Nordic noblemen in business: The Ehrnrooth family and the modernisation of the Finnish economy during the late 19^th century

Abstract

This article explores the role of nobility in the modernisation of Finland during the late 19^th century. We focus on the Ehrnrooths, undoubtedly the most famous noble business dynasty in the country. We find that some members of this old military family were especially successful in expanding their inherited economic, social, and cultural capital as well as combining traditional and modern values and behaviour. These abilities helped them to create a wide portfolio of industrial and financial assets. The Ehnrooths took and managed risks and invested in emerging business areas. In short, they were both entrepreneurs and noblemen.

Keywords:

• Nobility
• elite
• entrepreneurship
• family companies
• business dynasties
• Finland

Acknowledgements

We wish to thank Louise och Göran Ehrnrooth Stiftelse for their financial support for our research. We also thank Alex Snellman and the anonymous reviewers for their useful comments.

Disclosure statement

No potential conflict of interest was reported by the authors.

Notes on contributors

Niklas Jensen-Eriksen, Ph.D., (b. 1974) is the Casimir Ehrnrooth Professor of Business History at the University of Helsinki, Finland. He received two Master’s degrees from the University of Helsinki (History and Political Science) as well as a PhD from the London School of Economics and Political Science (Economic History). Jensen-Eriksen has written extensively on cartels, competition policy, business-government relations, international political economy, the economic history of the Cold War, and the business history of media. He has held various posts at the University of Helsinki, and in 2013, he was appointed as its first Professor of Business history.

Saara Hilpinen (b. 1980) is a Ph.D student at the University of Helsinki. She is working on a doctoral thesis on honor and scandals in the emotional community of the civil servant aristocracy of the 19th Century of Grand Duchy of Finland. Previously she has worked in the Ehrnrooth research project Nobility and the Making of Modern Society: The Case of the Ehrnrooth Family (1600–2000) and co-wrote a book about KONE Ltd’s key persons’ point of view during the company’s growing years 1968–2014.

Annette Forsén, Ph.D., (b. 1966) is an adjunct professor at the University of Helsinki. She received her Ph.D. degree in history in 2012 from the University of Helsinki. She has also studied and been a guest researcher at several German universities. Her research has focused on migration questions, mainly in Finland and Sweden. She has also written on business history from a biographical view in Finland and she is the co-editor of a book on Hanken. The School of Economics 1909–2009.