The Nordic Economic Model


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Case Details:

Case Code : ECON026
Case Length : 19 Pages
Period : 1950-2007
Pub. Date : 2008
Teaching Note :Not Available
Organization : --
Industry : -
Countries : Norway, Denmark, Finland, Iceland, and Sweden

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Please note:

This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Excerpts

The Main Features of The Nordic Economic Model

The Nordic economies, though there were differences among the five countries, were characterized by high levels of public expenditure - both social expenditure as well as public consumption (Refer Exhibit IV for figures on public expenditure as a percent of GDP, for the Nordic countries and some other countries).

Social expenditure in the Nordic countries pertained to the funding of public welfare services such as education, healthcare, child care, and other social services and large-scale income transfers such as subsidies, unemployment benefits, maternity (or paternity) benefits, old age and disability pensions, student benefits, and housing benefits...

What Makes The Nordic Region Competitive?

The Nordic countries have consistently figured among the top fifteen countries ranked on global competitiveness, in the report prepared by the World Economic Forum (Refer Exhibit VI for the Global Competitiveness Index, 2006-07). Some economists tried to explain the factors that contributed to the competitiveness of the Nordic region...

Criticisms and Challenges

The Nordic countries had come a long way from their poverty-stricken past.

As of 2007, they were considered among the world's most prosperous nations, with balanced regional development...

Outlook

The Nordic economic model, characterized by market-based economies and generous welfare systems, seemed to be working well, with the countries in the region figuring at the top of various lists that ranked countries on the basis of human development, per capita wealth, economic freedom, etc (Refer Exhibit XIII for ranking of Nordic countries on some major indices)...

Exhibits

Exhibit I: A Map of the Nordic Region
Exhibit II: The Nordic Countries at a Glance
Exhibit III: The Nordic Countries: Some Key Statistics (2007)
Exhibit IV: Share of Public Expenditure to GDP
Exhibit V: Taxes as % of GDP
Exhibit VI: Global Competitiveness Index, 2006-07 (Top 50)
Exhibit VII: Porter's Diamond Model for Competitive Advantage
Exhibit VIII: Nordic Universities in the World's Top 200 Universities in 2007
Exhibit IX: The Largest Companies in the Nordic Region in Terms of Turnover
Exhibit X: Economic Freedom Index 2007
Exhibit XI: The Networked-Readiness Index (2006-07 Rankings)
Exhibit XII: R&D Expenditure as a Percentage of GDP
Exhibit XIII: Ranking of Nordic Countries on Some Indices

 

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