At fundamental level it’s capitalism, but with some social policies that make it more friendly to humans.

The crucial thing that defines capitalism is profit. Basically as long as there are leeches that take advantage of the economic upperhand they have to leech of workers income, it’s capitalism. This can be frankly pretty complicated and theoretical when you really go into the definitions of work, value, profit, etc. and what it means in practice.

Marxists sometimes make these ideas simpler than they are, and that’s how we end up with solutions that don’t work in practice. They tend to only focus on the material conditions, power and exploitation, but we need theories based on increased psychological understanding to find novel solutions imo.

In essence both, but it’s pretty much its own separate entity called Nordic model