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Yes, it's ultimately a cautionary tale as to why social democracy is unsustainable, as it is just the implementation of social policies while maintaining capitalist hegemony. There is no such thing as a benevolent oligarch. Capitalists have utilitarian reasons to implement pro-worker social policies, and it's usually to reduce unrest or increase productivity. The moment those reasons no longer become relevant, they will begin to dismantle it. Much of western Europe in general right now is suffering from nonstop austerity for a long time now.