However these countries still suffer from.
Scandinavian economy. Most of the economy is based on natural resource exploitation including fishing petroleum and hydroelectric power. It combines features of capitalism such as a market economy and economic efficiency with social benefits such as state pensions and income distribution. Scandinavian countries specifically norway sweden denmark and finland are perceived as socialist because their citizens pay very high income taxes.
The nordic model is a term coined to capture the unique combination of free market capitalism and social benefits that have given rise to a society that enjoys a host of top quality services. The norwegian economy s total gross domestic product gdp in 2014 was 499 billion and a 2015 gdp per capita of 70 000. The nordic model comprises the economic and social policies as well as typical cultural practices common to the nordic countries denmark finland iceland norway and sweden.
The nordic economy is set to recover in 2021 as improving consumer and capital spending combined with continued fiscal stimulus drive a rebound in domestic demand. Although sensitive to global business cycles the economy of norway has shown robust growth since the start of the industrial era the country has a very high standard of living compared with other european countries and a strongly integrated welfare system. Norway practices a mixed economy with both privately and publicly owned enterprises.
Economics spain scandinavia taxation employment the nordic countries are usually mentioned in the spanish political debate as examples of well functioning and efficient welfare states where the government provides citizens with a large range of social benefits. America must embrace democratic socialism a socioeconomic system that seemingly works very well in the scandinavian countries like sweden which are by some measures better off than the united states. This includes a comprehensive welfare state and multi level collective bargaining based on the economic foundations of social corporatism with a high percentage of the workforce unionized and a large percentage of the.
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