<HTML>In a message dated 8/17/2002 2:07:06 AM Eastern Daylight Time, mpollak@panix.com writes: <BLOCKQUOTE TYPE=CITE style="BORDER-LEFT: #0000ff 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px">High tech was only part of their revitalization.  The main part of it was an amazing fiscal turn-around that they executed in the first half of the 90s, before the stock market took off . And which they showed can be pulled off without gutting the welfare state.  So long as people are willing to pay taxes and trust the government to take the bulls by the horns. </BLOCKQUOTE> Thanks for sending that article. Sweden's mid-90s model stabilized and, it seems, later shielded their economy on the downside while increasing housing and employment, in a very positive way. But, the 45,000 Ericsson job losses (and many others from the late 90's tech-led employment boom) and fact that 80% of the country owns Ericsson shares (trading at 54 cents) because Sweden force spread stock ownership are troubling. I just think this speculative building and investing (not just in Sweden) are a scary flipside to the higher taxes and socially geared government programs you mention. Nomi</HTML>