The Nordic model represented by Sweden came to be favored场the international community because of the global financial crisis in 2008. The Swedish model came into being during the 1950s and 1960s. Supported场the ideas of "social justice", "full employment" and "perfection of welfare", the Swedish model emphasizes cooperation of different social classes and maximizes the social functions of market economy .However, due to the implementation of neo-liberalist policies in the 1980s, the Swedish model experienced a financial crisis in the early years of 1990s. Then, timely adjustment was made to embrace globalization and to weaken the influence of neo-liberalism while adhering to its rational kernel ideas, which quickly led Swedish economy to a period of steady growth. Although heavily affected场the 2008 global financial crisis, the unique advantages of the Swedish model were evident. The paper concludes that the rational kernel ideas of the Swedish model point to a new developmental direction for capitalism.
|Translated title of the contribution
|Financial Crisis and Adjustment of the Swedish Model
|Number of pages
|Published - 2010
- financial crisis
- the Swedish model