Browsing by Subject "2008 financial crisis"

The 2008 financial crisis was a disaster for people around the world, which caused the downturn of the world economy and ruined the lives of countless people. However, the Nordic countries stood out with the resilience they showed during the crisis. They were capable of controlling the unemployment rate even during the crisis and recovering from the recession quickly. The reasons behind this are worth digging. Combining literature analysis and interviewing experienced scholars in the field of the welfare state, this thesis aims at providing a unique perspective, analysing the welfare scholars’ views on the performance of the Nordic welfare state in the context of the 2008 financial crisis, to explore the possible sources of the resilience power of the Nordic welfare state and the challenges for the Nordic welfare state during and after the crisis. As a result, several essential elements of the Nordic welfare state are identified. Among them, a high level of social security, strong labour unions and heavy investment in human capital and education are found to be essential sources of the Nordic welfare state’s resilience power. Funding issues stood as a significant challenge during the crisis. Other than that, the privatisation of public service, the ageing population, and migration also lay a great burden on the welfare state in the post-crisis era. Finally, the results also suggest that the 2008 financial crisis also have an impact on the status of the welfare state in Nordic branding.