Economically, the Nordic countries have much in common. They are all small, open economies in which foreign trade has great economic significance. They have also rapidly evolved from poor, agrarian countries into modern industrialised economies that are among the most competitive in the world. The “Nordic model” is therefore of interest to both individuals and policy-makers in other countries. They wonder how these small countries, with large public sectors, including welfare services, and high taxation, have performed so well economically.