The 1980s were a very turbulent time in Sweden that initiated the occasional decline of Social Democratic Party rule. In the 1980s, pillars of Swedish industry were massively restructured. Shipbuilding was discontinued, wood pulp was integrated into modernized paper production, the steel industry was concentrated and specialized and mechanical engineering was digitalized. In 1986, Olof Palme, one of the Social Democratic Party's strongest champions of democracy and egalitarianism, was assassinated. Swedish capital was increasingly moving Swedish investment into other European countries as the European Union coalesced and a hegemonic consensus was forming among the elite financial community while progressive taxation and pro-egalitarian redistribution became economic heresy. A leading proponent of capital's cause at the time, Social Democrat Finance Minister Kjell-Olof Feldt reminisced in an interview: "The negative inheritance I received from my predecessor Gunnar Sträng (Minister of Finance, 1955–1976) was a strongly progressive tax system with high marginal taxes. This was supposed to bring about a just and equal society. But I eventually came to the opinion that it simply didn't work out that way. Progressive taxes created instead a society of wranglers, cheaters, peculiar manipulations, false ambitions and new injustices. It took me at least a decade to get a part of the party to see this". With the capitalist confederation's defection from the 1938 Saltsjöbaden Agreement and Swedish capital investing in other European countries rather than Sweden as well as the global rise of neoliberal political-economic hegemony, the Social Democratic Party backed away from the progressive Meidner reform.