Sweden was a very prosperous country in the late nineteenth- and early twentieth-centuries because it was a limited government, low-tax society that spawned many great inventors and entrepreneurs (Alfred Nobel, Volvo, and Saab).
“But that prosperity was stopped in its tracks when Sweden adopted “democratic socialism” in mid-century. As a result, Sweden ate up (with taxes) the wealth created by previous generations, so much so that not a single net new job was created there from 1950 to 2005 according to the Swedish Economic Association.”
And when the Swedish central bank tried to bail out the floundering Swedish welfare state, it created 500% interest rates. (The same bank that pretentiously awards the Nobel Prize in Economic Science!).