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

Abstract

This article explores the role of nobility in the modernisation of Finland during the late 19th 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.