The purpose of this chapter is to examine the way in which Finnish teacher education was formulated during and after the educational reform process. It is, on the one hand, a professional success story for primary school teachers and also for teacher educators and educational scientists. It is also a story about the formation and function of corporate regulation mechanisms in educational policy. I will describe how the social field of teacher education was reconstituted through the reforms, scrutinizing strategies and mutual relations between the welfare state and the teachers and educational scientists involved. Certain features of post-reform discursive practices in the educational sciences and teacher education are analysed in the third section, the aim being to connect the discursive and the social field as a basis for the new social regulations that emerged as teacher education evolved. In the concluding section, I outline a model of exchange relations between the actors and the discourse structure in the field of teacher education in Finland.