Nordic model
Social and economic model in Nordic countries
Nordic model
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). Historically, this included a comprehensive welfare state and multi-level collective bargaining based on social corporatism, and a commitment to private ownership within a market-based mixed economy. Norway is a partial exception due to a large number of state-owned enterprises, state ownership in publicly listed firms, and its sovereign wealth fund. Although the Nordic countries retain significant differences, they share some common traits. The three Scandinavian countries are constitutional monarchies, while Finland and Iceland became republics in the 20th century. All the Nordic countries are described as democratic. All have a unicameral legislature and use proportional representation. They all support a free market and universalist welfare state aimed specifically at enhancing individual autonomy and promoting...
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