Estonia and Privatization

Paper Summary:

This well researched paper details Estonia's economy as well as its program of privatization for more than 400 major enterprises which leads the Baltics in the number of wide-scale privatizations. Although Estonia is still a young and immature economy, its prospects could turn out to be far more superior than expected. The writer also discusses how Estonia's small-scale privatization and later globalization of the economy began as a part of the larger reform movement in the era of Soviet perestroika.

From the Paper:

"Though it is a young, immature market economy, Estonia is still just that - a market economy. Its prospects could further turn out to be superior than is conventionally expected. Perhaps an analogy - for all of the differences - of Japan's economic miracle is relevant. Indeed, the basis is arguably in the process of being laid for an economic miracle - a chudo. The region possesses an emerging educated population with considerable skills. For the first time in over seven decades, its scientific and technical capabilities are linked to the marketplace - something heretofore impossible. A post-communist generation has emerged, eager to partake in the building of a modern industrial country."

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