Liberal socialismLiberal socialism is a political philosophy that incorporates liberal principles to socialism. This synthesis sees liberalism as the political theory that takes the inner freedom of the human spirit as a given and adopts liberty as the goal, means and rule of shared human life. Socialism is seen as the method to realize this recognition of liberty through political and economic autonomy and emancipation from the grip of pressing material necessity.
Nordic modelThe Nordic model comprises the economic and social policies as well as typical cultural practices common in the Nordic countries (Denmark, Finland, Iceland, Norway, and Sweden). This includes a comprehensive welfare state and multi-level collective bargaining based on the economic foundations of social corporatism, and a commitment to private ownership within a market-based mixed economy — with Norway being a partial exception due to a large number of state-owned enterprises and state ownership in publicly listed firms.
Welfare capitalismWelfare capitalism is capitalism that includes social welfare policies and/or the practice of businesses providing welfare services to their employees. Welfare capitalism in this second sense, or industrial paternalism, was centered on industries that employed skilled labor and peaked in the mid-20th century. Today, welfare capitalism is most often associated with the models of capitalism found in Central Mainland and Northern Europe, such as the Nordic model and social market economy (also known as Rhine capitalism and social capitalism).
Social market economyThe social market economy (SOME; soziale Marktwirtschaft), also called Rhine capitalism, Rhine-Alpine capitalism, the Rhenish model, and social capitalism, is a socioeconomic model combining a free-market capitalist economic system alongside social policies and enough regulation to establish both fair competition within the market and generally a welfare state. It is sometimes classified as a regulated market economy.
