‘Contradictions’ in Developing Economies

Gustavus Vasa reigned in Sweden in the sixteenth century. During the next century capitalistic methods were introduced in that country chiefly as a result of Dutch influence. In An Economic History of Sweden Eli F. Heckscher makes the following observation:

If one wished to provide attractive labels for historical eras, the later years of Gustavus Vasa’s reign might perhaps be called the Age of Bliss in Swedish history. But it was an extremely conservative and static age, something which might well be true of most golden ages. For great changes never occur without causing great suffering, however much they may eventually improve the lot of the masses.¹