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2. Economic Well‐Being under Plan versus Market: The Case of Estonia and Finland
- Author:
- Anna Bocharnikova
- Publication Date:
- 01-2021
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- This article investigates the dynamics of individual economic well‐being in Estonia and Finland over three periods: (1) 1923–1938, when both countries were similarly situated; (2) 1960–1988, during which Estonia was under Soviet control; and (3) 1992–2018, after Estonian independence. Economic well‐being is calculated using the purchasing power of wages in terms of the affordability of a minimal food basket. The results show that, in 1938, the purchasing power of wages in Estonia was 4 percent lower than in Finland; in 1988, it was 42 percent lower; and, by 2018, the gap had fallen to 17 percent. Consequently, as measured by the purchasing power of wages, well‐being in Estonia and Finland was similar before the Soviet occupation, widely diverged during Soviet rule, and converged after Estonian independence, with the transition from plan to market.
- Topic:
- Economics, Markets, Politics, History, and Culture
- Political Geography:
- Europe, Finland, and Estonia
3. The Limits of Democracy
- Author:
- D. Eric Schansberg
- Publication Date:
- 10-2021
- Content Type:
- Working Paper
- Institution:
- The Cato Institute
- Abstract:
- There’s an old saying that democracy is the worst form of government, except for all of the others. Or putting it another way: the best form of government is a benevolent and knowledgeable dictator, except for the problem of finding a good and wise leader. Whatever democracy’s strengths, they are relative not absolute, and they are contingent on context—namely, the people being governed, the people governing, and the underlying institutions.
- Topic:
- Politics, Governance, Democracy, and Populism
- Political Geography:
- Global Focus