A3 Book section, Chapters in research books
Modern Finnish Economic History (2022)

Eloranta, J., & Ojala, J. (2022). Modern Finnish Economic History. In J. H. Hamilton (Ed.), Oxford Research Encyclopedia of Economics and Finance. Oxford University Press. https://doi.org/10.1093/acrefore/9780190625979.013.678

JYU authors or editors

Publication details

All authors or editorsEloranta, Jari; Ojala, Jari

Parent publicationOxford Research Encyclopedia of Economics and Finance

Parent publication editorsHamilton, Jonathan H.


Publication year2022

Publication date24/02/2022

PublisherOxford University Press

Place of PublicationOxford

Publication countryUnited Kingdom

Publication languageEnglish


Publication open accessNot open

Publication channel open access

Publication is parallel published (JYX)https://jyx.jyu.fi/handle/123456789/80281


The Finnish economy has experienced a relative late growth and catch-up process in relation to many other advanced Western economies. During this growth period, Finland also experienced a rapid structural change from an agrarian society to a developed service society. In a small open economy, the export industries have played a vital role in this development. Over several centuries, the forest industries have had a dominating impact in exports, along with the metal industries; however, the latter, as well as the electronics industry, with Nokia as the flagship company, gained more importance in the late 20th century in aggregate exports. The egalitarian educational system has to a large extent been pivotal respective of this change in the industrial structure and also in the growth of services. The demographic changes underlying these processes have been focal in these development processes, namely, the steady population growth in the 19th and early 20th centuries, followed by migration to urban centers, especially during the latter part of the 20th century; and, from the turn of the millennium, the emerging challenges of the welfare society followed by the aging of the population.

Keywordseconomyeconomic growtheconomic developmenteconomic effectsstructural changepopulationdemographymigratory movement (demography)structure of trade and industrygross domestic productprogress of a societyeconomic history

Free keywordsdemography; GDP; Finland; economic growth; structural change; catch-up

Contributing organizations

Related projects

Ministry reportingYes

Reporting Year2022

JUFO rating3

Last updated on 2024-22-04 at 20:50