I'd say "most of it", you're right that there are two countries where it seems to work at least a little - at great costs though, I have many Scandinavian colleagues (working in hi-tech fields) that left their country because of overregulation.
On the flip side, as a native Scandinavian I have many colleagues from outside of Scandinavia that moved here because of many of the things unions have accomplished - 25 days of paid vacation, a culture of working your 8 hours a day and not more than that, and a child care system that allows you to spend more time with your kids.