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In the 1980s, a real estate and financial bubble formed, driven by a rapid increase in lending. A restructuring of the tax system, in order to emphasize low inflation combined with an international economic slowdown in the early 1990s, caused the bubble to burst. Between 1990 and 1993 GDP went down by 5% and unemployment skyrocketed, causing the worst economic crisis in Sweden since the 1930s. In 1992 there was a run on the currency, the central bank briefly jacking up interest to 500% in an unsuccessful effort to defend the currency's fixed exchange rate.[7] Total employment fell by almost 10% during the crisis.
A real estate boom ended in a bust. The government took over nearly a quarter of banking assets at a cost of about 4% of the nations GDP. This was known colloquially, as the "Stockholm Solution". The United States Federal Reserve remarked in 2007, that "In the early 1970s, Sweden had one of the highest income levels in Europe; today, its lead has all but disappeared....So, even well-managed financial crises don't really have a happy ending."[8]
The welfare system that had been growing rapidly since the 1970s couldn't be sustained with a falling GDP, lower employment and larger welfare payments. In 1994 the government budget deficit exceeded 15% of GDP. The response of the government was to cut spending and institute a multitude of reforms to improve Sweden's competitiveness. When the international economic outlook improved combined with a rapid growth in the IT sector, which Sweden was well positioned to capitalize on, the country was able to emerge from the crisis.[9]
The crisis of the 1990s was by some viewed as the end of the much buzzed welfare model called "Svenska modellen", literally The Swedish Model, as it proved that governmental spending at the levels previously experienced in Sweden was not long term sustainable.
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U dlaku identicna situacija kao danas nasa, kad socijala opterecuje gospodarstvo i izjeda mu supstancu, a eto, mi radimo totalno suprotno od onoga sto su oni pokazali da funkcionira i donosi dugorocnu korist, a kad netko pokusa nesto u tom smjeru onda imamo referendume i prijetnje prosvjedima.
I dobro si rekao, oni imaju i imali su ucinkovitu vladu. Ali vlada dolazi iz naroda. I narod je kriv ako vlada nije ucinkovita, ili je, kao ova nasa, jednostavno nesposobna.