“The Nordic economies are not socialist democracies. They call themselves social democracies,” said Jeffrey Sachs, Professor at Columbia University and director of the Center for Sustainable Development at Columbia University. “That’s a very big difference. They do not call themselves socialist, in general, because most of the production, most of the businesses in the economy, are private, corporate ownership.
It’s worth pointing out that Jeffrey Sachs isn’t just a stuffy old academic. He’s walked this walk. For decades, he has advised governments around the world on how best to emerge from poverty or to switch from communism to a market economy. He has personally witnessed what type of government tends to work best for the largest number of people. He especially wants people to understand this concept of “mixed economy” in the context of social democracy.
This clearly does not describe the Nordic economies liberals so often reference when we discuss socialism. These countries are not socialist.. Each of them has the mixed economy Sachs describes, and are much closer to the ideal of most liberals.
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