Capitalism Nordic-style.

Jorma Ollila is no small-fry on the European entrepreneurial scene. Head of the European Roundtable of Industrialists, Ollila also finds time to run two of Europe's largest companies, Nokia and Royal Dutch Shell. So how does Ollila feel about the economic doldrums? In an interview with the Financial Times, he offered his version of cuddly capitalism:

The concern for what he calls “the human role” above things like skills and strategy comes across in his passion when enthusing about the Nordic approach to business and when echoing Jack Welch, the former boss of General Electric, by criticising some companies’ sole focus on shareholder value. “The [current] crisis will lead to a rethink in the corporate world. It is not just about short-term, mid-term or long-term profitability but it is also about certain values and how you deal with stakeholders.” Values are not the only Nordic thing Mr Ollila thinks the world could do with adopting. He argues that the Nordic way of capitalism – being open to globalisation but protecting people from its negative aspects and providing everyone a good, egalitarian education – provides the answers that are needed. “We need to think a lot about social solidarity,” he adds.