Nordic model
Sign in to saveAlso known as Scandinavian Model, Nordic capitalism, Nordic social democracy
economic and social policies common to the Nordic countries, including a comprehensive welfare state and collective bargaining at the national level, while being based on the economic foundations of free market capitalism
~40 min read
Article
Flags of the Nordic countries, from left to right: Finland, Iceland, Norway, Sweden, and Denmark
The Nordic model comprises the economic and social policies as well as typical cultural practices common in the Nordic countries (Denmark, Finland, Iceland, Norway, and Sweden). This includes a comprehensive welfare state and multi-level collective bargaining based on the economic foundations of social corporatism, and a commitment to private ownership within a market-based mixed economy – with Norway being a partial exception due to a large number of state-owned enterprises and state ownership in publicly listed firms.