Nordic model
The Nordic model (also called Nordic capitalism or Nordic social democracy) refers to the economic and social policies common to the Nordic countries (Denmark, Finland, Norway, Iceland, the Faroe Islands and Sweden). This includes a comprehensive welfare state and collective bargaining at the national level with a high percentage of the workforce unionized, while being based on the economic foundations of free market capitalism. The Nordic model began to earn attention after World War II.Although there are significant differences among the Nordic countries, they all share some common traits. These include support for a "universalist" welfare state aimed specifically at enhancing individual autonomy and promoting social mobility; a corporatist system involving a tripartite arrangement where representatives of labor and employers negotiate wages and labor market policy mediated by the government; and a commitment to widespread private ownership, free markets and free trade.Each of the Nordic countries has its own economic and social models, sometimes with large differences from its neighbours.