Liberalism - Key to Entrepreneurial and Innovation Success: Estonian Case Study

• Main Author: Augustin Ignatov
• Format: Article
• Language: English
• Published: Editura ASE Bucuresti 2017-12-01
• Series: Romanian Economic Journal
• Subjects: Economic transition; reforms; Estonian innovation; entrepreneurship; economic liberalism
• Online Access: http://www.rejournal.eu/sites/rejournal.versatech.ro/files/articole/2017-12-27/3490/3-ignatov.pdf

Since its independence in 1991 Estonia has successfully overpassed the challenges of the transition period being in the present of one the most technologically developed nations of Europe. The present research is intended to evaluate the relationship between Estonian pro-market regulation, entrepreneurship and innovation. In order to reach relevant conclusions in this regard there have been used both qualitative and quantitative methods of analysis. In such a way, it could be comprehensively reviewed the process of Estonian economic development from a relatively underdeveloped USSR republic to an advanced innovation driven economy. The results show that pro-market governmental regulation has favourably influenced Estonian entrepreneurship, while it fostered country’s innovation capacities. It has been concluded that the economic “miracle” of Estonia has been at a great extent determined by proper government regulation oriented towards economic liberalisation.