Forestalling the Business Veto: Investment Confidence and the Rise of Swedish Social Democracy, 1932–1936*
until further notice
SourceSocial Science Quarterly, 84, 1, (2003), pp. 91-110
Article / Letter to editor
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Social Science Quarterly
SubjectNON-RU research; Onderzoek niet-RU
- Objective - We investigate the causes of the stability of Swedish business confidence in the early 1930s. Surprisingly, investors seemed unruffled by the Social Democrats’ heterodox “Crisis Program,” a proto-Keynesian response to the Great Depression. This research allows a productive modification of the argument that the state is dependent on private capital formation. - Methods - Analysis of stock markets, currency prices, patterns of domestic investment, as well as written primary sources in Swedish and English. - Results - The cross-class cooperation practiced by the Social Democrats, and the lack of a threat of radicalization, had an important calming effect on investors. - Conclusions - To avoid capital flight and resulting economic dislocation, reformist governments must cooperate with business and conservatives, and turn away from workers and revolutionaries.
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