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Debate abounds as to what exactly the Nordic model stands for. But Mr Ollila points to the analysis of a group of academics from across the region who wrote a book called The Nordic Model. They argue that an openness to globalisation combined with strong social protection and egalitarianism defines the region’s capitalism.

Francis Sejersted, a Norwegian historian and former chair of the country’s Nobel prize committee, talks about “democratic capitalism”, meaning a high degree of equality and participation in political and corporate decision-making.

But Nordic countries are also well aware of the negative side of globalisation and take measures to alleviate that. Mr Kreutzer refers to “the personal safety net”, explaining: “There is a need to carry individuals who are hurt by things that are good for companies or society.” He points to workers in the paper and pulp sectors who saw their factories closed but were able to transfer to newer technologies.

Underlying this is a deep sense of egalitarianism, especially in the education system. Mr Ollila points to the absence of social class as a factor, unlike in the UK and elsewhere: “Everybody can get a good education no matter what your background is. It is not who you are but what you can contribute.”

But this deeply held egalitarianism also makes the Nordic model difficult to export. Mr Alahuhta explains how hard it was in places such as the UK, in which Kone expanded in the 1990s, to persuade employees to embrace the non-hierarchical ways of Nordic companies. “Egalitarianism is very important to us. This culture is the glue that holds Kone together,” he says.

The lack of hierarchy in companies extends right to the top. Mr Kreutzer explains how his workers “just pop up and knock on my door”. He carries on: “They feel responsible for the company. And I want to put myself in situations where I receive the unpolished truth.”

Worker participation in the strategy of companies is an important factor. Employees sit on the boards of many Nordic companies thanks to a heavy trade union presence. But executives say the relationship has matured in recent years, allowing companies to make big restructurings with the co-operation of workers. Jorgen Buhl Rasmussen, chief executive of Carlsberg, the Danish brewer, says: “I think there’s a better understanding on both sides today: it’s less about conflict. It’s quite easy to add people in good times but also to adjust downwards in tougher times.”

Indeed, far from exporting their model to the rest of the world, some Nordic countries are trying to overhaul their economies and import elements of the Anglo-Saxon system. In Sweden, for example, a centre-right government has been in power since 2006 with a mandate to reduce the country’s tax burden – one of the highest in Europe – and make the labour market more flexible.

The region has also historically relied on big companies and has been poor at generating smaller entrepreneurial businesses – a weakness in generating employment The generous social welfare net that underpins Nordic capitalism is meanwhile facing increasing pressure from an ageing population and the cultural homogeneity that makes the consensus-based system possible is being unsettled by increasing immigration. “There are certain weaknesses in the Nordic model and they are being ‘stress-tested’ by globalisation,” says Prof Braunerhjelm.

Sweden has been held up as a role model for its successful response to a regional financial crisis in the early 1990s, with a mixture of enforced recapitalisations and nationalisation.

This open approach may have much to commend it in the current crisis. But while it may be interesting for foreigners such as the US banker to look at the Nordic model, it appears difficult to emulate it. One leading Nordic businessman says the region’s capitalism is not exportable as it is so rooted in the traditions of all the countries: “You are talking about small, egalitarian countries with good education systems. That hardly applies anywhere else in the world. So you can admire it but replicating it is very tricky.”