to respect the outcome of the referendum. No new referendum is planned for the foreseeable future.