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In addition to mytailorisrich's comment, this is a vacuous description of Sweden's economy because many of its new billionaires are operating in a global techno
by nicklecompte 2y ago
In addition to mytailorisrich's comment, this is a vacuous description of Sweden's economy because many of its new billionaires are operating in a global technology and finance economy that wouldn't exist without US capitalism. If a Swedish company lists their IPO on the New York Stock Exchange and the founder becomes a billionaire, they became a billionaire via the American economy, not solely the Swedish one.
I suspect there is effectively a "negative externality" of income inequality, where Swedish residents can enjoy America's horrible shareholder-first corporate culture, without directly screwing over the Swedish poor. To be clear I am not trying to say that the Swedish are exploiting the US[1] and the Stockholm exchange does make plenty of billionaires (Ericsson is listed there). But you can't consider, say, Spotify to be a Swedish success story in isolation.
[1] In the precise same sense that most US corporations are not "exploiting" Delaware.
- panick21_ 2y agoThe Dutch are to blame for all of this.
- 11101010001100 2y agoAt what point can we say 'via the global economy'?
- nicklecompte 2y agoIn the literal context of my comment, we can say that when the UN establishes a stock exchange :) Obviously I am kidding, I meant "via the American economy" in a literal sense, via Wall Street (or Silicon Valley). I agree it makes more sense to view this stuff as a global economy with the US as simply a very big player.