The Nordic Model of Capitalism

Abstract

Five countries are normally included in the Nordic grouping. At first (statistical) glance they can appear very similar. But capitalism everywhere is on a different trajectory. It is a change that moves at different speeds at different times in different places – like a series of rocks falling, tumbling or just slowly sliding, down a mountainside, before they all settle at the bottom. There was a time when the Nordic countries were tumbling very closely together. They still are quite similar to each other. But other countries are becoming more and more like them, especially in Northern Europe. This could be seen as part of a greater change. As was recently explained: ‘People talk about capitalism as if it were just one thing, but the truth is that we live in a global system of capitalisms plural, with a chunk of ideology in common but considerable differences in local emphasisʼ. However, now we can see more and more places in the world becoming more Nordic, and especially so in the rich world. As a rule of thumb, those Nordic countries nearest to the UK tend to be home to folk who are a little more selfish, those further away are more collective and generous in their outlook, but all are so very different to the United States that when types of capitalism came to be defined, they were lumped together as an archetype. Now many other countries in the world are becoming more Nordic in many ways, or are even more Nordic than some of the Nordic countries.

Keywords

• Nordic model
• welfare
• capitalism
• comparisons
• developments