politician who initiated and guided Sweden's transition to a capitalist economy. He also played a decisive part in turning Sweden away from a Pan-Scandinavian foreign policy in the 1860s.

After a career as an artillery officer in the Swedish army, Gripenstedt entered the upper chamber of the Riksdag (estates assembly; after 1865, the modern Swedish Parliament), in which he became the country's leading advocate of economic liberalism. While serving as minister without portfolio from 1848 to 1850 and from 1852 to 1855 and as finance minister in 1851 and again from 1856 to 1866, he emphasized the need to adopt a free-trade policy. After bringing about partial tariff reductions in the 1850s, he negotiated a trade agreement with France in 1865 embodying the principle of free trade. After ratification by the Riksdag, the agreement initiated a national policy of minimal trade restrictions. In 1863 Gripenstedt played a major role in Sweden's foreign policy by dissuading the government from entering a defense alliance with Denmark that would have embroiled Sweden in Denmark's war against Prussia and Austria (1864). His action led to the decline of the Pan-Scandinavian movement.