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2025/2026  KAN-CGMAA8003U  Sustainable Capitalism in the Nordics

English Title
Sustainable Capitalism in the Nordics

Course information
Language English
Course ECTS 1.5 ECTS
Type Elective
Level Full Degree Master
Duration One Quarter
Start time of the course Spring
Timetable Course schedule will be posted at calendar.cbs.dk
Max. participants 60
Study board
Study Board for cand.merc. and GMA (CM)
Programme Master of Science (MSc) in Economics and Business Administration - General Management and Analytics (GMA)
Course coordinator
  • Robert G. Strand - Department of Management, Society and Communication (MSC)
For academic questions related to the course, please contact instructor Robert Strand rs.msc@cbs.dk. Other academic questions: contact academic director Martin Jes Iversen at mji.si@cbs.dk.”
Main academic disciplines
  • Corporate governance
  • CSR and sustainability
  • Globalisation and international business
Teaching methods
  • Face-to-face teaching
Last updated on 01-12-2025

Relevant links
Learning objectives
To achieve a superior grade, students should meet the following learning objectives with no or only minor mistakes or errors:
  • Describe the concept of sustainability and the Sustainable Development Goals (SDGs).
  • Summarize the fundamental principles of capitalism and discuss them in relation to sustainability.
  • Critically compare Nordic capitalism with American capitalism.
  • Evaluate how Nordic nations and Nordic-based companies demonstrate comparatively strong SDG and sustainability performances vis-à-vis the U.S. and U.S.-based companies.
  • Recommend benchmarking lessons from the Nordic context that can be effectively applied in the U.S.
Course prerequisites
This course is a special course limited to graduate students returning from exchange. To qualify for the course you:

1. Enrolled in a graduate program at CBS
2. Have to have passed 28 ECTS during your exchange
3. Have to submit a motivational statement to outboundexchange@cbs.dk
Examination
Sustainable Capitalism in the Nordics:
Exam ECTS 1,5
Examination form Home assignment - written product
Individual or group exam Individual exam
Size of written product Max. 5 pages
Students will be required to complete a final report summarizing their learnings from the class. The report will be comprised of 5 pages plus an appendix where required.
Assignment type Essay
Release of assignment An assigned subject is released in class
Duration Written product to be submitted on specified date and time.
Grading scale Pass / Fail
Examiner(s) One internal examiner
Exam period Spring, Exam: Home assignment
Make-up exam/re-exam
Same examination form as the ordinary exam
Retake exam: Home assignment
Description of the exam procedure

Students may select a theme of a general case and explore it fully.
Course content, structure and pedagogical approach

This course begins with the pivotal question, “Is capitalism sustainable?” and proceeds to explore the ambitious goal of realizing sustainable capitalism. We use the Sustainable Development Goals (SDGs) as a framework to critically compare American and Nordic varieties of capitalism, assessing their impacts on sustainable development with a particular focus on the role of for-profit companies. Rooted in critical thinking and interactive discussion, this course delves into ideas about capitalism and its interplay with sustainability.

 

Nordic nations and companies are often recognized as global sustainability frontrunners, consistently achieving top rankings in the SDG Index, the World’s Happiest Countries survey, and the Global 100 World's Most Sustainable Companies, among other metrics. This course benchmarks these comparative Nordic successes to identify practical lessons. Additionally, we critique and explore the limitations of Nordic capitalism.

 

This discussion-based course features an international immersion week in Copenhagen, Denmark, with site visits to relevant organizations in the Greater Copenhagen Area, and academic sessions at Copenhagen Business School.
Research-based teaching
CBS’ programmes and teaching are research-based. The following types of research-based knowledge and research-like activities are included in this course:
Research-based knowledge
  • Classic and basic theory
  • New theory
  • Teacher’s own research
Research-like activities
  • Analysis
  • Discussion, critical reflection, modelling
Description of the teaching methods
The course features an immersive week in greater Copenhagen, Denmark. Although each day varies, a typical day includes one morning visit and one afternoon visit to relevant organizations. These visits generally consist of presentations by the host, followed by Q&A sessions and discussions led by the course professor.

The course incorporates preparatory asynchronous sessions to enhance the immersion week's value. These sessions include readings, videos, and online discussions, all designed to build foundational knowledge and encourage pre-arrival engagement among students.
Feedback during the teaching period
Students will be provided feedback throughout the course.
Student workload
In classroom or online learning 25 hours
Preparation for classroom activities 5 hours
Examination 11,5 hours
Further Information

To help students get maximum value from this course, instructors provide a reading or a small number of readings or video clips to be read or viewed before the start of classes with a related task scheduled for class 1 in order to 'jump-start' the learning process.
Expected literature

Strand, Robert. 2026. Nordic Capitalism: Lessons for Realizing Sustainable Capitalism. Cambridge University Press. (Available open access, Amazon, other booksellers.)

Partanen, Anu. (2017). The Nordic Theory of Everything: In Search of a Better Life. Gerald Duckworth & Co. (Available via Amazon, other booksellers. Any version of the publication is suitable.)

Friedman, Milton. (1970). The Social Responsibility of Business is to Increase its Profits. New York Times Magazine.  (Google this article title to locate.)

Stout, Lynn. A. (2012). The Shareholder Value Myth: How Putting Shareholders First Harms Investors, Corporations, and the Public. Berrett-Koehler Publishers. (Available via Amazon, other booksellers. Any version of the publication is suitable.)

Strand, Robert. (2024). Global Sustainability Frontrunners: Lessons from the Nordics. California Management Review, 66(3), 5–26. https:/​/​cmr.berkeley.edu/​2024/​05/​66-3-global-sustainability-frontrunners-lessons-from-the-nordics/​

 
Last updated on 01-12-2025