Nordic style capitalism

Tags: capitalism finland

Nordic style capitalism refers to an implementation of capitalism that uses high taxes and high public spending to provide high-quality public goods (such as universal public education and health care), thus alleviating the responsibility for private industry to provide these goods.

Corson and Partanen [1] make the case that Nordic style capitalism (as practiced in Finland) is actually better for business than the more laissez faire American style capitalism because businesses no longer have to commit resources toward things like providing health insurance or training employees, but instead "outsource" these responsibilities to the government.

References

  1. Partanen, Anu, and Trevor Corson. “Finland Is a Capitalist Paradise.” The New York Times. Accessed December 16, 2019. https://www.nytimes.com/2019/12/07/opinion/sunday/finland-socialism-capitalism.html.