Crisis of the Economic and Social Model of the Nordic Countries: The Experience of Denmark, Norway, Finland and Sweden

Abstract

Introduction. The Nordic countries are the most economically developed and stable ones in terms of the political and social context. However, the processes of globalization, social and demographic change, business development, increased competition and commercial interests modify the functioning of the economic and social model of the Nordic countries, which experienced a number of crisis phenomena at various stages of its development. The objective of this piece of research is to analyze the prospects for the development of the Nordic model of the social state based on the study of its structure and historical development. Materials and Methods. The economic situation in the Nordic countries is the object of this study. To achieve the goals and objectives set, the research employed concrete structural analysis (to describe the theoretical aspect of the model) as well as concrete historical analysis (to study the processes of formation and development of the model). Results. The analysis of the Nordic economic and social model has been carried out; the theoretical aspect of the social and economic model as well as the historical context and the process of its development have been studied. The crisis phenomena and methods used to overcome the crisis of the social and economic model have been analyzed. A range of potential challenges have been identified and the prospects for the development of the region have been presented. Discussion and Conclusion. The model studied is capable of structural changes provoked by external factors and challenges. The economic experience of the Nordic countries is of interest to us not only in terms of the success of this model, but also in terms of overcoming the crisis. The results of the study can be used when developing new models that can be applied in other countries, taking into account their economic characteristics.