The Nordic Model refers to the economic and social models of the Northern European countries. This particular brand of mixed economy is characterized by welfare policies in which gov't plays important roles in protecting the social and economic health of their citizens. It emphasizes labor force participation and promotes gender equality and fiscal expansion. People may not want to participate because it is expensive. Healthcare is payed for by the tax payers and may not bee practical for poor countries.
It was the "oil crisis" that was one major cause of the recession in the United States in the 1970s, since many countries in the Middle East cut prices to manipulate prices. This put a focus on alternative energy sources that continues today.
