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At the end of the Third Way and no sense of its future, social democrats look to Sweden for inspiration. However, Swedish social democracy is in no better condition. Scholarship is starting to grasp the broad outlines of the movement's difficulties. Providing greater depth, this article employs the Social Systems of Innovation and Production approach to analyse Swedish social democracy's current condition by historicising its current policy dilemmas in relation to the public pension system, once the jewel in the crown of the Rehn–Meidner model and the push for economic and industrial democracy, now the constraining legacy of financialisation.

Steering a middle course between the strong neoliberalization thesis and arguments that deny that neoliberalization has occurred, this article accounts for the complex and hybridic shift in Sweden from pension reform through share ownership as a socialist strategy to an as-of-yet incomplete and contradictory neoliberal process. Noting the broader significance of Sweden for the international debate over pension reform, the article unpacks the concept of "mass investment culture" to discern the significant headway toward neoliberalization in Swedish pension savings and provision while still noting profound sources of crisis tendencies.

Iceland's journey from rags to riches in the 20th century is related, in the dominant discourse, to its gaining independence in 1944. This discourse played a significant role in both the legitimation of the finance-dominated growth model in the 1990s and 2000s and in the latter's defence as it came under scrutiny before its collapse in October 2008. It is therefore ironic – or perhaps, in some sense, logical – to find dominant analyses of the crisis arising from the neo-mercantilist tradition. Drawing on Marxist critiques of neo-mercantilism, we challenge these interventions and thus seek to redress the neglect of social struggle in the dominant discourse.