The Nordic Economic Model

Though 'Nordic countries' or 'Nordic region' traditionally referred to all the countries of Northern Europe, with the establishment of the Nordic Council in the 1950s, the term came to refer to the five countries of Denmark, Finland, Iceland, Norway, and Sweden, and their associated territories - the Faroe Islands, Greenland, and Åland7 (Refer Exhibit I for a map of the Nordic region, Exhibit II to know more about the countries, and Exhibit III for some statistics).....