Why Estonia—Yes, Estonia—Is Suddenly One of the Wealthiest Countries in Eastern Europe (and the Most Innovative)

The question on why some countries are rich and prosperous whereas others seem to be condemned to the scourge of poverty has been around for centuries. Many factors have been argued to be the determinants of prosperity: geographical, cultural, historical, etc. 

Yet, since at least the publication in 1776 of The Wealth of Nations, we know that political and economic institutions play a decisive role in this respect. Free trade, a reliable legal framework that protects private property and...

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