ABSTRACT
The attempts to re-embed capitalism within a fairer and more inclusive society came to their full fruition only in the second half of the 20th century. Profit-seeking enterprise and the accumulation of capital remained the fundamental driving force in the production of private goods, but it was subjected to strong regulatory oversight. In the 'front' industries' model, wage negotiations in the internationally exposed sectors the front industries have been prioritised, and provide competitive settlements by international wage standards. A 'mixed economy' approach with a focus on the appropriation of super-profits for public benefit, while governing production and financial management under a competitive market regime, sets Norway apart. The late 20th and early 21st centuries also saw the legitimacy of social democracy the prime carrier of the welfare state idea under siege. While it had success in framing capitalism in the 20th century, social democracy as a political movement started to lose appeal.
