text:
world economic forum DAVOS 2011 Shared norms for the new reality The Nordic Way
- Mervin Nash
- 2 years ago
- Views:
1 world economic forum DAVOS 2011 Shared norms for the new reality The Nordic Way
2 Shared norms for the new reality What s so special about the Nordics? In international comparisons, not least the World Economic Forum s global competitiveness index, the Nordic countries are almost always found at or near the top. In one meta-index that is an aggregate of 16 different global indices (competitiveness, productivity, growth, quality of life, prosperity, equality etc) the four main Nordic countries Sweden, Norway, Denmark and Finland top the list. 1 What are the reasons? Is there such a thing as a common Model particular to the Nordics and if so, will it last? Is it sustainable, even transferable to other parts of the world? In this little brief we would like to provide bits and pieces of what we believe are some plausible explanations for the relative success of the Nordic societies. If these experiences can improve the understanding of our way of doing things and inspire debate and development in other parts of the world we will be very pleased. Shared values are also about sharing values and experiences with others. The fact that Nordic countries showed resilience during the recent financial crisis largely seems to be the result of previous deep crises in the Nordic region in the 1980s and 90s. During these crises, the Nordic countries renewed and modernized their respective economies in ways which sometimes constituted a break with previous regulations and tax systems. The second article by Henrik Berggren (historian, former political editor of Dagens Nyheter) and Lars Trägårdh (historian, professor at Ersta Sköndal University College) addresses precisely this issue, in their contribution Social Trust and Radical Individualism. Many people see the Nordic countries as some kind of compromise between socialism and capitalism. This is not at all the case, according to Berggren-Trägårdh. Instead, it is the combination of extreme individualism and a strong state that has shaped the fertile ground for an efficient market economy: Less tied down by legal, practical or moral obligations within families, individuals of both sexes become more flexible and available for productive work in a market economy. Gender equality has resulted in both higher fertility rates and higher female participation on the labor market than in other parts of Europe. Economic performance also benefits from low transaction costs, generally delivered by social trust, adherence to laws and low levels of corruption. According to some studies 2 it is the most modern and individualistic countries, most notably the Nordic countries that are characterized by such broad social trust. We believe like the three authors that it is not enough to share values. Values also have to be translated into institutions, rules and legislation. Cultural and social values are not easily transferable across borders, but systems and policies that have proved to work well might still serve as an inspiration for others. Klas Eklund (senior economist at SEB and adjunct professor of economics at Lund University) consequently claims in his contribution Nordic capitalism lessons learned that what we ought to search for is not a crisis-free Nordic model but rather a Nordic experience efficient ways to handle deep crises. However, that raises the question of why the Nordic countries were able to meet these challenges. Here, social cohesion seems to have played a role in making tough reforms possible. Stockholm, December 20, 2010 Jacob Wallenberg Chairman of Investor Kristina Persson President of Global Utmaning and The Norden Association 1. Tällberg Foundation, World Value Surveys, Eurobarometer, ESS, EVS
3 Klas Eklund Nordic capitalism: Lessons learned During the recent financial crisis, the four main Nordic countries showed resilience. They suffered during the downturn but rebounded fairly quickly. None of them went through any devastating banking crisis. Although the Danish real estate market took a beating, none of these countries is showing dangerous budget deficits, and none of them has current account problems. Their resilience has rekindled international interest in what sometimes is called The Nordic Model. However, one should be very careful about using such a term. It is difficult to find any kind of common Nordic economic blueprint that is transferable to other countries. Actually, in important respect the Nordic countries follow different economic strategies. This is most visible in their stance toward the euro. Finland is a member of the European Union and has adopted the euro. Denmark is an EU member, with an opt-out from the currency union but still keeps its currency tightly pegged to the euro. Sweden is also an EU member with no opt-out yet is nonetheless not a member of the euro zone and has a floating currency. Norway, finally, is neither in the EU nor in the euro zone. Four countries, four different strategies. Of course, there are economic similarities. All four are small, open economies with high per capita incomes. All have a rather large public sector with high taxes, and all have inclusive welfare states. But they have different histories and structures. The richest Nordic country Norway largely bases its accumulating wealth on oil and gas revenues. Denmark s economy is based on transport and agriculture; Sweden is successful in manufacturing, pulp and paper, telecom and design. Finland s industrial structure is similar to that of Sweden but the manufacturing sector is not as 4 5
4 Business sophistication Market size Technological readiness Innovation Financial market development Strong Nordic competitiveness Institutions 7 When the World Economic Forum compiles its competitiveness index, this is based on a weighting of twelve "pillars", such as education, infrastructure, market efficiency etc. In the recent Report, the four main Nordic countries outclassed the European Union, beating the EU in all different pillars. At the same time the Nordics beat the US in nine out of twelve pillars, losing out only in market size (of course), innovations and "labor market efficiency". The latter definition, however, is debatable since the "flexicurity" of the Nordic economies is another way of organizing the labor market than the Anglo-Saxon way - different, but not necessarily less "efficient". Source: World Economic Forum Global Competitiveness Report Labor market efficiency Infrastructure Macroeconomic environment Health and primary education Higher education and training Goods market efficiency Nordic (FI, DK, SE, NO) United States EU 27 broad. Denmark and Sweden have the highest tax-to-gdp ratios in the world. Finland has lower taxes. Learning from previous crises More importantly, the Nordic countries have not been free from crises. On the contrary, I would claim that one important reason for their relative success today is the fact that they suffered deep crises in the 1980s and 1990s and were able to learn from them. All of them used their crises to modernize their economies, reforming rather staid systems and making them more flexible. In this sense the Nordic countries are turnaround cases. Within a few decades they have gone from poorly performing to strongly performing economies. But there is no clear common pattern in their crisis strategies. The Danes started their turnaround as far back as the late 1970s, the Norwegians had their crisis in the 1980s, while the Swedes and Finns did not suffer theirs until the 1990s then in a more brutal way. Denmark used to have the most troubled economy in the Nordic area, suffering both from inflation and high unemployment. It joined the European Union as early as 1973 (far ahead of Finland and Sweden) and decided early on that a fixed currency was necessary to overcome inflation and lack of economic policy credibility. In 1982 the Danish krone was pegged to the D-Mark. A number of tough austerity programs in the 1980s notably the potato cure made stability possible and the exchange rate credible, but at the same time pushed up unemployment. As a response, labor market policy became much more flexible. Eventually, the result was low inflation and a gradually improving labor market. Norway suffered a prolonged financial and real estate crisis in the late 1980s, after a mismanaged credit boom, which ended in a systemic crisis and the nationalization of major banks. In the early 1990s, government, labor and management made an agreement according to which tight fiscal policy should contribute to stabilizing production and employment and wage policies should aim at competitiveness in the export sector, while monetary policy was initially geared toward a stable exchange rate. During the European currency crisis in 1992, monetary policy makers instead adopted an inflation target and accepted a floating currency. In both Finland and Sweden, the 1980s were years of high inflation and weak currencies. Both nations had gone through several devaluation cycles, with ensuing high inflation. Both like Norway had 6 Nordic capitalism: Lesson learned Nordic capitalism: Lesson learned 7
5 problems in controlling the aftermath of credit market deregulation, and both were hit by economic shocks in the early 1990s; Finland suffered from the collapse of trade with the Soviet Union and Sweden from high interest rates to protect a fixed exchange rate. The result was banking crises, followed by severe recessions with falling GDP levels and rapidly rising unemployment. The numbers were astounding. In Sweden, the budget deficit peaked at 12 per cent of GDP, and the central bank s key interest rate peaked at 500 per cent. Unemployment quadrupled; in Finland, joblessness reached almost 20 per cent. Not until hard currency policies were abandoned in 1992 was it possible to lay the foundations of a turnaround, but a period of tight fiscal policies made the recovery painful. So Nordic economic performance in the 1970s and 80s was not very successful, to put it mildly. Instead, all four countries suffered deep recessions. Since then, these countries have shaped up. The reason, however, is not that taxes have been hiked or benefits have become more generous or any other such actions which many people may associate with a Nordic model. On the contrary, economic policy in all four countries, but to a different extent, has been modernized, not least by market reforms. Policy makeover The high inflation policy of previous decades has been replaced by national inflation targets in both Sweden and Norway, whose central banks have been pioneers. Denmark and Finland, of course, adhere to the ECB target. In this sense, they all have inflation targets, albeit in the Danish case via a fixed exchange rate. The sloppy budget practices of yesteryear have been replaced by strict budget rules. In both Sweden and Finland, fiscal tightening amounted to some 7-8 per cent of GDP in the mid-90s, mainly through expenditure cuts. In Sweden, the national budget targets today are much tougher than in the euro zone, requiring the government to show a hefty surplus in good years in order to obtain a small surplus over the economic cycle as a whole, aiming to reduce government debt. In Norway, revenues from oil and gas now have to be handled according to strict rules in order to keep the government budget more or less balanced. The bulk of revenues is put into a sovereign wealth fund the Government Pension Fund Global for future needs and investments. Moreover, a fiscal policy rule limits the structural non-oil budget deficit over a full economic cycle to the 4 per cent expected real return on the Fund. In all four countries, several markets have been deregulated. Taxes have been cut, as well as benefit levels. In Sweden, the tax ratio (total tax revenue as a share of GDP) has fallen from 56 per cent in the late 1980s to 47 per cent this year. Expenditure has come down even faster, turning a budget deficit into a structural surplus. Both Finland and Sweden mainly because of the political trauma created by deep recessions were able to push through comprehensive reform programs. In only a few years in the mid-90s, a radically new macroeconomic framework was put in place, with independent central banks, strict budget rules, deregulation and lower benefit levels. This framework has given both countries a stable low-inflation environment. In Sweden, a new partly definedcontribution public pension system replaced the old defined-benefit system. On top of that, Finland and Sweden were well positioned to reap huge benefits from the new economy. They have world class IT and telecom companies, as well as a tradition of good international management. The result has been rapid productivity growth. Denmark has benefited from expanding global trade and increasing demand for agricultural products. Norway, of course, has gained from the ever-growing demand for commodities and energy. It should be noted, though, that these four Nordic countries have not been immune to the strains suffered by other countries during the recent crisis. The Danish real estate market has taken a severe hit, due to its high pre-crisis valuation, and private debt is still high. In Sweden, some banks lent heavily to the Baltic countries, which suffered a terrible crash. Swedish real estate prices are now soaring leading some economists to fear that a new bubble is under way. Still, as a group, the Nordics have fared better than most countries. And scarred from the banking crises of the early 1990s, Nordic banks did not venture into exotic and dangerous credit derivatives. In my mind, this relative Nordic success story is largely due to the crisis management of the 1980s and 1990s. Here, of course, is a lesson to be learned by continental European countries: a swift and resolute reform strategy may yield better results than a wishy-washy, drawn-out one. A Nordic experience in crisis management? The policy lessons from the Nordic experience show it is possible to regain stability and for crises-ridden economies to recover. However, we should be aware that in all countries it took deep crises to trigger the necessary reform programs. But this conclusion, of course, raises a more fundamental issue. What made it possible for the Nordic countries to actually make 8 Nordic capitalism: Lesson learned Nordic capitalism: Lesson learned 9
6 Global Competetiveness Index Trustworthy public institutions in the Nordics st pillar: Institutions One of the indices in the World Economic Forum Competitiveness report concerns the transparency and efficiency of public institutions. In the recent report, four out of the six top spots in this pillar were clinched by the main Nordic countries. Source: World Economic Forum Global Competitiveness Report DK NO FI SE good use of their respective crises? President Obama s former Chief of Staff, Rahm Emanuel, famously quipped Never let a good crisis go to waste. But many countries do. How come the Nordic countries did not waste theirs? Are there some common elements in the Nordic way of handling crises which are beneficial and could be emulated in other countries? Is there a certain Nordic experience from which we might learn? Once again, it is almost impossible to create blueprints for other countries, with different characteristics, in different times. And as seen above, the four countries followed different strategies as regards currency policy, income policy etc. Nonetheless, there are certain common traits in how these countries answered the challenges. All four have a tradition of consensus-seeking policy solutions the obvious example here is the Norwegian deal between the government, labor and management. Also, their economies are open and protectionism is out of the question. Labor unions are positive toward new technology. And they all more or less adhere to the view that sick leave and unemployment insurance systems should be shaped in ways which are both generous and growth-promoting. This creates a Is there a certain Nordic experience from which we might learn? certain social cohesion, which may have beneficial effects on policy-making and growth. The combination of liberal labor laws it is comparatively easy to hire and fire with generous benefit levels and an active labor market policy has been dubbed flexicurity, since it aims to combine both flexibility and security. This system, however, does not always function as intended. It has not prevented unemployment from rising over the long-term and during the recent crisis. And it has not been able to fully prevent the creation of a large group of structurally unemployed immigrants, who are now creating rifts in previous homogeneous countries. Nonetheless, it may be an important part of the answer to the questions about the Nordic experience. However, this raises new questions and pushes us to the next analytical level: How come the Nordic countries have adopted this flexicurity model, with its strong emphasis on labor and work ethics? Here, the wretched economist must leave the floor to the historians. Precisely this issue is analyzed in the next essay by Lars Trägårdh and Henrik Berggren. 10 Nordic capitalism: Lesson learned Nordic capitalism: Lesson learned 11
7 Henrik Berggren / Lars Trägårdh Social trust and radical individualism The paradox at the heart of Nordic capitalism In a broad global perspective, the Nordic region may seem of marginal significance. The combined population of the Nordic countries is only 25 million people, but in qualitative terms there is an argument to be made for the viability of the Nordic strand of capitalism. As Klas Eklund shows in his article, the region has emerged in good shape from the recent financial crisis, with budget surpluses and low levels of public debt. In a longer perspective the four main Nordic countries are characterized by steady growth, long-term political stability, transparent institutions, technological adaptability, flexible labor markets, open economies and high levels of education. All these factors tend to put the Nordic countries at the top of international ranking lists both in terms of economic clout and quality of life. It has also been argued that this makes the Nordic countries better equipped to deal with fundamental challenges concerning sustainability in general and global warming in particular. How, then, can we explain the relative success of Nordic capitalism in a globalized world? One possibility is that Nordics by nature are unusually cooperative, rational and less prone to succumb to the lure of market egoism than other people. If that is the case, there is not much to be learned from the outside other than that the world might be a more reasonable but also possibly duller place if it were inhabited solely by Swedes, Danes, Norwegians and Finns. However, if we assume that the citizens of the Nordic countries are on the whole similar to other human beings in their passions, both good and bad, other factors come into play: the social practices, the long-term institutions and historical experiences that underpin Nordic capitalism. This is not to imply that there is a free-floating Nordic model that can be applied to other countries. But it does mean that some aspects of Nordic capitalism might be relevant in addressing the problems of globalization, social fragmentation and the instability of modern finance capitalism
8 Individual autonomy and social trust What then, are the most outstanding characteristics of Nordic society that are specifically relevant to the efficiency of its economy? Traditionally, outside observers have put a strong emphasis on social solidarity an ability to subordinate individual interest to collective rationality. Often, this stress on solidarity has been understood in opposition to the fundamental logic of the market: certain collective goods have been decommodified and effectively removed from the cold logic of the market society. Indeed, this was a perspective that Marquis Childs made famous as early as the 1930s, when he wrote Sweden: the Middle Way, suggesting that Sweden had found a way to a healthy balance between altruistic socialism and selfish capitalism, to use the crude binary of that period. But this is, at best, a halftruth. This emphasis on social solidarity hides the strong, not to say extreme, individualism that defines social relations and political institutions in the Nordic countries. Indeed, it is precisely the fundamental harmony between the Nordic social contract and the basic principles of the market that the basic unit of society is the individual and a central purpose of policy should be to maximize individual autonomy and social mobility that we see as the key to the vitality of Nordic capitalism. In a European perspective, the Nordics do not hold particularly strong leftist attitudes in terms of equality of classes versus individual freedom, equality of pay versus merit-based differentials or state versus private ownership of industries. As Ole Listhaug has put it: This could well demonstrate a higher level of individualism and support for market principles than is traditionally attributed to the citizens of Scandinavia. Nordic individualism Has Sweden found a way to a healthy balance between altruistic socialism and selfish capitalism? While much has been written about the institutionalized aspects of the Nordic welfare state, few have paid much attention to its underlying moral logic. Though the path hasn t always been straight, one can discern over the course of the twentieth century an overarching ambition in the Nordic countries not to socialize the economy but to liberate the individual citizen from all forms of subordination and dependency within the family and in civil society: the poor from charity, the workers from their employers, wives from their husbands, children from parents and vice versa when the parents become elderly. In practice, the primacy of individual autonomy has been institutionalized through a plethora of laws and policies affecting Nordics in matters minute and mundane as well as large and dramatic. Interdependency within the family has been minimized through individual taxation of spouses, family law reforms have revoked obligations to support elderly parents, more or less universal day care makes it possible for women to work, student loans without means test in relation to the incomes of parents or spouse give young adults a large degree of autonomy in relation to their families, children are given a more independent status through the abolition of corporal punishment and a strong emphasis on children s rights. All in all this legislation has made the Nordic countries into the least family-dependent and most individualized societies on the face of the earth. To be sure, the family remains a central social institution in the Nordic countries, but it too is infused with the same moral logic stressing autonomy and equality. The ideal family is made up of adults who work and are not financially dependent on the other, and children who are encouraged to be as independent as early as possible. Rather than undermining family values this could be interpreted as a modernization of the family as a social institution. While accepting the fact that long-term spousal commitment is no longer the norm, the new Nordic family takes parenthood seriously, both in a demographic sense (the Nordic countries have higher birth rates than more traditional family cultures in southern Europe) and in terms of the time that parents, married or not, spend with their children. 14 Social trust and radical individualism Social trust and radical individualism 15
9 Secular-Rational Values Traditional Values Estonia Bulgaria China Russia Ukraine Belarus S. Korea Montenegro Lithuania Latvia Taiwan Albania Serbia Slovakia Moldova Hungary Macedonia Romania Survival Values Rational and self-expression values dominate in the Nordics Georgia Azerbaijan Armenia South Asia Bangladesh Jordan Zimbabwe Morocco Ex-Communist Bosnia Poland India Turkey Indonesia Phillippines Iran Africa Confucian Catholic Europe East Germany Norway Czech West Germany Denmark Finland Netherlands Slovenia Greece Switzerland France Luxembourg Iceland Israel Belgium Austria Italy Great Britain Croatia Spain New Zeeland English Canada Uruguay speaking Australia N. Ireland Vietnam Portugal Chile Argentina Dominican Republic Peru Pakistan South Africa Brazil Uganda Ghana Nigeria Algeria Egypt Tanzania Mexico Venezuela Colombia El Salvador Japan Protestant Europe Ireland Latin America Puerto Rico U.S.A Sweden Self Expression Values Factor Score In quantitative terms, data from the World Values Survey confirm this picture, indicating that the Nordic countries stand out as a cluster of societies in which people put a strong emphasis on the importance of individual self-realization and personal autonomy. Source: World Values Survey (WVS), fourth wave ( ). Se Ronald Inglehart and Christian Welzel, Modernization, Cultural Change, and Democracy: The Human Development Sequence. Cambridge: Cambridge University Press, In quantitative terms, data from the World Values Survey confirm this picture, indicating that the Nordic countries stand out as a cluster of societies in which people put a strong emphasis on the importance of individual self-realization and personal autonomy. In the language of WVS, the Nordics are characterized by their embrace of emancipatory self-expression values on the one hand, and secular-rational values, on the other. One effect of this radical individualism is that, relatively speaking, people in the Nordic countries are more willing to accept the market economy both as consumers and producers. Less tied down by legal and moral obligations within the family, yet still protected from extreme risk by a universal safety net, they become more flexible on the labor market, while as individual consumers they have developed far-reaching needs of products and services that previously were satisfied within the traditional family. This market orientation is enforced in a number of ways in the Nordic countries, not least by a social insurance system based on the recipient s level of earned income on the open labor market, thereby creating an incentive to work while at the same time providing adequate coverage for illness, unemployment and parental leave. Currently, the most famous example is the Danish flexicurity system. To this should be added the historical legacy emphasizing equal access to fundamental goods, not just healthcare and pensions, but also education. This has translated into a long history of investing in individuals and providing access to resources that allow them to maximize their value in the market place. Historically the countries with the highest rates of literacy, Nordic countries have for a long time scored at the very top when it comes to basic education and investment in research. The institutional foundations of social trust The image of a strongly individualized market society filled with solitary consumers might seem bleak and materialistic. But although this may be true in some sense, the significant social phenomenon is that Nordic individualism has not led to the anomie, alienation and breakdown of general trust that traditional social theory has associated with the shift from warm Gemeinschaft to cold Gesellschaft. The underlying assumption of these theories is that trust arises in small, closely-knit communities where there is large degree of interdependence. More recent research has shown, however, that it is precisely the most modern and individualistic countries, most notably the Nordic countries, that are characterized by a broad social trust extended beyond the intimate sphere of family and friends to include other members of society. 16 Social trust and radical individualism Social trust and radical individualism 17
10 DENMARK SWEDEN NETHERLANDS FINLAND UNITED KINGDOM SPAIN IRELAND GERMANY EU15 ESTONIA AUSTRIA LUXEMBOURG EU25 BELGIUM TOTAL HUNGARY SLOVENIA PORTUGAL MALTA ITALY FRANCE BULGARIA CYPRUS (SOUTH) GREECE ROMANIA CZECH REPUBLIC SLOVAKIA NMS10 LATVIA LITHUANIA POLAND Generalized Trust An international comparison Source: the EuroBarometer 62.2 (2004). Data weighted. Again we find that the Nordic countries (and the Netherlands) stand out in studies such as World Values Survey, European Social Survey, European Values Study and Eurobarometer. In addition to putting a strong emphasis on individual self-realization these countries are characterized by a high degree of social trust: well over 50% of respondents claim to trust % Of respondents other people, including strangers. This social trust furthermore co-varies with a high degree of trust or confidence in common institutions, such as the system of justice, public administration, the institutions of he state etc. From an economic point of view, social trust and adherence to the rule of law translate into a great systemic advantage, which we fundamentally can describe in economic terms as low transaction costs. Here, it should be added, we include not only sheer or direct economic transaction costs related to a lower need to resort to written contracts, legal protections, law-suits, and huge amounts of bureaucratic paperwork, but also social and political transaction costs that constitute indirect burdens and inefficiencies that ultimately translate into added financial costs. One clear example of how a combination of social trust and respect for the rule of law results in lower transaction costs is the Land Survey of Sweden (Lantmäteriet) which has been registering the ownership of property since the 17th century. Because of the exact recording of property boundaries and the general trust in the impartiality of this state agency, the amount of litigation over property rights has been negligible, which both lessens the economic costs for the individual and preempts many possibilities of social conflict. Another example is labor market relations in the Nordic countries, which, though not always peaceful, have been characterized by a mutual respect for negotiated contracts among both employers and unions. It should be noted that for most of the 20th century, political legislation has played a much smaller role in regulating labor market relations than voluntary agreements between strong unions and equally strong employer s federations, often at the national level. What are the historical roots of the Nordic social contract? As we noted, social trust and trust in institutions also co-vary with low levels of corruption. Historically the Nordic region also stands out as a community of law ; indeed it was a community of law before the individual Nordic states were consolidated. Rule of law was central to the social contract that underpinned the emerging state, and adherence to the law by the King and his administration was crucial to the legitimacy of the state. The trust in and reliability of institutions thus depends on the acceptance of the rule of law, but even more important is the extent to which the values implicit in formal law are also internalized and embedded as social norms. Or put differently, the extent to which laws, rules and institutions are viewed as legitimate, as the outcome of a democratic decision-making process and grounded in common values, will determine how well they work. The more accepted and internalized, the less prominent the specter of corruption and lawlessness. The central axis around which the Nordic social contract is formed is the alliance between state and individual, what we call statist indi- 18 Social trust and radical individualism Social trust and radical individualism 19
11 Power Relations in Modern Welfare States Family Germany State United States Sweden Individual Dynamics of power in modern welfare states. Graphically illustrated as a triangle drama by contrasting the position of state, family and individual in the U.S., Germany, and Sweden. Source: Pippi Longstocking: The Autonomous Child and the Moral Logic of the Swedish Welfare State in Helena Matsson and Sven-Olov Wallenstein (eds.), Swedish Modernism: Architecture, Consumption and the Welfare State. London: Black Dog Publishing, ing the position of state, family and individual in the U.S., Germany, and Sweden. In the Nordic countries, as we have indicated, the state and the individual form the dominant alliance. In the U.S., individual (rights) and family (values) trump the state (always seen as threat to liberty). In Germany, finally, the central axis is the one connecting state and family, with a much smaller role of either U.S.-style individual rights or a Nordic emphasis on individual autonomy. This came to the forefront after World War I, when the Nordic countries undertook a joint effort to modernize family legislation in each country that, with some variances, resulted in the most gender-equal marriage laws according to the general European standards of that era. These laws determined that man and wife were equal in terms of the marriage contract. though still responsible for different spheres within the domestic arrangement. a Swedish theory of love less noted, since equality in the academic literature is often linked to social engineering and collectivist politics, is that equality in the Nordic context is inseparable from individualism and the value of autonomy. According to what we have called a Swedish theory of love, authentic relationships of love and friendship are only possible between individuals who do not depend on each other or stand in unequal power relations. Thus autonomy, equality and (statist) individualism are inextricably linked to each other. Whatever political and cultural drawbacks there might be to this commitment to personal autonomy, a strong state and social equality the usual criticisms are conformity, loneliness and an intrusive bureaucracy one should note the upside: citizens, who feel empowered, accept the demands of modernity and are willing to make compromises to achieve economic efficiency and rational decision-making. vidualism. Here an emphasis on individual autonomy coincides with a positive view of the state as an ally of not only weaker and more vulnerable citizens, but the citizenry at large. This is coupled with a negative view of unequal power relations between individuals in general and hierarchical institutions in particular, such as the traditional patriarchal family and demeaning charitable organizations in civil society. In this regard, the Nordic model differs from both their Anglo-American and continental European counterparts. Above we try to capture these different dynamics of power in modern welfare states graphically as a triangle drama by contrast- The egalitarianism of Nordic society is, of course, an oft-noted feature of social and political life in these societies. This is also true of the prominence of gender equality. It has been noted in comparative research that both equality and gender equality are correlated with a number of other social virtues and collective goods, including social trust, happiness, and economic development. What is Is the Nordic instantiation of capitalism sustainable? The imminent death of the Swedish or Nordic model has been announced many times. It dates back to the Cold War disenchantment with Childs more celebratory account of a middle way, which resonated better during 20 Social trust and radical individualism Social trust and radical individualism 21
12 the era of the Depression and the New Deal. And since then it has been a recurring trope, especially in the U.S. To some extent, the failure of these predictions can be traced to a misunderstanding that has been shared by enthusiasts and critics alike, namely that the Nordic countries were built on a compromise between socialism and capitalism. For critics that meant that given enough time, the costly and unproductive socialist elements of the model were bound to overwhelm the productive capitalist aspects that had been allowed to remain. However, as we have argued in this essay, these arguments rest on flawed assumptions that tend to underplay the fundamental coherence and vitality of Nordic capitalism. Of course, this is not to say that these countries are any more immune to recessions and global financial crises than other capitalist countries, or that they have not been set back economically from time by bad policy decisions at the national level. However, on the whole Nordic capitalism has proved remarkably sustainable, certainly according to the measures and data that we have available today. Still, questions can be raised about the future sustainability and relevance of the model. Some argue that the increased ethnic, racial, and religious diversity linked to the influx of Thus, the combination of cultural and moral forces that underpin the Nordic social contract and the firm institutional framework that proon the whole Nordic capitalism has proved remarkably sustainable refugees constitutes a deep challenge to the social cohesion of Nordic society. The political consequences are already visible in the rise of anti-immigrant parties throughout the Nordic countries. Insofar as immigrants and minorities are perceived as both burdens to the welfare system and as a threat to national culture, questions are also raised as to whether broad support of a tax-based system of social services can be sustained. Another pessimistic line of argument centers on the impact of neoliberalism on the Nordic social contract. Alarmists point to trends toward increased economic inequality and the introduction of voucher systems and privatization in education, healthcare, and pensions. Such developments, it is argued, will over time undermine the universalism of the classic Nordic welfare state in favor of a more pluralistic system characterized by private, market-based alternatives leading to segregation and a decline in social trust. Against this gloomy account, currently focused on the rise of anti-immigrant political parties in the Nordic countries, it is nonetheless quite possible to counter with a more optimistic scenario. The central argument is at heart very simple and rests on two ideas: (1) that the striving for individual freedom and prosperity (life, liberty, the pursuit of happiness) is a rather universal drive, and (2) that this desire can only be realized in an enabling social, legal and institutional context. From this point of view, the Nordic institutional framework is characterized precisely by its capacity to promote both social trust/confidence in institutions and rule of law, and individual autonomy consistent with the logic of the market society. In this more optimistic account, the combined lure of individual freedom and social security is more likely to naturalize immigrants over time than seriously challenge the Nordic culture and its institutional system. And with respect to the neoliberal challenge the rhetoric of free schools, free choice of healthcare producers and the introduction of a private component in the government pension plan package these systems still remain highly regulated within the confines of the moral logic of equal access to fundamental public goods. Even if these market elements within the public sector raise questions concerning accountability, quality and fair distribution of health, education and other services, they still operate within a system that is very different from a truly marketized society like the United States. 22 Social trust and radical individualism Social trust and radical individualism 23
13 motes this seemingly paradoxical coexistence of emancipatory individualism and social security may well prove both a major systemic advantage in a globalized market society and an attractive arrangement from the individual s point of view. Whether it is strong enough to withstand the polarizing impact of immigration and increased diversity combined with widening differences in wealth, income and access to education and work is an empirical question to be continuously revisited. Are there lessons to be learned from the Nordic variety of capitalism? Obviously many of the salient features of Nordic capitalism are idiosyncratic. They have been created by a combination of contingent factors, ranging from geography and natural resources to religious inclinations and political coincidences. But this also true of the classical model of market economy that is often been presented as universal. Specific British and American experiences of modernization have been generalized into historical truths that have been applied to other cultures, sometimes with great success but also with astounding failures. The point is not that it is wrong in principal to try to emulate other successful cultures (how else 1. Nordic capitalism shows that individualism need not lead to social fragmentation, distrust and short-term maximization of matewhat is needed is a down-to-earth analysis of concrete institutions and policies is mankind to learn anything?), but rather that we should do so with great deliberation and most importantly not assume a priori that only one kind of capitalism is relevant as a source of inspiration. However, it is not an easy task to identify and transfer such experience in a form that becomes useful and accessible. To be sure, there are a number of important lessons implicit in the development of Nordic capitalism. The first one is that vague references to values and culture, would not be helpful; what is needed is a down-to-earth analysis of concrete institutions and policies. However, even specific laws, policies and institutions are far from easily translated and transferred to other environments with different traditions and historical experiences. Still, we would like to point to a cluster of institutions and policies that do tend to instrumentalize a set of experiences in the Nordic countries, which have kept the socially destructive aspects of capitalism at bay while still retaining the dynamics of market economy, with an eye to whether they might be applicable in other parts of the world. 24 Social trust and radical individualism Social trust and radical individualism 25
14 rial interests. Promoting individual autonomy through policy can, on the contrary, lead to greater social cohesion if it is done in an egalitarian way. Less dependence and weaker patriarchal structures means that more people feel empowered and satisfied with their lives. This is especially relevant for women, who want to participate in the labor market without relinquishing the possibility of becoming mothers. In authoritarian and hierarchical societies where the individual desire for autonomy is given insufficient space, political tensions are likely to arise while social trust and confidence in institutions are likely to decrease. In this perspective, promoting policies like gender-equal educational systems, individual taxation, universal day care and anti-patriarchal family laws seems to be a generally good idea, even if obviously in conflict with longstanding traditional norms in some cultures. This may not be the right moment in time to suggest that the European Union should expand its mandate in relation to the member states national sovereignty, but in a longer perspective it might be necessary to develop a common and more individualized family policy if Europe is to remain economically viable. 2. Nordic capitalism also demonstrates the systemic advantage of having a positive view individualism need not lead to social fragmentation of the state, not just as an ally of the weak but as the promoter of ideals of equality and individual autonomy. The stress on social trust and confidence in the common institutions of the state is, of course, not peculiar to the Nordic countries, nor is the awareness that a positive view of the state cannot be upheld if social and economic divisions grow too large. Indeed, the objectives of keeping unemployment down and having welfare systems that are tied to employment and the work ethic are not specific to the Nordic countries, but constitute central goals for most European welfare states. However, they are pursued with varying degree of success. In the Nordic countries social trust, confidence in state institutions and relative equality coincide. Perhaps most crucial to the positive feedback cycle that has managed to stabilize the Nordic economies at a productive equilibrium, allowing for individual social mobility, economic efficiency and sustained relative equality, is the degree and extent of inclusion of citizens and civil society in the governance process. The Nordic experience suggests that the more this occurs, the more trust and confidence-building will result, and the more likely it is that key values and social facts will remain in harmony. In this vein it is advisable to encourage the development of deliberative processes of governance. Churches, labor unions, charities and other associations in civil society should be supported consulted and involved through commissions, round tables and other forums of interaction between state and society. In the Nordic countries such state/civil society interaction has been institutionalized and routinized in ways that may provide useful inspiration. 3. A strong state and individual autonomy are not a threat to civil society, but are instead its prerequisites. Citizens who join together not mainly to protect themselves from arbitrary abuse by vested state or business interests but rather to increase their potential for self-realization and personal independence are more likely to make positive contributions to society as a whole. This allows for a more constructive engagement, at best, or too close an entanglement with the state (the corporatist dilemma), at worst. One example is labor market relations in the Nordic countries, where the unions have generally not had a narrow self-interested view of their role in society but rather have assumed a macroeconomic responsibility. To achieve this social responsibility, it is necessary that these and other grassroots organizations be supported both through legislation and economic subsidies that encourage the formation of an effective and inclusive civil society network. In the face of reality, the above suggestions might seem like the ultimate expression of a delusional kind of Nordic naïveté. But even if there is very little in the Nordic historical experience that is transferable to other cultures, it does bring one important point to the discussion: economic policies that cater both to our desire for individual autonomy and our need of community and security can be remarkably successful. 26 Social trust and radical individualism Social trust and radical individualism 27
15 Desktop rgb-blå = 0, 43, FWD 2010 In the World Economic Forum s global competitiveness index, the Nordic countries are almost always found at or near the top. But what are the reasons? Is there such a thing as a common Model particular to the Nordics and if so, will it last? Is it sustainable, even transferable to other parts of the world? In this little brief we would like to provide bits and pieces of what we believe are some plausible explanations for the relative success of the Nordic societies. If these experiences can improve the understanding of our way of doing things and inspire debate and development in other parts of the world we will be very pleased. Shared values are also about sharing values and experiences with others. Desktop rgb-gul = 252, 181, 20 Investor is the largest industrial holding company in Northern Europe. The Nordic Council of Ministers is an intergovernmental collaboration between the five Nordic countries. It has firm traditions in politics, the economy, and culture and it aims at creating a strong Nordic community in a strong Europe. The Norden Association is an NGO founded in 1919 with the aim to support the development of the cooperation between the Nordic countries. With its wide network of members organised in local branches all over the region it has a major impact on the well developed crossborder cooperation in the Nordic region. Global Challenge is an independent think tank that promotes solutions to global challenges relating to the economy, environment and democracy. Global Utmaning, Birger Jarlsgatan 27, Stockholm Sweden
equality, individuality and social trust The Nordic Way
equality, individuality and social trust The Nordic Way What s so Special about the Nordics? In international comparisons of global competitiveness, the Nordic countries are almost always found at or nearMore information
41 T Korea, Rep. 52.3. 42 T Netherlands 51.4. 43 T Japan 51.1. 44 E Bulgaria 51.1. 45 T Argentina 50.8. 46 T Czech Republic 50.4. 47 T Greece 50.
Overall Results Climate Change Performance Index 2012 Table 1 Rank Country Score** Partial Score Tendency Trend Level Policy 1* Rank Country Score** Partial Score Tendency Trend Level Policy 21 - Egypt***More information
Economic Growth, Human Welfare and Inequality
Lionel Robbins Memorial Lectures Economic Growth, Human Welfare and Inequality Lord Turner Chairman of the Financial Services Authority, the Climate Change Committee and the Overseas Development InstituteMore information
IMMIGRATION TO AND EMIGRATION FROM GERMANY IN THE LAST FEW YEARS Bernd Geiss* Germany, Destination for Migrants Germany is in the middle of Europe and has common borders with nine countries. Therefore,More information
PORTABILITY OF SOCIAL SECURITY AND HEALTH CARE BENEFITS IN ITALY Johanna Avato Human Development Network Social Protection and Labor The World Bank Background study March 2008 The Italian Social SecurityMore information
World Consumer Income and Expenditure Patterns
World Consumer Income and Expenditure Patterns 2014 14th edi tion Euromonitor International Ltd. 60-61 Britton Street, EC1M 5UX TableTypeID: 30010; ITtableID: 22914 Income Algeria Income Algeria IncomeMore information
Foreign A id and Foreign Investment
13 Foreign A id and Foreign Investment Financial flows to developing countries take two main forms aid that comes from foreign governments, often called official development assistance, and investmentMore information
The investment fund statistics
The investment fund statistics Narodowy Bank Polski (NBP) publishes data reported by investment funds which have been defined in Art. 3 section 1 of the Act of 27 May 2004 on investment funds (JournalMore information
The big pay turnaround: Eurozone recovering, emerging markets falter in 2015
The big pay turnaround: Eurozone recovering, emerging markets falter in 2015 Global salary rises up compared to last year But workers in key emerging markets will experience real wage cuts Increase inMore information
Appendix 1: Full Country Rankings
Appendix 1: Full Country Rankings Below please find the complete rankings of all 75 markets considered in the analysis. Rankings are broken into overall rankings and subsector rankings. Overall RenewableMore information
International Call Services
International Call Services Affordable rates for business calls. Wherever you are in the world. We ve got plenty to say when it comes to staying in touch when you re overseas. We have agreements with 443More information
2015 Country RepTrak The World s Most Reputable Countries
2015 Country RepTrak The World s Most Reputable Countries July 2015 The World s View on Countries: An Online Study of the Reputation of 55 Countries RepTrak is a registered trademark of Reputation Institute.More information
GfK PURCHASING POWER INTERNATIONAL
GfK PURCHASING POWER INTERNATIONAL 1 Agenda 1. Europe 3 2. Americas 45 3. Asia & Near East 54 4. Afrika 66 5. Australia 68 6. Overview of countries and available levels 70 2 2 EUROPE 4 GfKMore information
Consolidated International Banking Statistics in Japan
Total (Transfer Consolidated cross-border claims in all currencies and local claims in non-local currencies Up to and including one year Maturities Over one year up to two years Over two years Public SectorMore information
EU s Asylum Policy and the Danish Justice and Home Affairs Opt-Out
EU s Asylum Policy and the Danish Justice and Home Affairs Opt-Out Marlene Wind, Professor and Director of Centre for European Politics, Department of Political Science, University of Copenhagen ProfessorMore information
DSV Air & Sea, Inc. Aerospace Sector. DSV Air & Sea, Inc. Aerospace
DSV Air & Sea, Inc. Aerospace Sector DSV Air & Sea, Inc. Aerospace Introduction to DSV DSV is a global supplier of transport and logistics services. We have offices in more than 70 countries and an internationalMore information
GLOBAL. 2014 Country Well-Being Rankings. D Social (% thriving) E Financial (% thriving) F Community (% thriving) G Physical (% thriving)
0 0 GLOBAL 0 Country Rankings 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 : >0.0% 0.% 0.0% 0.% 0.0% 0.% 0.0% 0.0% A Country s global rank B in three or more elements of well-being C (% thriving) D (% thriving) EMore information
IMD World Talent Report. By the IMD World Competitiveness Center
2014 IMD World Talent Report By the IMD World Competitiveness Center November 2014 IMD World Talent Report 2014 Copyright 2014 by IMD: Institute for Management Development, Lausanne, Switzerland For furtherMore information
Turkish Arab Economic Forum June 29, 2012. Mehmet Şimşek. Minister of Finance
Turkish Arab Economic Forum June 29, 2012 Mehmet Şimşek Minister of Finance 1 Outline Turkey: Short Term Outlook Managing a Soft Landing Fallout from the Euro Crisis Turkey & MENA REBALANCING Growing ONMore information
Cisco Global Cloud Index Supplement: Cloud Readiness Regional Details
White Paper Cisco Global Cloud Index Supplement: Cloud Readiness Regional Details What You Will Learn The Cisco Global Cloud Index is an ongoing effort to forecast the growth of global data center andMore information
COST Presentation. COST Office Brussels, 2013. ESF provides the COST Office through a European Commission contract
COST Presentation COST Office Brussels, 2013 COST is supported by the EU Framework Programme ESF provides the COST Office through a European Commission contract What is COST? COST is the oldest and widestMore information
U.S. Trade Overview, 2013
U.S. Trade Overview, 213 Stephanie Han & Natalie Soroka Trade and Economic Analysis Industry and Analysis Department of Commerce International Trade Administration October 214 Trade: A Vital Part of theMore information
Why a Floating Exchange Rate Regime Makes Sense for Canada
Remarks by Gordon Thiessen Governor of the Bank of Canada to the Chambre de commerce du Montréal métropolitain Montreal, Quebec 4 December 2000 Why a Floating Exchange Rate Regime Makes Sense for CanadaMore information
Supported Payment Methods
Supported Payment Methods Global In the global payments market, credit cards are the most popular payment method. However, BlueSnap expands the payment selection by including not only the major creditMore information
Digital TV Research. http://www.marketresearch.com/digital-tv- Research-v3873/ Publisher Sample
Digital TV Research http://www.marketresearch.com/digital-tv- Research-v3873/ Publisher Sample Phone: 800.298.5699 (US) or +1.240.747.3093 or +1.240.747.3093 (Int'l) Hours: Monday - Thursday: 5:30am -More information
Monthly Report on Asylum Applications in The Netherlands and Europe
Asylum Trends Monthly Report on Asylum Applications in The Netherlands and Europe November 2013 2014 November 2014 Colophon Title Subtitle Author Asylum Trends Monthly Report on Asylum Applications inMore information
Ownership transfer Critical Tax Issues. Johan Fall, Anders Ydstedt March, 2010
Ownership transfer Critical Tax Issues Johan Fall, Anders Ydstedt March, 2010 Ownership transfer Critical Tax Issues 1 Ownership transfer Critical Tax Issues INTRODUCTION In tough economic times familyMore information
Supported Payment Methods
Sell Globally in a Snap Supported Payment Methods Global In the global payments market, credit cards are the most popular payment method. However, BlueSnap expands the payment selection by including notMore information
Introducing GlobalStar Travel Management
Introducing GlobalStar Travel Management GlobalStar is a worldwide travel management company owned and managed by local entrepreneurs. In total over 80 market leading enterprises, representing over US$13More information
EMEA BENEFITS BENCHMARKING OFFERING COVERED COUNTRIES SWEDEN FINLAND NORWAY ESTONIA R U S S I A DENMARK LITHUANIA LATVIA IRELAND PORTUGAL U. K. NETHERLANDS POLAND BELARUS GERMANY BELGIUM CZECH REP. UKRAINEMore information
Introducing Clinical Trials Insurance Services Ltd
Introducing Clinical Trials Insurance Services Ltd Important Staff Richard Kelly Managing Director Richard joined CTIS in 2006 having previously managed the Pharmaceutical wholesale division at Heath LambertMore information
PENSIONS PROFILE DECEMBER 2011 TRANSFERS FROM AN OVERSEAS PENSION SCHEME = Summary A simplified guide to the process: 1. Individual requests transfer from their overseas pension scheme to their UK registeredMore information
Editorial for Summer Edition
Editorial for Summer Edition of the SOCIETAS ET IURISPRUDENTIA 2015 Dear readers and friends, let me introduce the second issue of the third volume of SOCIETAS ET IURISPRUDENTIA, an international scientificMore information
Consumer Credit Worldwide at year end 2012
Consumer Credit Worldwide at year end 2012 Introduction For the fifth consecutive year, Crédit Agricole Consumer Finance has published the Consumer Credit Overview, its yearly report on the internationalMore information
MALTA TRADING COMPANIES IN MALTA Trading companies in Malta 1. An effective jurisdiction for international trading operations 410.000 MALTA GMT +1 Located in the heart of the Mediterranean, Malta has alwaysMore information
The World Market for Medical, Surgical, or Laboratory Sterilizers: A 2013 Global Trade Perspective
Brochure More information from http://www.researchandmarkets.com/reports/2389480/ The World Market for Medical, Surgical, or Laboratory Sterilizers: A 2013 Global Trade Perspective Description: This reportMore information
Statistical Data on Women Entrepreneurs in Europe
Statistical Data on Women Entrepreneurs in Europe September 2014 Enterprise and Industry EUROPEAN COMMISSION Directorate-General for Enterprise and Industry Directorate D SMEs and Entrepreneurship UnitMore information
INOMICS. Job Market Report Worldwide Overview
INOMICS Job Market Report 2014 Worldwide Overview 1 Table of Contents I. Methodology 03 II. Key Findings 04 III. Job Market Outlook 05 1. Profile of Respondents 05 a. Demographics 05 Age Gender CountryMore information
Know the Facts. Aon Hewitt Country Profiles can help: Support a decision to establish or not establish operations in a specific country.
Aon Hewitt Country Profiles Your eguide to employment requirements and practices Profiles for nearly 90 countries worldwide Risk. Reinsurance. Human Resources. Know the Facts Whether you are a newcomerMore information
Guide to Treatment of Withholding Tax Rates
Guide to Treatment of Withholding Tax Rates Contents 1. Introduction 1 1.1. Aims of the Guide 1 1.2. Withholding Tax Definition 1 1.3. Double Taxation Treaties 1 1.4. Information Sources 1 1.5. Guide UpkeepMore information
Empowerment through decent work and social protection floors
Empowerment through decent work and social protection floors Vinicius Pinheiro Deputy Director, ILO Office for the UN in New York EGM on Policies and Strategies to Promote the Empowerment of People inMore information
FDI performance and potential rankings. Astrit Sulstarova Division on Investment and Enterprise UNCTAD
FDI performance and potential rankings Astrit Sulstarova Division on Investment and Enterprise UNCTAD FDI perfomance index The Inward FDI Performance Index ranks countries by the FDI they receive relativeMore information
Collaboration Grant. How to APPLY. Contents. Introduction. Eligibility criteria who is eligible and what is eligible? What we don t fund
Collaboration Grant How to APPLY Contents Introduction 2 Eligibility criteria who is eligible and what is eligible? 3 What we don t fund 6 How we assess the applications 7 Application form 6 INTRODUCTIONMore information
Region Country AT&T Direct Access Code(s) HelpLine Number. Telstra: 1 800 881 011 Optus: 1 800 551 155
Mondelēz International HelpLine Numbers March 22, 2013 There are many ways to report a concern or suspected misconduct, including discussing it with your supervisor, your supervisor s supervisor, anotherMore information
Reporting practices for domestic and total debt securities
Last updated: 4 September 2015 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook onMore information
A European Unemployment Insurance Scheme
A European Unemployment Insurance Scheme Necessary? Desirable? Optimal? Grégory Claeys, Research Fellow, Bruegel Zsolt Darvas, Senior Fellow, Bruegel Guntram Wolff, Director, Bruegel July, 2014 Key messagesMore information
89% 96% 94% 100% 54% Williams 93% financial aid at Williams. completion statistics $44,753 76% class of 2013 average four-year debt: $12,749
financial aid at Average - $, financial aid is comprehensive, covering books, health insurance, study abroad costs, travel, and personal expenses % % % % cost met by average % of with demonstrated needMore information
Flash Eurobarometer INNOVATION IN THE PUBLIC SECTOR: ITS PERCEPTION IN AND IMPACT ON BUSINESS REPORT Fieldwork: February-March 22 Publication: June 22 This survey has been requested by the European Commission,More information
Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments
January 20, 2015 ShadEcEurope31_January2015.doc Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments by Friedrich Schneider *)More information
THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai
THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS Mamiko Yokoi-Arai Current macro economic environment is of Low interest rate Low inflation and nominal wage growth Slow growth DemographicMore information
September 2004 THE UPDATE OF THE EURO EFFECTIVE EXCHANGE RATE INDICES Executive summary In September 2004, the European Central Bank (ECB) has updated the overall trade weights underlying the ECB nominalMore information
Chapter 4A: World Opinion on Terrorism
1 Pew Global Attitudes Project, Spring 2007 Now I m going to read you a list of things that may be problems in our country. As I read each one, please tell me if you think it is a very big problem, a moderatelyMore information
Netherlands Country Profile
Netherlands Country Profile EU Tax Centre March 2012 Key factors for efficient cross-border tax planning involving Netherlands EU Member State Yes Double Tax Treaties With: Albania Czech Rep. Jordan NigeriaMore information
THE ADVANTAGES OF A UK INTERNATIONAL HOLDING COMPANY Ideal Characteristics for the Location of an International Holding Company Laurence Binge +44 (0)1372 471117 email@example.com www.woolford.co.ukMore information
Composition of Premium in Life and Non-life Insurance Segments
2012 2nd International Conference on Computer and Software Modeling (ICCSM 2012) IPCSIT vol. 54 (2012) (2012) IACSIT Press, Singapore DOI: 10.7763/IPCSIT.2012.V54.16 Composition of Premium in Life andMore information
Asylum in the EU The number of asylum applicants in the EU jumped to more than 625 000 in 2014 20% were Syrians
53/2015-20 March 2015 Asylum in the EU The number of asylum applicants in the EU jumped to more than 625 000 in 2014 20% were Syrians Over a year, the number of asylum applicants 1 registered in the EuropeanMore information
Triple-play subscriptions to rocket to 400 mil.
Triple-play criptions to rocket to 400 mil. Global triple-play criptions will reach 400 million by 2017; up by nearly 300 million on the end-2011 total and up by 380 million on the 2007 total, accordingMore information
Dualization and crisis. David Rueda
Dualization and crisis David Rueda The economic crises of the 20 th Century (from the Great Depression to the recessions of the 1970s) were met with significant increases in compensation and protectionMore information
The face of consistent global performance
Building safety & security global simplified accounts The face of consistent global performance Delivering enterprise-wide safety and security solutions. With more than 500 offices worldwide Johnson ControlsMore information
PORTABILITY OF SOCIAL SECURITY AND HEALTH CARE BENEFITS IN THE UNITED KINGDOM Johanna Avato Human Development Network Social Protection and Labor The World Bank Background study March 2008 The UK SocialMore information
Global payments trends: Challenges amid rebounding revenues
34 McKinsey on Payments September 2013 Global payments trends: Challenges amid rebounding revenues Global payments revenue rebounded to $1.34 trillion in 2011, a steep increase from 2009 s $1.1 trillion.More information
The Tax Burden of Typical Workers in the EU 28 2014 Edition. James Rogers & Cécile Philippe May 2014. (Cover page) Data provided by
(Cover page) The Tax Burden of Typical Workers in the EU 28 2014 Edition NEW DIRECTION Page 1 of 17 James Rogers & Cécile Philippe May 2014 New Direction aims to help shift the EU onto a different courseMore information
How many students study abroad and where do they go?
From: Education at a Glance 2012 Highlights Access the complete publication at: http://dx.doi.org/10.1787/eag_highlights-2012-en How many students study abroad and where do they go? Please cite this chapterMore information
International Financial Reporting Standards
International Financial Reporting Standards Of Growing Importance for U.S. Companies Assurance Services there is no longer a choice Three factors may influence your need to consider IFRS. First, many organizationsMore information
2012 Country RepTrak Topline Report
2012 Country RepTrak Topline Report The World s View on Countries: An Online Study of the Reputation of 50 Countries RepTrak is a registered trademark of Reputation Institute. Global Reputation KnowledgeMore information
Special Eurobarometer 373 RETAIL FINANCIAL SERVICES REPORT Fieldwork: September 211 Publication: April 212 This survey has been requested by the European Commission, Directorate-General Internal MarketMore information
Special Eurobarometer 373 RETAIL FINANCIAL SERVICES REPORT Fieldwork: September 211 Publication: March 212 This survey has been requested by Directorate-General Internal Market and Services and co-ordinatedMore information
Master's in midwifery: challenging the present, protecting the future? Valerie Fleming R.M., Ph.D.
Master's in midwifery: challenging the present, protecting the future? Valerie Fleming R.M., Ph.D. Master s graduates Demonstrate knowledge and understanding that is founded upon and extends and/or enhancesMore information
FDI IN FIGURES. April 2013
97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 p p FDI IN FIGURES April 213 According to preliminary estimates, global FDI flows have declined in 212 by 14% from 211 to USD 1.4 trillionMore information
ANALYSIS OF THE STAKEHOLDER CONSULTATION ON Science and Technology, the key to Europe s future: guidelines for future European policy to support research COM(353)2004 DG Research, European Commission,More information
Brochure More information from http://www.researchandmarkets.com/reports/1339929/
Brochure More information from http://www.researchandmarkets.com/reports/1339929/ The 2011 World Forecasts of Machine Tools That Remove Material by Laser or Light, Photon, Ultrasonic, Electro-Discharge,More information
Enterprise Mobility Suite (EMS) Overview
Enterprise Mobility Suite (EMS) Overview Industry trends driving IT pressures Devices Apps Big data Cloud 52% of information workers across 17 countries report using 3+ devices for work Enable my employeesMore information
EU Lesson Plan. Name of Teacher: Sharon Goralewski School: Oakland Schools Title of Lesson Plan: The European Union: United in Diversity
EU Lesson Plan Name of Teacher: School: Oakland Schools Title of Lesson Plan: The European Union: United in Diversity Grades: 6th or 7 th Description: This lesson introduces the students to the countriesMore information
Energy prices in the EU Household electricity prices in the EU rose by 2.9% in 2014 Gas prices up by 2.0% in the EU
92/2015-27 May 2015 Energy prices in the EU Household electricity prices in the EU rose by 2.9% in 2014 Gas prices up by 2.0% in the EU In the European Union (EU), household electricity prices 1 rose byMore information
IMD World Talent Report. By the IMD World Competitiveness Center
2015 IMD World Talent Report By the IMD World Competitiveness Center November 2015 IMD World Talent Report 2015 Copyright 2015 by IMD Institute for Management Ch. de Bellerive 23 P.O. Box 915 CH-1001 LausanneMore information
International Monetary and Financial Committee
International Monetary and Financial Committee Twenty-Seventh Meeting April 20, 2013 Statement by Koen Geens, Minister of Finance, Ministere des Finances, Belgium On behalf of Armenia, Belgium, BosniaMore information
Immigration Reform, Economic Growth, and the Fiscal Challenge Douglas Holtz- Eakin l April 2013
Immigration Reform, Economic Growth, and the Fiscal Challenge Douglas Holtz- Eakin l April 2013 Executive Summary Immigration reform can raise population growth, labor force growth, and thus growth inMore information
Pan-European opinion poll on occupational safety and health
PRESS KIT Pan-European opinion poll on occupational safety and health Results across 36 European countries Press kit Conducted by Ipsos MORI Social Research Institute at the request of the European AgencyMore information
The Determinants of Global Factoring By Leora Klapper
The Determinants of Global Factoring By Leora Klapper Factoring services can be traced historically to Roman times. Closer to our own era, factors arose in England as early as the thirteenth century, asMore information
Energy Briefing: Global Crude Oil Demand & Supply
Energy Briefing: Global Crude Oil Demand & Supply November 6, 215 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 48-664-1333 djohnson@ Please visit our sites at www. blog. thinking outside theMore information
Replacement Migration
Population Division Department of Economic and Social Affairs United Nations Secretariat Replacement Migration United Nations ST/ESA/SER.A/206 Population Division Department of Economic and Social AffairsMore information
Hungary is the 48th on the global economic freedom ranking
Hungary is the 48th on the global economic freedom ranking According to the latest index on economic freedom prepared by the Wall Street Journal and the Heritage Foundation (Index of Economic Freedom),More information
The Rock Star of the Recovery : Explaining Sweden s Strong Economic Performance
The Rock Star of the Recovery : Explaining Sweden s Strong Economic Performance Johan Berggren Political Advisor to the Swedish Ministry of Finance E urope is beset by economic and financial risks: unevenMore information
The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost *
The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost * There has been substantial consolidation among firms in many industries in countries aroundMore information
Asylum Levels and Trends in Industrialized Countries 2010
Asylum Levels and Trends in Industrialized Countries 2010 Statistical overview of asylum applications lodged in Europe and selected non-european countries Division of Programme Support and Management 28More information
Social Dialogue Indicators
November 2011 Social Dialogue Indicators International Statistical Inquiry 2008-09 Technical Brief Susan Hayter Valentina Stoevska Industrial and Employment Relations Department Department of StatisticsMore information
Flexicurity. U. Michael Bergman University of Copenhagen
Flexicurity U. Michael Bergman University of Copenhagen Plan for the day What is flexicurity? Why is there an interest in the flexicurity model? Why are people unemployed? The Danish flexicurity systemMore information
KINGDOM OF CAMBODIA NATION RELIGION KING 3 TOURISM STATISTICS REPORT February 2016 MINISTRY OF TOURISM Statistics and Tourism Information Department No. A3, Street 169, Sangkat Veal Vong, Khan 7 Makara,More information
18th Year of Publication. A monthly publication from South Indian Bank. www.sib.co.in
To kindle interest in economic affairs... To empower the student community... Open YAccess www.sib.co.in firstname.lastname@example.com A monthly publication from South Indian Bank 18th Year of Publication SIB STUDENTSMore information
Report on Government Information Requests
Report on Government Information Requests January - June, Apple takes our commitment to protecting your data very seriously and we work incredibly hard to deliver the most secure hardware, software andMore information
Ninth United Nations Survey of Crime Trends and Operations of Criminal Justice Systems POLICE
Indicators as defined by the (- ) POLICE 2. Crimes recorded in criminal (police) statistics, by type of crime including attempts to commit crimes 2.2 Total recorded intentional homicide, completed (c)More information
SF3.1: Marriage and divorce rates
Marriage rates Definitions and methodology SF3.1: Marriage and divorce rates The crude marriage rate is the number of marriages formed each year as a ratio to 1 000 people. This measure disregards otherMore information
WHITE PAPER NO. III. Why a Common Eurozone Bond Isn t Such a Good Idea
CENTER FOR FINANCIAL STUDIES WHITE PAPER NO. III JULY 2009 Why a Common Eurozone Bond Isn t Such a Good Idea Otmar Issing Europe s World, Brussels, Belgium Center for Financial Studies Goethe-UniversitätMore information
Cisco Phone Systems Telemarketing Script Cold Call
Cisco Phone Systems Telemarketing Script Cold Call 1. Locate Contact: Name listed Owner General Manager / Office Manager Chief BDM (Business Decision Maker) Note: Avoid talking to IT since this is notMore information
A Nielsen Report Global Trust in Advertising and Brand Messages. April 2012
A Nielsen Report Global Trust in Advertising and Brand Messages April 2012 CONSUMER TRUST IN EARNED ADVERTISING GROWS IN IMPORTANCE Earned media sources remain most credible Trust in traditional paid advertisingMore information
Contact Centers Worldwide
A Contact Centers Worldwide Country Tel.no. Supported lang. Contact Center Albania Algeria 852 665 00 +46 10 71 66160 Angola 89900 +34 91 339 2121 (Port) and Portuguese +34 913394044 +34 913394023 (Por)More information
Mineral Industry Surveys
4 Mineral Industry Surveys For information contact: Robert L. Virta, Asbestos Commodity Specialist U.S. Geological Survey 989 National Center Reston, VA 20192 Telephone: 703-648-7726, Fax: (703) 648-7757More information
Dr Andreas Dombret Member of the Board of Deutsche Bundesbank. The euro area Prospects and challenges
Dr Andreas Dombret Member of the Board of Deutsche Bundesbank The euro area Prospects and challenges Speech at the Fundacao Getulio Vargas in Sao Paulo Monday, 5 October 2015 Seite 1 von 12 Inhalt 1 Introduction...More information
Guidelines for Applicants: Advanced Training Course
Emerging Security Challenges Division Guidelines for Applicants: Advanced Training Course Introduction The NATO (SPS) seeks to enhance cooperation and dialogue with all partners through civil science andMore information
Raveh Ravid & Co. CPA. November 2015
Raveh Ravid & Co. CPA November 2015 About Us Established in 1986 by Abir Raveh, CPA & Itzhak Ravid, CPA 6 Partners, 80 employees Located in Tel Aviv, Israel wide range of professional services highly experiencedMore information


text:
We are delighted to offer for sale this 3 bedroom detached house in this sought after and convenient location within easy reach of local amenities and public transport links.
The impressive accommodation is well presented and of a good size and comprises ample living space and well appointed bedrooms.
Please see the many photographs that accompany this listing and the indicative floor plan for further detail. To fully appreciate this property please arrange a viewing appointment which you can do 24/7 by clicking on the contact link provided.
A nearly new THREE DOUBLE BEDROOMS detached family property. GCH and DG. Hall, cloaks/w.c., lounge,dining room and kitchen. Three first floor bedrooms, en-suite to master and bathroom. Drive way parking, garage, enclosed rear garden.
Modern detached house
Pennyfields development
Immaculate accommodation
Gas central heating
Double glazing
Three double bedrooms
En-suite to master
Off road parking and integral garage
Enclosed rear garden
Viewing recommended
This immaculate nearly new THREE BEDROOM modern detached family home which is situated on the ever popular Pennyfields Development within Long Eaton which is close to all the local amenities, facilities and schools that the area has to offer. The property was originally constructed approximately 2 years ago by Westerman Builders within a desirable quiet cul-de-sac location and we feel this particular home benefits from an enviable aspect, set back from the road with a spacious driveway to the front providing off street parking for a number of vehicles. The property is very well presented throughout with neutral decoration and flooring and we feel this particular home will suit any purchaser in search of a family home which can be immediately occupied in a desirable location, call to today to arrange your viewing appointment.
This modern detached home is constructed of brick to the external elevations all under a tiled roof and has the benefit of modern conveniences such as GAS CENTRAL HEATING and UPVC DOUBLE GLAZING. In brief the accommodation comprises of entrance hallway with courtesy door to the garage, ground floor w.c., fully fitted breakfast kitchen which has the benefit of INTEGRAL APPLIANCES including fridge/freezer, double eye level oven and dishwasher, seperate lounge and dining room. To the first floor there are three double bedrooms with an EN-SUITE shower room to the master and a modern family bathroom. As previously mentioned the property sits on an enviable plot, set back from the road itself with lawned garden and tarmacadam driveway to the front providing OFF STREET PARKING and leading to the GARAGE. To the rear there is a well maintained garden with patio area, artificial lawned garden and corner for BBQ'ing.
Room Sizes
Kitchen: 3.42m (11'2") x 3.33m (10'11")
Dining Room: 2.65m (8'8") x 3.52m (11'6")
Lounge: 3.82m (12'6") x 3.59m (11'9")
Garage: 2.56m (8'4") x 5.28m (17'3")
Master Bedroom: 3.64m (11'11") x 4.44m (14'6")
En-Suite: 2.65m (8'8") x (1.20m (3'11")
Bedroom: 2 3.64m (11'11") x 3.36m (11'0")
Bedroom 3: 2.58m (8'5") x 3.90m (12'9")
Bathroom: 2.65 (8'8") x 2.47m (8'1")
Book a viewing online in minutes. Just click below to choose the days and times
you're able to view the property and you'll receive an email and SMS as soon as the owner confirms one of your options.
Get started by requesting your free valuation from today. With our fees at just £795, you can save thousands selling with the UK's best rated online estate agent.Get Your Free Valuation

subset: commoncrawl


text:
Jené DeSpain Double Nova Stud in Goldfill
Jené DeSpain Double Nova Stud in Goldfill
The Double Nova stud is worn in double ear piercings and sold as a single stud. This posting is for a 14k goldfill stud with a peachy pink tourmaline crystal. Handmade in Portland, OR by Jene DeSpain.
A pioneer of Seattle's independent designer boutique scene, Velouria has set up shop in the up and coming Pioneer Square neighborhood. With white walls and a gallery feel, it's the perfect spot for their ever-changing and vast selection of small production, independent and local designer wares. You'll find designers such as Dusen Dusen, Feral Childe, Jennifer Glasgow and more.
Do you have questions about this product? We're here to help!


text:
Based on a 2,000 calorie dietSee full nutrition
Ready In
This recipe did not turn out too well for me. I was expecting a frozen fruit salad with a sugary glaze. Instead, I got banana mush that I had to throw away. THis recipe is more like a smoothie t...


text:
Hillary Clinton Is Now Selling Ironic T-Shirts
"I'm not a regular presidential candidate, I'm a cool presidential candidate."
Most Popular
This morning, Hillary Clinton launched her campaign's official online store and, like your favorite shop on the Jersey Shore boardwalk, it includes some great ironic T-shirts. In addition to classic campaign gear featuring the Hillary "H" (including a "Future Voter Onesie" and a sweet flat-brim "Hats Off to Hillary" baseball cap), there is a rather epic and hilarious "Everyday Pantsuit Tee:"
Advertisement - Continue Reading Below
Most Popular
And a "Stitch by Stitch Throw Pillow:"
It's all pretty fantastic. Hillary Clinton: officially a "cool" candidate.
More from ELLE:


text:
Hung College Frat ***** Hanging out
Me just letting it flop around
Me just letting it flop around
NICE foreskin...wish the vid quality was better. And you would hang around for more than a couple seconds.
yummy uncut dick
Its more like clips from a live cam video feed! you walkin around and then walking out of the room
and half the clip is just an empty room.
Dont do us any more favors ok? just not worth it.
stop teasing - lets see you jerk off and cum YUMMYYYYYYYYYYYYYYYY


text:
And when you need to wear glasses driving mirror thin legs a bit, it will not block the view
Consumer GuideHaving said that, if you cheap ray ban wayfarers can not wait to give the baby to buy a pair of sunglasses, please read carefully the following points:(A) the purchase of children's sunglasses, to choose the regular optical shop Stella McCartney glasses no trace of multi-blockMore than design, full of personalityPay attention to what to buy sunglasses?Sunglasses not only fashion accessories, also the black ray ban wayfarer sunglasses patron saint of the eyes under the hot sunBad glasses can cause retinal damage"When consumers buy sunglasses, buy sunglasses to clear their aim is to" shade "or" decorative ", blocking the sun visor mirror can play a role, in order to reduce eye fatigue due to over-regulate, or caused by the damage cheap ray ban sunglasses wayfarer caused by light stimulation, there is a class of light-colored sunglasses, mainly play a decorative role, when the sun is not strong when you can use
In fact, in the market we can easily understand that, for the faithful car, the polarizer is the most suitable! Car use polarizer will not affect the owners have observed on the road,Visual effects make better, more clearly, reducing security risks The cheap ray ban wayfarer 2140 corners against fluorescent sunglasses, so reflective mirror smooth scrolling, such as fluorescent film wavy lens is not flat, can damage eyesight;5" Professor of Ophthalmology, First Affiliated Hospital of Guangzhou University of Traditional Chinese Medicine Huang Zhongwei told the Express reporter, when the eye glare and ultraviolet cheap ray ban wayfarer sunglasses light encountered no obstacles, the light goes straight into the pupil, damage to the eyes This less expensive sunglasses, look for a long time still feel a little dizzy feeling
Round face - square or upturned cat eye children sunglasses7mm polarized lenses, since classic black ray ban wayfarers the thin lens assembly easily deformed, the purchase should pay special attentionCat's eye glasses is the change from a circular shape of the eye out, because there is an upward arc of like most of the cat's eyes on the frame named
Tory Burch Բ ChloUnder the soft contours of Vogue sunglasses attractive use of large ray ban wayfarers color, mirror leg fillets of four different colors to be decorated with unique details, have unconventional urban beautyWhy a polo shirt can be opened 300 euros? That is because the use of innovative technology patented Horo materials to build 23 carat gold stamp in this dress, the whole T-shirt is like a gem
͡Sunny summer dog days, how can you not go out wearing a pair of polarized ray bans wayfarers sunglasses to pose? Sunglasses with dress selection and face are related, so the more prepared several pairs of sunglasses very gas field is very suitable publicity summer! Whether you are tender or temperament sister royal sister, a dazzling personality excellent sunglasses can decorate your face and enhance your aura but also ray ban original wayfarers the maximum extent possible Today, accessories, and beauty does not matter if, then nothing will
,Brown / brown lenses: absorption and green lenses similar, but more than the green lenses absorb blue lightWhy are there "mirror"? This is in fact the original glasses mirror adds a special coatingiu Miu Spring Special Sunglasses cat eye ray ban wayfarer cheap frame is compact design, and in the upper part of the frame of the cutting process made clear, irregular plate frame with sleek lightweight metal temples, strong sense of design can be described as modern and retro inspiration Creative mashup
In 1988, the way Michael Jackson (second from right) in ray ban wayfarer for cheap tour80's:In 1986, Tom Cruise movie "Top Gun", making Ray-Ban Aviator once again become a popular hot spot Meanwhile, in Coober Pedy myopia sunglasses and 16 layer coating on the surface, not only can effectively prevent the lens from scratches, but also effectively ensure pure lens color, so short-sighted people in the summer to see a clear ray ban wayfarer sunglasses cheap colorful world This activity is an interactive project, consumers can quickly flip through the works of illustrator, enjoy the active image and select a favorite animation share
So, how to choose sunglasses while driving can help to drive safe? Southwest Hospital eye ray ban wayfarer sunglasses on sale specialist Dai Chao said that the driver in the summer choose sunglasses (sunglasses), in color, choice of material and have a lot of stress But why those fired hot star with money to wear to his face immediately changed taste? Those advertising windows sunglasses model face with their shopping in the end ray ban wayfarer sunglasses sale whether the same one? With these questions, we hasten to remedy, get a good look at what to wear sunglasses in the end face what is most appropriate now"Huang Singlasses" is nine projects co-production training institutions in its European roof Puentes is celebrated superstar in Locarno this week its 2014 - One of ray ban wayfarer sunglasses uk the intensive development of the last meeting of the 15-year edition has occurred
ܷʹ "We always feel that we have to compromise on style, fit, or the price When the rain transparent surface, the reflected light, only light polarized in a direction normal to the plane perpendicular to the light emission, and the polarizer can ray ban wayfarers black block specific the direction of polarization, thus eliminating the reflective surface of the water, filter out stray light mist scattering becomes relatively clear line of sight is not dazzling
Jiangsu Province, hospital quality level researcher Zhao Jing ray bans new wayfarers suggested that, for the development of the visual system is not perfect babies and children, need to wear sunglasses in the ophthalmologist or optometrist guidanceƻعChoose different colors for different occasions white ray ban wayfarer sunglasses LensYou should not use color confused sunglasses while driving, because it will make the eyes false true colors ray-ban rb2132 new wayfarer sunglasses The proportion of the entire face of the relatively wide, if modified by sunglasses, the first shape is not too small, otherwise face look will be truncated
Therefore, choose sunglasses should recognize "UV400" tortoise ray ban wayfarers logo, this logo have only explanation that can withstand ultraviolet radiationС㳡 Sunglasses usually divided into categories: light-colored sunglasses, sunshades and special purpose sunglasses