Nordic Model of Democracy

Nordic Model of Democracy

Subject : Polity/International Relations

Context: The Nordic Model of Social Democracy offers lessons to the developing world, including countries like India despite the myriad complexities of diversities.

Concept :

• The Nordic model also known as the Scandinavian model, is the combination of social welfare and economic system adopted by Nordic countries (Sweden, Norway, Finland, Denmark, and Iceland).
• It combines features of capitalism, such as a market economy with social benefits, such as state pensions and income distribution.
• Important features of the Nordic model include public provision of social services, investment in services associated with human capital, and a strong social safety net.