The Firm, the Bank, and the Family: Military Intelligence and the Wallenbergs in Sweden’s Cold War
The article “The Firm, the Bank, and the Family: Military Intelligence and the Wallenbergs in Sweden’s Cold War” by Rikard Westerberg explores how the prominent Swedish Wallenberg family and their banking empire Skandinaviska Enskilda Banken (SEB) played a central role in Sweden’s neutrality-industrial complex during the Cold War.
The study draws on archival evidence to reveal the family’s close cooperation with Sweden’s military intelligence agencies, including financing operations and sharing strategic information. It argues that Sweden’s model of linking state, industry and intelligence — described here as a “neutrality-industrial complex” — allowed elite business networks to become vital partners in national defense. The article thus sheds new light on how business elites leveraged their industrial power and clandestine ties for both national security and commercial advantage