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It is more accurate to say that Sweden (like Denmark) became a credit economy 100 years ago, as part of the process of industrialising. Moreover, most households did not have mortgages on purely residential property even by the end of the period.

If they had started out as a credit economy, in which every business and almost all households had non-negligible liabilities, the deflationary bias inherent in the gold standard would have been a much greater drag on the industrialisation process.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Dec 26th, 2010 at 02:09:29 PM EST
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