17 Facts About Nordic capitalism

All the Nordic capitalism countries are however described as being highly democratic and all have a unicameral form of governance and use proportional representation in their electoral systems.

Nordic capitalism model is underpinned by a mixed-market capitalist economic system that features high degrees of private ownership, with the exception of Norway which includes a large number of state-owned enterprises and state ownership in publicly listed firms.

In 2013, The Economist described its countries as "stout free-traders who resist the temptation to intervene even to protect iconic companies", while looking for ways to temper capitalism's harsher effects and declared that the Nordic countries "are probably the best-governed in the world.

Some academics have theorized that Lutheranism, the dominant traditional religion of the Nordic capitalism countries, had an effect on the development of social democracy there.

When it comes to gender equality, the Nordic capitalism countries hold one of the smallest gaps in gender employment inequality of all OECD countries, with less than 8 points in all Nordic capitalism countries according to International Labour Organization standards.

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Mothers in Nordic capitalism countries are more likely to be working mothers than in any other region and families enjoy pioneering legislation on parental leave policies that compensate parents for moving from work to home to care for their child, including fathers.

Nordic capitalism countries have been at the forefront of championing gender equality and this has been historically shown by substantial increases in women's employment.

The key characteristics of the Nordic capitalism model were the centralized coordination of wage negotiation between employers and labour organizations, termed a social partnership, as well as providing a peaceful means to address class conflict between capital and labour.

The Swedish model of Nordic capitalism developed under the auspices of the Swedish Social Democratic Party which assumed power in 1932 and retained uninterrupted power until 1976.

Nordic capitalism model has been positively received by some American politicians and political commentators.

Nordic capitalism model has been positively received by various social scientists and economists.

American professor of sociology and political science Lane Kenworthy advocates for the United States to make a gradual transition toward a social democracy similar to those of the Nordic countries, defining social democracy as such: "The idea behind social democracy was to make capitalism better.

American author Ann Jones, who lived in Norway for four years, posits that "the Nordic countries give their populations freedom from the market by using capitalism as a tool to benefit everyone" whereas in the United States "neoliberal politics puts the foxes in charge of the henhouse, and capitalists have used the wealth generated by their enterprises to capture the state and pluck the chickens.

Economist Jeffrey Sachs is a proponent of the Nordic model, having pointed out that the Nordic model is "the proof that modern capitalism can be combined with decency, fairness, trust, honesty, and environmental sustainability.

Some welfare and gender researchers based in the Nordic capitalism countries suggest that these states have often been over-privileged when different European societies are being assessed in terms of how far they have achieved gender equality.

Nordic capitalism argues that the model needs to updated for the Anthropocene, and reduce overconsumption while retaining the positive elements of progressive social democracy including universal healthcare and education, paid vacations and reasonable working hours in order to "stand as a beacon for the rest of the world in the 21st century.

George Lakey, author of Viking Economics, says that Americans generally misunderstand the nature of the Nordic model, commenting: "Americans imagine that "welfare state" means the U S welfare system on steroids.