From Skeptic to Learner: What the Nordics Taught Me About Capitalism

My journey began four months ago with a healthy dose of skepticism. On the first day of our course on “Sustainable Capitalism in the Nordics?” we were asked a deceptively simple question: “Is capitalism sustainable?” I met it with quiet doubt. Corporate Social Responsibility (CSR) and Environmental, Social, and Governance (ESG) efforts always felt like buzzwords to me—more marketing veneer than substance. Companies talked endlessly about sustainability, but the actions on the ground often seemed shallow. I believed that unless a company went all-in, sustainability was either a lost cause or an inefficient distraction.

Maybe it was the perfectionist in me, that viewed early or incomplete efforts as noise, not progress. Or maybe I assumed only regulatory scaffolding could make capitalism sustainable. What I hadn’t realized yet was that I was conflating a broken implementation with a broken idea.

Skepticism and the “Yeah, But…” Trap

As we dug into course readings² and class discussions, my perspective began to shift. Comparing American capitalism with Nordic-style sustainable capitalism forced me to reflect. Still, I often found myself falling back on familiar rebuttals:

“Yeah, but the Nordics are small and homogeneous.”

“Yeah, but they overconsume.”

“Yeah, but they don’t innovate.”

“Yeah, but their systems wouldn’t scale elsewhere.”

These are all convenient defenses—ways to avoid deeper questioning. But the more I learned, the more I realized that systems offering universal healthcare, paid family leave, and environmental cooperation don’t contradict profitability—they enable it¹.

Where Theory Met Reality: “Aha” Moments in Copenhagen

The real turning point came during our site visits in Denmark. At companies like Carlsberg, Novo Nordisk, Ramboll, and Skandinavisk, I saw a different kind of capitalism in action. Speaking with Sustainability leaders from Carlsberg, Kalundborg Symbiosis, LEGO, the Maersk McKinney Møller Center for Zero Carbon Shipping, Novo Nordisk, and Ramboll, I noticed a striking combination of ambition and humility.

These companies didn’t claim to have it all figured out—but they also didn’t see profit and purpose as opposites. At LEGO, whose business depends on plastic, their sustainability leader spoke candidly about the challenge. What stood out was how open they were—not just about successes, but about the hard trade-offs and failures. They were redefining value in real time.

It was here that I began to truly understand the Danish concepts of hygge and the Law of Jante. I had read about them²—hygge as a kind of cozy, contented simplicity, and Jante as a cultural rulebook discouraging individual arrogance in favor of collective humility—but only by observing how people worked and lived in Denmark did I grasp their impact. Their trust in systems, their honest reflection on failure, and their commitment to equity all seemed to flow from these ideas. It created a cultural foundation where sustainable capitalism didn’t just sound good—it felt lived.

From Insight to Action: Five Lessons for Practitioners

This isn’t about copying the Nordics. It’s about benchmarking what works. If we want capitalism to become more sustainable, we need to reframe our assumptions—and truly internalize the definition that Strand emphasized in his work²:

“Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs.” – Gro Harlem Brundtland, Norwegian Prime Minister⁷

1. Profit → Purpose
   Profit still matters⁵—but Nordic companies pursue it with purpose. Many operate under foundation-based governance models that hold them accountable to long-term societal goals rather than short-term shareholder returns.
   Question: Do your governance structures reinforce your vision—or quietly pull it off course?
2. Perception → Intrinsic Motivation
   Don’t act sustainable to look good—build a culture that is good. As Plato asked, do we follow law to appear just or to be just⁶ ? Shaun Russell, founder of Skandinavisk, shared how they used more organic materials than regulations required—not to impress regulators, but because it aligned with their values.
   Question: What choices are you making today that would still feel right if no one ever noticed?
3. Financial Bottom Line → Triple Bottom Line
   Mads Øvlisen, former CEO of Novo Nordisk and Chair of LEGO, warned us that short-termism is the enemy of long-term value. Novo Nordisk now publishes integrated reports that track financial, social, and environmental performance side-by-side⁸.
   Question: If your company’s story was told without numbers, what legacy would remain?
4. Individual Welfare → Collective Welfare
   We celebrate resilience and freedom in the U.S.—but without universal healthcare, paid family leave, affordable childcare, or education, that “freedom” isn’t equally accessible. In the Nordics, these safety nets unlock people’s ability to take risks, pursue meaning, and innovate. Reading Anu Partanen³ helped me see how often we expect individuals to carry the burden of systemic failure—and call it resilience.
   Question: Are we designing systems that support the many—or just celebrating the few who survive them?
5. Shareholder Value → Stakeholder Engagement
   Stakeholder capitalism requires a wider lens. It’s not just about investors—it’s about employees, customers, suppliers, local community, and the state. Companies like Ramboll, which is foundation and employee-owned, put workers at the center. This is what real engagement looks like.
   Question: Whose voice is missing from your next boardroom conversation—and what might they say if they were there?

No Model Is Flawless: Progress, Not Perfection

Are the Nordics perfect? No. Racial disparities, overconsumption, and demographic challenges remain². But they don’t let imperfection become an excuse. They act. They reflect. They iterate. That’s a powerful lesson in itself.

My Journey: From Rebuttal to Reflection

This isn’t about choosing between American and Nordic capitalism or debating which is better. It’s about learning, adapting, and growing. For me, the biggest takeaway is this: sustainable capitalism isn’t a fantasy—it’s already being lived. The real question is whether we have the humility and the courage to learn from it.

About the author: Vijay Ramakrishnan is an Executive MBA graduate (2025) at the Haas School of Business with nearly two decades of experience in the technology sector. A lifelong learner, he is exploring sustainable leadership with a focus on how values-driven systems support innovation and long-term team health.

References

1. Strand, R. (2024). Global sustainability frontrunners: Lessons from the Nordics. California Management Review, 66(3), 5–26. https://doi.org/10.1177/00081256241234709

2. Strand, R. (forthcoming). Nordic capitalism: Lessons for realizing sustainable capitalism.

3. Partanen, A. (2016). The Nordic theory of everything: In search of a better life. HarperCollins.

4. Company Visits. (2025, May). Haas Executive MBA site visits: Carlsberg, Kalundborg Symbiosis, the Maersk McKinney Møller Center for Zero Carbon Shipping, Novo Nordisk, Ramboll, and Skandinavisk.

5. Friedman, M. (1970, September 13). A Friedman doctrine: The social responsibility of business is to increase its profits. The New York Times.

6. (2004). The Republic (C. D. C. Reeve, Trans., Book II – The Ring of Gyges). Hackett Publishing Company. (Original work published ca. 380 B.C.E.)

7. World Commission on Environment and Development. (1987). Our common future. Oxford University Press.

8. Novo Nordisk. (2025). Annual report 2024. Retrieved May 12, 2025, from https://www.novonordisk.com/content/dam/nncorp/global/en/investors/irmaterial/annual_report/2025/novo-nordisk-annual-report-2024.pdf

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