I always find Jerry Pournelle’s chart valuable in such discussions.
I haven’t decided if it’s amusing or sad that so many people on the US Left try to make the Euro social democracies out to be some sort of “socialism that works.” It’s nonsense. Denmark is just as rabidly capitalistic and in many ways regulates business less than in the US, to give just one example; Finland certainly does. And their form of government, although different, is still a representative one, and nothing that remotely resembles a socialist dictatorship.
The difference is that in Europe, the people, in particular the middle class, have agreed upon substantially higher levels of taxation in order to fund a substantially more extensive social welfare system. And they know they’re accepting slightly higher rates of unemployment (over time and on average) and slightly lower GDP growth (over time and on average) in exchange for it. Now, they’ve had to pull back on those tax rates and the size of the social infrastructure over the years to make sure those social infrastructures were financially sustainable, but all in all it works pretty well for them.