THE NORDIC MODEL AND WELFARE STATE

Viktor Viljevac ()
Additional contact information
Viktor Viljevac: University of Zagreb

Economic Thought and Practice, 2020, vol. 29, issue 1, 307-324

Abstract: This paper analyses the Nordic model and functioning of the welfare state in the Nordic countries. The so-called „Middle Way“ between capitalism and socialism is successfully sustained in the Nordic countries albeit multiple pressures and challenges due to globalisation. The paper analyses and compares levels of economic development and citizen welfare measured by monetary and non-monetary indicators in Denmark, Finland, Norway and Sweden. Furthermore, these four countries are compared with the remainder of EU-28. Core ideas behind the Nordic model are analysed afterwards, as well as the crisis of the welfare state and the Nordic model during the rise of globalisation along with the subsequent reaffirmation of the Nordic model after the onset of the Great Recession. Analysis of macroeconomic data and review of the existing literature lead to the conclusion that it is possible to combine a high degree of state intervention in market outcomes with a high level of economic development and efficient functioning of the free market economy.

Keywords: Nordic model; welfare state; Nordic countries (search for similar items in EconPapers)
JEL-codes: O33 O40 O52 P10 P16 (search for similar items in EconPapers)
Date: 2020
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://hrcak.srce.hr/clanak/347763 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:avo:emipdu:v:29:y:2020:i:1:p:307-324

Ordering information: This journal article can be ordered from
Economic Thought and Practice, University of Dubrovnik, Branitelja Dubrovnika 29, 20000 Dubrovnik
https://emip.unidu.hr/

Access Statistics for this article

Economic Thought and Practice is currently edited by Nebojsa Stojcic

More articles in Economic Thought and Practice from Department of Economics and Business, University of Dubrovnik Contact information at EDIRC.
Bibliographic data for series maintained by Nebojsa Stojcic ().