9781422274101

Scandinavian countries, such as Sweden, Denmark, and Norway, are often described as socialist. However, the truth is a little more complicated. These countries have created mixed economies , in which the governments allow people to own private businesses, but impose heavy taxes in return for a generous program of social services, including health care, education, and cradle-to-grave welfare. Because the governments are democratically elected by the people in elections that are free and fair, these countries are best described as social democracies , rather than socialist. The closest to something resembling pure capitalism took place during the first century or so of the United States. However, this state of affairs began to change with the beginning of the Progressive Era in the late nineteenth century. The Progressives were people who believed that

To learn more about the origins of capitalism, scan here.

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Managing a Modern Economy