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Creating the Nordic Model of Capitalism

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Creating the Nordic Model of Capitalism list of figures vii list of tables jx list of photographs xii acknowledgements xiii notes on the contributors xiv list of abbreviations xviii 1 creating Nordic capitalism - the business history of a competitive periphery i Martin Jes luersen and Lars Thue prologue to the Swedish chapter 20 2 welfare capitalism: the Swedish economy, 1850-2005 22 Hans Sj ogre ft 3 entrepreneurship and ownership: the long-term viability of the Swedish Bonnier and Wallenberg family business groups 75 Mats Larsson, Hakan Lindgren and Daniel Nyberg 4 from ASEA to ABB: managing big business the Swedish way 104 Fredrik Tell prologue to the Finnish chapter 137 5 growth and investment: Finnish capitalism, 18505-2005 139 Susanna Fellman 6 from state ownership to M NC: the path of Enso-Gutzeit to Stora-Enso 218 Jari Ojala, Juha-Antti Lamberg and Anders Melander 7 success and failure of a conglomerate firm: the strategic paths of Nokia and Tampella in the liberalizing Finnish economy after the Second World War 238 Mika Skippari and Jari Ojala prologue to the Danish chapter 263 8 co-operative liberalism: Denmark from 1857 to 2007 265 Martin Jes iwersen and Steen Andersen 9 Aria: from a decentralized co-operation to an MNE Mads Mordhorst 335 10 Carlsberg: regulation of the home market and international expansion 365 Martin Jes iversen and Andrew Arnold prologue to the Norwegian chapter 392 11 Norway: a resource-based and democratic capitalism 394 Lars Thue 12 constructive power: Elkem, 1904-2004 494 Knut Sogner 13 finance and the development of Norwegian capitalism: 530 the case of Christiania Bank Sverre Knutsen 14 conclusion 558 Susanna Fellman and Hans Sjogren statistical appendix 580 index 587 vi CONTENTS list of figures 1.1 The business systems of the Nordic countries 7 2A. 1 Liberalism and early industrialization within agricultural society, 1850—90: the foundation era J\ 2A.2 Industrial society and financial capitalism, 1890—1935 72 2A.3 The 'Swedish mode!', mature industries and. welfare economy, 1935—75 73 2A.4 Neo-liberalism and internationalization within the service society, 1975—2005 74 3.1 Members of the Bonnier family active in the Bonnier group 79 3.2 Members of the Wallenberg family active in the Wallenberg group 82 4.1 ABB share price, 1 January 2000-4 September 2007 131 4.2 ABB share price, 1 January 2003-4 September 2007 132 5.1 Investments as share of GDP: Finland, 1860-2005 175 5.2 Finnish outward FDT, 1965-85 190 5A.1 Finnish capitalism, 1850—1918: a liberal market economy 216 5A.2 Finnish, capitalism, 1919—39: an era of'qualified liberalism' 216 5A.3 Finnish capitalism, 1945—81: a highly co-ordinated market economy 217 5A.4 Finnish capitalism, 1982—2005: an inward and outward open, collaborative market economy 217 6.1 Turnover of (Stora-) Enso (-Gutzeit), 1930-2000 (left axis) and its share of total turnover of twenty-three Finnish forest industry companies, 1969-2000 (right axis) 225 6.2 The labour force in Stora and Enso, 1950—2001 226 6.3 Investments from turnover, Enzo-Gutzeit and a sample of twenty-three Finnish companies, 1963—97 228 7.1 Annual sales ofTampella and Nokia, 1958-2005 240 7.2 Number in the labour force, Tampella and Nokia, 1947-2005 240 8A.I The Danish business system, 1857—98 332 8A.2 The Danish business system, 1899-1932 332 8A.3 The Danish business system, 1933—56 333 VII 8.2 Danish export, liabilities and assets in relation to foreign countries, 1870-1910 272 8.3 Distribution of GDP, at factor cost, by principal industrial categories, 1855—1930 and manufacturing industries' export ratio 274 8.4 Important Danish mergers within the paper and forest, food and beverages and chemicals industries 1889—1901 276 8.5 Danish population, divided on culture—geography lines, 1860-1901 278 8.6 Transport of shipping goods and railway goods, 1895—1914 281 8.7 Danish export, 1910-18 287 8.8 Size of farms, gross income at factor cost, 1933—2002 299 8.9 Danish industrial development, 1897-1970 302 8.10 Productivity: Danish industry, 1947-57 302 8.11. Annual growth rates, selected western European countries and US average percentage, 1950—70 304 8.12 GDP at factor cost Agriculture & Industry Commerce and Industrial, Agricultural export, 1857—1957 306 8.13 Grocery stores: Denmark, 1925-88 311 8.14 Outward FDI, by Denmark; EEC, in total, EEC % of total, I 982-92 320 8.15 Total revenue of the top 40 corporations in relation to national GDP: Denmark, 1973-2003 321 10.1 Gamle CarLsberg's share of Danish production of Bavarian beer, 1872-96 371 11.1 Imports of cotton and wool manufactures to Norway '1830-45' 406 .1.1.2 The 10 private companies with the greatest capital assets, I960 443 1 1.3 Employment shares, 1865-2006, main sectors in Norway 484 12.1 Elkem: key numbers, 1923-40 506 12.2 Elkem: key figures, 1941-51 512 12.3 Elkem: income from the Soderberg system for aluminium, 1945-70 513 12A. 1 Key figures, 1953—2000, data from yearly accounts 528 13.1 Norwegian banks: total assets and number of banks, 1870-1920 536 13.2 Norway: Largest banks, by assets 1870-1910 537 13.3 CBK: Number of staff, 1848-1939 539 A.I Population, 1860-2006 580 A.2 Country size and population density, 2006 580 LISTOFTABtES A.3 Population density, urban settlements with 2000 inhabitants or more, 1 875-2000 581 A.4 GDP Levels, 1850-2006 582 A.5 Average unemployment, 1910-2005 583 A.6 Annual hours, worked, per person employed, 1870—2006 583 A.7 Employment, by sector 1940-2005 584 A. 8 Economically active population, by sex, 1930—2005 585 A.9 Labour productivity, 1870-1998 585 LIST OF TABLES x.i list of photographs 2.1 Ivar Kre tiger 41 2.2 Olof Palme 57 2.3 Jngvar Kamprad, IKEA 62 3.1 Wallenberg general meeting, 1971 87 4.1 ASEA's Chairman, Curt Nicolin, and CEO, Percy Barnevik, at the announcement of the ABB merger on 1 0 August 1987 126 5.1 Urho Kekkonen at Rautaruukki plant 181 5.2 Nokia and Perlos 197 6.1 Mantta paper mill 229 6.2 Enso truck 231 7.1 Tarn pel la factory 241 7.2 Early Nokia phone 243 7.3 Nokia protest 257 8.1 The Trans-Iranian Railway 292 8.2 Thorvald Stauning 294 8.3 The Emma Maersk 322 9.1 Total solutions for dairies, 1 888 342 9.2 The 'Lurpak' brand, 1954 347 10.1 J. C. Jacobs en from Carlsberg 370 10.2 Carls berg exports 380 10.3 Lostning 1940 Erne 382 11.1 Peder Anker 401 11.2 The Nydalen Compagnie 408 11.3 Johan Castberg 426 11.4 The Arvida aluminium plant 446 12.1 Emperor Wilhelm visiting Sam Eyde 497 12.2 Researchers gathered at the Fiskaa factory 500 13.1 Erik Brofoss 547 Xll.
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