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This article examines the "Nordic model" of economic and social corporatism through a period of success and stability in the post-war period up until the mid-1970s, and the subsequent crises which were encountered. While basic features of the model can be found in all the Nordic countries (a tri-partite negotiating framework which seeks to reconcile competing pressures for competitiveness, internal stability and employment), the article argues that Keynesian style demand management was a relatively minor part of the system, although the state played an active role in economic matters. The article also explores the changes in economic management over time in the different Nordic countries, and with particular reference to Sweden and Finland examines the important differences in national approaches. The central purpose of this discussion is to throw light on whether the recent crises affecting the economies and labour markets of these countries are related to macro-economic policy failure alone, or whether a more permanent collapse of tripartite coordination has taken place.