Аннотация:The Swedish welfare state as a productive social model. Since the 1930s Sweden has developed an original approach to social policy, considering it not as a cost but as a productive investment that can reconcile economic efficiency and social equity. Thus, the social investment discourse, which has become very popular today both at the European and OECD level, and which advocates a reorientation of resources from “ passive” to “ active” social expenditures, seems to find some of its inspiration in the policies that have been set up in the Nordic countries, and theorized in Sweden especially. This article analyses the foundations and the development of this Swedish productive social model in order to better understand the specificities of this model and its success, but also to put into perspective the current European orientations around the social investment perspective.