How exactly is the form of governance in Scandinavian countries, can you elaborate and mention its strengths and shortcoming as far as you see?
Well, I can answer for Sweden. Sweden has a king with no political power. He counts as the ceremonial head of state. He's there at the Nobel prize ceremonies, international royalty events, etc. The same with his family. but they are not involved in making decisions for the country in any form or way. Instead, Sweden has a parliament and a government with a prime minister. The prime minister is the political head of the state. For the government, there is an election every 3 years. There are parties who usually get most of the votes. The famous dominating ones are: Left party (far left), Environmental party, Social democrats, Center party, People's party, Moderates and Christ democrats (religious and far right). In recent years, a new party has been getting quite a lot of votes too and they are called Sweden democrats who are against immigration but kinda racists at the same time.
Among all these parties, the Social democrats and the Moderates are usually the most dominating ones. Which ever party gets most of the votes after each election, forms a government and usually the head of that party, elected by the members of that party, becomes prime minister.
In Sweden, the taxes are very high (30% of the salaries and after a certain amount of salary, it increases to 50%) which has it's advantages and drawbacks. The drawback is that not many people within this system (if any at all) can make their money to rise sky high, as you can in the US. The advantages are that as long as you have Swedish residence permit, you go to school and university for free, everyday you get free lunch at school, you have an extremely cheap healthcare no matter where you work or if you work at all. The sum of your and your wife's parental leave can go up to 1.5 year in total, extremely high standard of welfare and more. (you can already see it's a perfect system to be misused in Iran lol).
Sweden have big industries. From Volvo and SAB manufacturers to building advanced military airplanes and Medicine. In general the Swedish economy is extremely stable in their governing system. Even though the last international economical recession had it's effect on the Swedish economy too, it did not have a major effect on it. Sweden continues to be among the top 2, 3 countries in different international lists where economy, education, healthcare, welfare, etc. are studied.
Having said that, another setback for Sweden is huge amount of immigration. Not necessarily the immigration itself but the kind of the immigrants who are let in the country. There is no background check or point system where economy, education and/or skills of the immigrants are taken into consideration, like they do in Canada. The idea is humanitarian help. The poorer or the more war-torn you are, the more in need of a better life you are. That results in lots and lots of uneducated people from the bushes of their countries, coming into Sweden and consequently they have a very difficult time to adapt to the new culture/system. This whole thing has increased the votes for the party, Sweden democrats which let them into the parliament some years ago. Their numbers are not so high there so they are not really in the position of making decisions but still....
Anyways, what you need for this system to work, is huge amount of public responsibility and organization. and Swedes are extremely organized (almost like Germans). They are also very punctual (from individuals to the society, like buses, trains, etc.). Although it's very interesting that most of other Europeans I know think Swedes work much less than they do in their countries. They think Swedes are lazy. lol