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Darius Ornston, Olli Rehn

2006

How revolutionary was the revolution

78-100

Darius Ornston Page 1 Ch 4 - 1 An Old Consensus in the “New” Economy? Institutional Adaptation, Technological Innovation and Economic Restructuring in Finland Darius Ornston and Olli Rehn The Finnish experience of the 1990s presents the scholar of political economy with a remarkable economic transformation and an intriguing political puzzle. Stated most provocatively, a diminutive postwar paper producer and high-end Soviet supplier emerged as a global telecommunications leader by the end of the millennium. In the early 1980s, over a quarter of Finnish exports went to the Soviet Union. 1 Bilateral trade contributed to industrialization during the early postwar period, but it was nursing internationally uncompetitive sectors like textiles, televisions and transportation equipment by the 1980s. 2 In 1992, this trade collapsed to 2.8% of exports, exacerbating a financial crisis and contributing to the deepest …