Modern Finnish Economic History
Eloranta, J., & Ojala, J. (2022). Modern Finnish Economic History. In J. H. Hamilton (Ed.), Oxford Research Encyclopedia of Economics and Finance. Oxford University Press. https://doi.org/10.1093/acrefore/9780190625979.013.678
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The Finnish economy has experienced a relative late growth and catch-up process in relation to many other advanced Western economies. During this growth period, Finland also experienced a rapid structural change from an agrarian society to a developed service society. In a small open economy, the export industries have played a vital role in this development. Over several centuries, the forest industries have had a dominating impact in exports, along with the metal industries; however, the latter, as well as the electronics industry, with Nokia as the flagship company, gained more importance in the late 20th century in aggregate exports. The egalitarian educational system has to a large extent been pivotal respective of this change in the industrial structure and also in the growth of services. The demographic changes underlying these processes have been focal in these development processes, namely, the steady population growth in the 19th and early 20th centuries, followed by migration to urban centers, especially during the latter part of the 20th century; and, from the turn of the millennium, the emerging challenges of the welfare society followed by the aging of the population. ...
PublisherOxford University Press
Parent publication ISBN978-0-19-062597-9
Is part of publicationOxford Research Encyclopedia of Economics and Finance
Publication in research information system
MetadataShow full item record
Related funder(s)Academy of Finland
Funding program(s)Academy Project, AoF
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