Economic Development of the Baltic and Nordic Countries: Characteristics of Еconomic ModelsAbstract
Economic development models are crucial for understanding historical progress of countries and in forecasting their future economic prospects. The Nordic countries are connected with the Baltics through culture, history, politics, and economy. These states have a common interest of ensuring stability, security, and welfare in the Baltic region. This article strives to answer the question as to why the Nordic model of economic development is acclaimed internationally for the effective use of national and external resources, which is not the case in the Baltics. The Nordic and Baltic national models demonstrate that similar financial and economic performance does not translate into similar economic development results. The article tracks ten years of economic performance of the Nordic and Baltic countries and analyses economic models from the perspective of new institutionalism. The authors offer a definition of a ‘successful economic development model’.