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Economics

10 February 2014

Economy of Sweden

Sweden, officially the Kingdom of Sweden, has a constitutional monarchy with a multiparty parliamentary democracy. In this form of government a king or queen acts has the Head of State while the prime minister and elected officials of the parliament, have the ability to make and pass legislative laws.

The constitutional monarchy separates the Head of States ceremonial and official duties from party politics. Having a constitutional monarchy provides stability, continuity, and a national focus as the Head of State remains the same even has government changes.

Sweden is a highly competitive capitalist economy, with high income taxes that ensures income is distributed across the entire country. This gives Sweden a high standard of living, featuring a modern distribution system, excellent internal and external communications, and a skilled labor force. This is sometimes called a Nordic model. Approximately 90% of all resources and companies are privately owned, with a minority of 5% owned by the state and another 5% operating as either consumer or producer cooperatives. Because Sweden was a neutral country and did not actively participate in World War II, it did not have to rebuild its economic base, banking system and country as a whole, as did many other European countries. Sweden has achieved a high standard of living under a mixed system of high-tech capitalism and extensive welfare benefits. Sweden has the second highest total tax revenue behind Denmark. As of 2012, total tax revenue was 44.2% of GDP, down from 48.3% in 2006.

In terms of structure, the Swedish economy is characterized by a large, knowledge-intensive and export-oriented manufacturing sector, an increasing, but relatively small, business service sector, and by international standards, a large public service sector. Large organisations both in manufacturing and services dominate the Swedish economy. High and...