One Hundred Years of Swedish Economic Policy

2016 ◽  
Author(s):  
Leif Lewin ◽  
Johannes Lindvall
Keyword(s):  
Economic Policy ◽  
Economic Model ◽  
Policy Making ◽  
Full Employment ◽  
Transition To Democracy ◽  
Fiscal Policies ◽  
Economic Policies ◽  
The Third ◽  
Policy Shifts ◽  
Over Time

This chapter analyzes the development of Swedish economic policy from the early 1920s to the present. The chapter has three objectives: to describe how Swedish economic policy-making has evolved over time, concentrating on a few especially important periods: the adoption of expansionary fiscal policies in the 1930s, the development of Sweden’s postwar economic model in the 1950s, the struggle to maintain full employment in the 1970s and 1980s, the financial crisis of the early 1990s, and Sweden’s response to worldwide recession in the 2000s. The second objective is to show if and when Swedish governments have pursued economic policies that set Sweden apart from other rich democracies; and the third is to examine a number of scholarly debates concerning how to explain some of the economic policy shifts that have occurred in Sweden since its transition to democracy in the 1910s.

Chile’s Political Democracy and Economic Inequality

2020 ◽  
Author(s):  
Sylvia Borzutzky
Keyword(s):  
Economic Inequality ◽  
Transition To Democracy ◽  
Economic Policies ◽  
Political Democracy ◽  
Democratic Institutions ◽  
Successful Transition ◽  
Social Divisions ◽  
Market Economic ◽  
Over Time ◽  
Pinochet Dictatorship

Since the end of the Pinochet dictatorship in 1989, Chile has seen a remarkable coexistence of democratic institutions and economic inequality, because while there has been a successful transition to democracy over time, the market economic policies imposed by the Pinochet dictatorship have remained the same. These economic policies have resulted in large social and economic inequalities that have profoundly divided Chilean society. There are no indications that these inequalities and these social divisions will be dramatically reduced unless the current market economic policies are changed and policies based on a new pro-equality agenda are implemented.

scholarly journals Stabilization Policies and Technological Shocks: Towards a Sustainable Economic Growth Path

2019 ◽  
Vol 11 (1) ◽  
pp. 205 ◽  
Author(s):  
Anelí Bongers ◽  
Carmen Díaz-Roldán
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Policy Making ◽  
Sustainable Growth ◽  
Economic Policies ◽  
Long Run ◽  
Short Run ◽  
Stabilization Policies ◽  
Development Goals ◽  
Sustainable Economic Growth

The purpose of this paper is to explore the extent to which traditional economic policies can be oriented by sound practices. It is becoming widely accepted that sustainable economic growth (and not only economic growth) is the final target of economic policies, but some economic policies are applied just looking to the short-run without taking in account the long-run perspective. Our aim is to show how a sustainable economic policy-making would be possible, making compatible the stabilization of the economy in the short-run with a sustainable economic growth in the long-run. We confront the design of economic policies with the 17 goals of the 2030 Agenda. We argue that all sustainable development goals can be attained by the design and implementation of sustainable economic policies. Finally, to illustrate this point, we will conduct a simulation exercise to show under which combinations of demand policies technological shocks would promote a path of sustainable growth. Our results will provide a reference framework for a sustainable economic policy-making.

The Politics of Economic Policy-Making in Zimbabwe

1997 ◽  
Vol 35 (4) ◽  
pp. 575-602 ◽  
Author(s):  
CAROLYN JENKINS
Keyword(s):  
Economic Policy ◽  
Civil War ◽  
Policy Making ◽  
Economic Resources ◽  
Basic Rights ◽  
Complete Reversal ◽  
Policy Shifts ◽  
Radical Transformation

There are two remarkable features of post-independence economic policy-making in Zimbabwe: the very limited nature of the changes made by the new government in 1980, and the complete reversal of policy announced in 1990. It was surprising that a more radical transformation had not been introduced soon after independence, since this had been achieved by a civil war prompted not only by the denial of even basic rights to the majority of the population, but also by an extremely inequitable distribution of economic resources. The volte-face in 1990 was also unexpected, because it required a repudiation of governmental rhetoric at a time when the economy was by no means in a state of crisis, even though under stress. This article attempts to understand these policy shifts.

scholarly journals The Controversies of Modern Macroeconomic Theory in the Context of the Global Economic Crisis

2018 ◽  
Vol 7 (2) ◽  
pp. 49-72 ◽  
Author(s):  
Jovan Djuraskovic ◽  
Milivoje Radovic ◽  
Milena Radonjic Konatar
Keyword(s):  
Economic Policy ◽  
Interest Rates ◽  
Economic Crisis ◽  
Self Regulation ◽  
State Intervention ◽  
Limited Range ◽  
Fiscal Policies ◽  
Economic Policies ◽  
Macroeconomic Theory ◽  
Global Economic Crisis

Abstract The aim of this paper is to analyze controversies of modern macroeconomic theories in the period of the global economic crisis. Ideas, disagreement and similarities between the most important theories in relation to state intervention and anti-crisis economic policy are presented. The topical research has found a connection between the roots of the global economic crisis and the paradigm of new liberal theories. The crisis has confirmed that the idea of self-regulation in the private sector is untenable in practice. In times of crisis, the leading theoretical framework in economic policy is reexamined. Rules-based monetary and fiscal policies are replaced by discretionary decision-making. In the world economies affected by the crisis, anti-Keynesian cyclical measures of monetary and fiscal policies were implemented. A comprehensive and unequivocal reaffirmation of Keynesianism in anti-crisis policies has confirmed the assumption of the circularity of economic theories. Central banks quickly reduced their key interest rates and increased their money supply. Fiscal authorities implemented expansive stimulus programs. When creating a new macroeconomic paradigm, market imperfection must be taken into account as well as a limited range of government economic policies.

scholarly journals Full employment as a possible objective for EU policy II: Review of some empirical aspects

2008 ◽  
Vol 55 (2) ◽  
pp. 167-184 ◽  
Author(s):  
Massimo Cingolani
Keyword(s):  
Economic Policy ◽  
Empirical Evidence ◽  
Full Employment ◽  
Previous Article ◽  
Economic Policies ◽  
Previous Issue ◽  
European Economic ◽  
The Us ◽  
Historical Periods ◽  
The Eu

A contribution appeared in the previous issue of Panoeconomicus reviewed the theoretical arguments brought by Alain Parguez and Jean Gabriel Bliek in support of their idea of assigning a full employment objective to European economic policies and their coordination (Bliek and Parguez (2007) and Parguez (2007b)). Without pretending at exhaustiveness, this contribution reviews and partly extends the empirical evidence they presented in support of their argument with reference to selected macroeconomic developments in several countries and different historical periods, in particular for the US, Canada, Japan and the EU. It confirms the descriptive power of the circuit and its relevance for the discussion of alternative economic policies, in particular in the field of employment. Together with the previous article, it shows that the circuit can be used to update economic policy thinking, nourishing also the necessary democratic debate amongst police alternatives. .

scholarly journals KEYNES’ INTERVENTIONIST-REFORMIST ECONOMIC POLICIES

2013 ◽  
Vol 71 (281) ◽  
Author(s):  
Fernando Ferrari Filho ◽  
Fábio Henrique Bittes Terra
Keyword(s):  
Economic Policy ◽  
Exchange Rate ◽  
Fiscal Policy ◽  
Macroeconomic Policy ◽  
Economic Policies ◽  
Modus Operandi ◽  
Fourth Section ◽  
The Third ◽  
Monetary Economies

The article aims at presenting the <em>modus operandi </em>of Keynes’ economic policy –especially fiscal policy, which he reveals as the most important. For that purpose, the article is divided into four sections. First, it starts with a brief introduction. Secondly, it presents an analysis of the dynamic of monetary economies. The third section explores the importance of monetary and exchange rate policies in displaying macroeconomic policy, as well as it presents the Keynes fiscal policy as a counter-cyclical instrument. Lastly, the fourth section offers some final remarks.

scholarly journals The Rehn-Meidner model and its role in the Swedish economic policy

2021 ◽  
Vol Special Edition (Special Edition) ◽  
pp. 85-93
Author(s):  
Marta Sawer
Keyword(s):  
Economic Policy ◽  
Trade Unions ◽  
Full Employment ◽  
External Factors ◽  
Economic Decisions ◽  
Active Labour ◽  
Marginal Employment ◽  
The 1950S ◽  
Oil Crises ◽  
Over Time

This paper aims to describe the Swedish Rehn-Meidner model, the cause of its creation, its features and the reasons for changes in the Swedish economic policy over several decades. The model was developed by two Swedish economists in 1951 and it impacted the economic policy over the following decades. It was intended to facilitate achieving the goals of full employment, price stability, economic growth and equality in a redistribution of income through the policies of solidarity wage, restrictive economy, active labour market and marginal employment. The model was designed as a solution to the "overheating" of the Swedish economy in the 1950s. The implementation of the model initially proved to be successful. However, in the 1970s the economic policy began to be more influenced by trade unions, acting mainly in their own interest. Due to the growing globalisation other external factors, such as oil crises and negative demand shocks, started to have an increasing impact on Sweden. It was when economic decisions started to shift away from the recommendations of the model, and the "golden age" of the 1950s and 1960s came to an end. The following analysis intends to explain what was the model characterisation, how it influenced Sweden's development, and why the country economic policy has changed over time. It also states that despite changes in the economy, certain elements of the model have remained valid until today.

The New Cambridge and ‘Monetarist’ Criticisms of ‘Conventional’ Economic Policy-Making

1975 ◽  
Vol 74 ◽  
pp. 39-55 ◽  
Author(s):  
J.A. Bispham
Keyword(s):  
Economic Policy ◽  
Policy Making ◽  
Real Option ◽  
Full Employment ◽  
Policy Formation ◽  
Statistical Correlations ◽  
Post War ◽  
The Uk ◽  
The Cost ◽  
Forecasting Errors

Over recent years there has been increasing criticism of what may be called ‘conventional’ economic policy-making The methods of forecasting and analysis used at the National Institute and elsewhere are at the centre of this type type of policy formation, and, although there have certainly been forecasting errors, the conclusion of this article is that nothing better has been proposed. This is certainly true of the New Cambridge view of the balance of payments which always had many theoretical difficulties, but which has now, it is demonstrated, also fallen down empirically.The school which is here labelled Monetarist is defined rather widely and probably includes somewhat divergent strains of thinking. They have in common however that they reject the cost-push explanation of inflation in favour of a monetary/excess demand theory. Attention is restricted to those who have commented on the UK situation. It is the central contention of this section of the article that the case is not proven by the sorts of ‘evidence’ which tend to be adduced. It is much more likely that the relatively painless monetarist cure for inflation is not a real option at all, but a mirage resulting from excessive concentration on statistical correlations of quarterly post-war data. A much broader view considers the important implications of the shift from the pre-war world to the ‘full employment welfare state’.

scholarly journals Economics versus politics: pitfalls of policy advice

2013 ◽  
pp. 4-28
Author(s):  
D. Acemoglu ◽  
J. Robinson
Keyword(s):  
Political Economy ◽  
Economic Policy ◽  
Economic Efficiency ◽  
Policy Making ◽  
Market Failure ◽  
Careful Analysis ◽  
Economic Policies ◽  
Market Failures ◽  
Main Message ◽  
The Impact

The standard approach to policy making and advice in economics implicitly or explicitly ignores politics and political economy and maintains that if possible, any market failure should be rapidly removed. This essay explains why this conclusion may be incorrect; because it ignores politics, this approach is oblivious to the impact of the removal of market failures on future political equilibria and economic efficiency, which can be deleterious. We first outline a simple framework for the study of the impact of current economic policies on future political equilibria — and indirectly on future economic outcomes. We then illustrate the mechanisms through which such impacts might operate using a series of examples. The main message is that sound economic policy should be based on a careful analysis of political economy and should factor in its influence on future political equilibria.

Inconsistencies between Social-democratic Discourses and Neo-liberal Institutional Development in Chile and South Africa: a Comparative Analysis of the Post-authoritarian Periods1

2015 ◽  
Author(s):  
Rommy Morales Olivares
Keyword(s):  
South Africa ◽  
Economic Policy ◽  
Comparative Analysis ◽  
Policy Making ◽  
Institutional Development ◽  
Policy Framework ◽  
Economic Policies ◽  
Social Democratic ◽  
Socioeconomic Analysis ◽  
High Degree

This chapter examines how economic policies in post-authoritarian societies are influenced by policies formulated during previous authoritarian periods, as well as the mechanisms that lead to the continuity of an economic policy framework that allows the perpetuation of social inequality. The discussion centers on the relatively high degree of continuity in economic policy-making in Chile and South Africa, which have been examples of the neo-liberal reforms of the capitalist periphery and offer an additional complexity, and on the discursive level at which the economic and institutional development of both countries has been formulated. After a brief overview of both nations' historical contexts, the chapter offers a socioeconomic analysis of Chile's post-authoritarian period and compares it with South Africa's post-authoritarian period. It highlights five mechanisms of institutional continuity, which may serve as hypotheses to explain the neo-liberal trajectories of both countries.

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