{
  "title": "Capital and Owners in Finland | Samuli Knüpfer | Neuvottelija 184",
  "titleOriginal": "Pääoma ja omistajat Suomessa | Samuli Knüpfer | Neuvottelija 184",
  "episodeNumber": "184",
  "guest": "Samuli Knüpfer",
  "publishedAt": "2023-03-28",
  "duration": "48:10",
  "durationIso": "PT48M10S",
  "youtube": "https://www.youtube.com/watch?v=oKeBLcimYfY",
  "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/273-paaoma-ja-omistajat-suomessa-samuli-knpfer-neuvottelija-184",
  "originalLanguage": "fi",
  "format": "full",
  "topics": [
    "ownership_capital_tax",
    "finnish_economy_policy",
    "investing_markets"
  ],
  "description": "Samuli Knüpfer, professor of ownership at Aalto University, sets out why Finland is a poor Nordic country even after the effect of pension funding is stripped out. On net wealth Finland and Norway sit in one league and Sweden and Denmark in another; Norway's position is explained by having been poor before oil and by a fund deliberately kept out of citizens' accounts. The largest single gap comes from unlisted shares, and behind it lies a simpler fact: the other Nordics have distinctly more companies per capita, and Finland is the only one of the four with fewer. A Finnish household holds about 40 per cent of its financial wealth in deposits against roughly 20 in Sweden and Denmark. The most striking finding is an attitude measure — of all internationally compared economic beliefs, viewing competition as harmful is where Finland diverges most from its neighbours. Knüpfer also argues that low venture investment reflects a shortage of good targets rather than of money, proposes giving individuals contact with their own pension saving, and asks that state ownership follow a stated line, since a state owner's only real asset is credibility with other investors.",
  "chapters": [
    {
      "t": "00:00",
      "title": "Intro: Finns like levelling incomes and wealth more than others. Our capital in unlisted companies is low",
      "seconds": 0
    },
    {
      "t": "00:45",
      "title": "Samuli Knüpfer — back to Helsinki via Oslo and London. Is wealth visible abroad?",
      "seconds": 45
    },
    {
      "t": "02:19",
      "title": "Establishing Aalto's professorship of ownership. Why is ownership in the dark in Finland?",
      "seconds": 139
    },
    {
      "t": "03:15",
      "title": "Forms of ownership; the owner carries the residual risk",
      "seconds": 195
    },
    {
      "t": "04:45",
      "title": "Are Finnish owners poor? Net wealth compared across Finland, Norway, Sweden and Denmark",
      "seconds": 285
    },
    {
      "t": "05:32",
      "title": "Sweden and Denmark richest in net wealth, Finns and Norwegians poorer (excluding the oil fund)",
      "seconds": 332
    },
    {
      "t": "07:33",
      "title": "The distribution of financial wealth: Finns are poor, heavy on deposits, light on unlisted shares",
      "seconds": 453
    },
    {
      "t": "08:35",
      "title": "The danger of raising taxes on unlisted companies as an election theme; the number of employer firms is already falling",
      "seconds": 515
    },
    {
      "t": "10:05",
      "title": "The anaemia of the Helsinki stock exchange",
      "seconds": 605
    },
    {
      "t": "11:49",
      "title": "Finns are weak on financial literacy, and experience competition as a bad thing",
      "seconds": 709
    },
    {
      "t": "15:28",
      "title": "The excellence of the equity savings account, and how to increase children's share saving",
      "seconds": 928
    },
    {
      "t": "20:20",
      "title": "Comparing growth funds and other institutional investment across the Nordics",
      "seconds": 1220
    },
    {
      "t": "22:40",
      "title": "High rates on earned and capital income in Finland",
      "seconds": 1360
    },
    {
      "t": "25:35",
      "title": "Developing ownership in Finland",
      "seconds": 1535
    },
    {
      "t": "33:20",
      "title": "The large behavioural role of even a small holding",
      "seconds": 2000
    },
    {
      "t": "38:40",
      "title": "Finnish risk aversion showing in the large share held as deposits",
      "seconds": 2320
    },
    {
      "t": "41:38",
      "title": "Finnish state ownership is at a high level",
      "seconds": 2498
    },
    {
      "t": "44:33",
      "title": "The role of impact investing and ESG alongside ownership",
      "seconds": 2673
    },
    {
      "t": "47:54",
      "title": "Outro",
      "seconds": 2874
    }
  ],
  "sourceTranscriptType": "macwhisper_srt",
  "subtitleMethod": "none",
  "provenance": "Owner page assembled from YouTube metadata, the neuvottelija.fi episode record and a MacWhisper transcription of the Finnish audio. The chapter marks are the publisher's own list as released with the video, each verified to fall within ten seconds of a real transcript cue. No English caption track was produced, so no transcript is published here. The host discloses in the episode that his firm contributed to establishing the professorship, and that disclosure is carried onto this page.",
  "slug": "ep184-paaoma-ja-omistajat-suomessa-samuli-knupfer",
  "guestsCanonical": [
    "Samuli Knüpfer"
  ],
  "guestPages": [
    "https://www.neuvottelija.com/podcast/guests/samuli-knupfer/"
  ],
  "page": "https://www.neuvottelija.com/podcast/episodes/ep184-paaoma-ja-omistajat-suomessa-samuli-knupfer/",
  "markdown": "https://www.neuvottelija.com/podcast/episodes/ep184-paaoma-ja-omistajat-suomessa-samuli-knupfer/index.md",
  "captions": null,
  "transcript": null,
  "videoId": "oKeBLcimYfY",
  "dbId": null,
  "qaCoveragePct": 0.0,
  "qaSemanticVerdict": "transcript_timecoded"
}