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

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  • Augustin Ignatov

Abstract

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.

Suggested Citation

  • Augustin Ignatov, 2017. "Liberalism - Key to Entrepreneurial and Innovation Success: Estonian Case Study," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 20(66), pages 43-62, December.
    • Handle: RePEc:rej:journl:v:20:y:2017:i:66:p:43-62
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    References listed on IDEAS

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    1. Rodica Crudu & Augustin Ignatov, 2017. "Innovative Entrepreneurship Policy- the European Union Case," Fostering Knowledge Triange in Moldova: 2017 Conference Proceedings,, Academy of Economic Studies of Moldova, Centre for Studies in European Integration.
    2. Tõnu Roolaht, 2012. "The Characteristics of Small Country National Innovation Systems," Innovation, Technology, and Knowledge Management, in: Elias G. Carayannis & Urmas Varblane & Tõnu Roolaht (ed.), Innovation Systems in Small Catching-Up Economies, chapter 0, pages 21-37, Springer.
    3. Jaan Masso & Priit Vahter, 2008. "Technological innovation and productivity in late-transition Estonia: econometric evidence from innovation surveys," The European Journal of Development Research, Taylor and Francis Journals, vol. 20(2), pages 240-261.
    4. Elzbieta Janton-Drozdowska & Maria Majewska, 2016. "Investment Attractiveness Of Central And Eastern European Countries In The Light Of New Locational Advantages Development," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 11(1), pages 97-119, March.
    5. Tarmo Kalvet, 2004. "The Estonian ICT Manufacturing and Software Industry: Current State and Future Outlook," Development and Comp Systems 0406006, University Library of Munich, Germany.
    6. Sinani, Evis & Meyer, Klaus E., 2004. "Spillovers of technology transfer from FDI: the case of Estonia," Journal of Comparative Economics, Elsevier, vol. 32(3), pages 445-466, September.
    7. Joze P. Damijan & Mark Knell & Boris Majcen & Matija Rojec, 2003. "Technology Transfer through FDI in Top-10 Transition Countries: How Important are Direct Effects, Horizontal and Vertical Spillovers?," William Davidson Institute Working Papers Series 549, William Davidson Institute at the University of Michigan.
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    Cited by:

    1. Ignatov Augustin, 2019. "Institutional Efficiency, Entrepreneurship, and the Premises of Economic Development in the Eastern European Countries," Studia Universitatis Babeș-Bolyai Oeconomica, Sciendo, vol. 64(2), pages 12-32, August.
    2. Ignatov Augustin, 2018. "Towards a Confident Europe: Fostering European Foreign Policy as a Premise to Enhanced European Economic Security & Competitiveness," Global Economy Journal, De Gruyter, vol. 18(3), pages 1-13, September.
    3. Ignatov Augustin, 2018. "Regional Development Discrepancies in the Eastern European Union Analysed through the Prism of Growth Determinants," Global Economy Journal, De Gruyter, vol. 18(4), pages 1-18, December.
    4. Ignatov Augustin, 2018. "Entrepreneurial Innovation: the European Union perspective," Review of Economic Perspectives, Sciendo, vol. 18(2), pages 137-154, June.
    5. SIRBU Olesea & CRUDU Rodica & IGNATOV Augustin, 2018. "European initiatives for a competitive economy in a globalised world- Entrepreneurial innovation as a pivotal stake," Eastern European Journal for Regional Studies (EEJRS), Center for Studies in European Integration (CSEI), Academy of Economic Studies of Moldova (ASEM), vol. 4(1), pages 47-66, June.

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    More about this item

    Keywords

    Economic transition; reforms; Estonian innovation; entrepreneurship; economic liberalism;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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