In the 1970s and into the 1980s, many of my friends hailed Sweden as an example of how well socialism can work. And then as the next two decades unfolded, it became clear that the distorted incentives of a very high social safety net, attempts to save failing industries, and tax the snot out of income earners all contributed to Sweden's precipitous decline relative to the economic performances of the other OECD countries (see the data and references in the video below, h/t Cafe Hayek).
An apt simile in the video: "Protecting failing industries is like peeing in your pants. It feels warm and nice at first, but it stays cold for a long time"