Central planning based on central-bank inflated debt-asset bubbles works until it doesn't.
A media mini-industry touts Scandinavia's "happiness" as the result of its high-tax, generous welfare state-capitalism. This mini-industry conveniently fails to report the soft underbelly of Scandinavia's "High-Tax Happy-Capitalism": The high-tax, generous welfare model is just as dependent on unsustainable credit bubbles as every other version of state-capitalism.
The glossy surface story goes like this: state-capitalism creates a happy, secure society if taxes are high enough to fund generous social welfare benefits for everyone. People are happy to pay the higher taxes because they value the generous benefits they receive.
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