The surprising thing was that it worked. Farmers, business, and labor all came together with the state in an encompassing coalition that allowed the costs and benefits of adjustments to be equally shared. Swedish austerity ended when it came off gold and actively changed its mind about how to run an economy. When Germany, Sweden's major trading partner, did the same and began to grow rapidly after adopting a very different kind of expansionary policy after 1933, external demand really picked up and austerity in Sweden disappeared for the next fifty years.

Mark Blyth, Austerity, loc. 524