In this chapter, we study the changes experienced by the Swedish growth model. Using the recovery after the 1990–93 crisis as a starting point, we depict the elements that shape the model and how they have evolved since then, highlighting changes in its institutional framework. We show how the links between economic growth, the welfare state and the labour market have changed during this period, and how the 2008 crisis has not had enduring effects, since, on the one hand, it did not hit hard the Swedish economy, and on the other, the changing trends came from before. Those trends involve: 1) a growth model in which the public sector plays a less important role than before; 2) a worsening framework of labour relations including traces of dualization; and 3) an extraordinary increase of inequalities as measured by any indicator (excepting gender inequalities). Finally, we will expose in our conclusions how the path described ends up in a more unequal and commodified society.