Instapundit has a link to a story at Market Watch about the growth of capitalism in Sweden.
Sweden endured a deep financial crisis in the early ’90s, with sluggish growth and high unemployment, but this provided an impetus to new approaches in fiscal policy. As a result, the central bank became independent and set a low inflation target of 2%. Centralized salary negotiations were abolished and the labor market developed into one of Europe’s most flexible.
Large companies have long been the major driving force behind the Swedish economy, but attention is now focused on the lack of small and emerging companies.
Over the past several years I have seen an explosion of interest in entrepreneurship and free enterprise in Sweden. They are developing amazing educational programs at their universities. They are enacting public policy decisions that the US should pay attention to. It now appears that the Swedish government is moving ahead of the US in recognition of the global shift to a new entrepreneurial economy.
Perhaps we are witnessing the beginning of an entrepreneurial, grassroots transformation of the economic climate in Europe.
(Thanks to Bill Hobbs for passing this along).