The evidence to support this argument is fairly strong. The socialist
governments of various northern European governments in particular
managed to create societies in which personal liberty, income
equality, low unemployment, strong public welfare systems and
a high standard of living all coexisted for a long time.
The problem is that this evidence makes a better case for regulating
capitalism than it does for socialism classically understood.
The sources of wealth in these countries are still preponderantly
capitalist. As international market pressures have drawn these
countries into a more competitive mode, almost all of them have
been dismantling large parts of their welfare systems and selling
off nationalized industries to stimulate their economies.
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