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.
Social exchange theorySocial exchange theory is a sociological and psychological theory that studies the social behavior in the interaction of two parties that implement a cost-benefit analysis to determine risks and benefits. The theory also involves economic relationships—the cost-benefit analysis occurs when each party has goods that the other parties value. Social exchange theory suggests that these calculations occur in romantic relationships, friendships, professional relationships, and ephemeral relationships as simple as exchanging words with a customer at the cash register.
InteractionismIn micro-sociology, interactionism is a theoretical perspective that sees social behavior as an interactive product of the individual and the situation. In other words, it derives social processes (such as conflict, cooperation, identity formation) from social interaction, whereby subjectively held meanings are integral to explaining or understanding social behavior. This perspective studies the ways in which individuals shape, and are shaped by, society through their interactions.
