Social Solidarity in Scandinavia after the Fall of Finance Capitalism

Cathie Jo Martin

in The Consequences of the Global Financial Crisis

Published in print May 2012 | ISBN: 9780199641987
Published online September 2012 | e-ISBN: 9780191741586 | DOI:

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The global meltdown prompted minimal challenges to the welfare state and governmental controls in Scandinavia, even while spurring a resurgence of enthusiasm for the touchstones of neoliberal thought within Liberal countries. This chapter suggests that nations’ differential responses to the crisis reflect, in part, the varying societal capacities of countries to develop and to enact new solutions to economic malaise. Organized social partners — acting in conjunction with state leaders — have differing collective capacities for policymaking; for example, Scandinavian employers participate much more strongly in policymaking forums concerning human capital investment and industrial relations. While one might expect the institutions of managed capitalism to be most threatened by the crisis, strong state‐society relations have persisted and the social partners have jointly struggled to articulate nonzero-sum solutions that secure greater social solidarity. The case highlights the importance of processes of collective political engagement in shaping policy responses to seismic economic transformations.

Keywords: Global Financial Crisis; employer organization; welfare state; human capital investment; corporatism

Chapter.  7946 words. 

Subjects: Political Economy ; Financial Institutions and Services

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