Colin Cox, Weber State University
Economics
Acceptance into the Organization for Economic Co-Operation and Development (OECD) can be interpreted as a sign that a country has achieved a level of high economic development. The pathways leading to becoming an OECD country are as diverse as the countries within this organization. The most recent country to join this elite organization is the small eastern European country, Estonia. Besides being the most recent country to be inducted into the OECD Estonia has another unique characteristic, it is the only OECD country to have belonged to the Soviet Union. Estonia’s relatively new independence gives researchers an extraordinary opportunity. We are able to track this country’s economic progress after its policies and institutions were essentially wiped clean upon gaining independence in 1991. In this study I will investigate what macroeconomic devices Estonia has used to progress further than other former Soviet States. In order to do this I will compare key economic indicators and policies for three former Soviet countries with similar economies; Estonia, Latvia, and Lithuania. I will draw connections between economic policies implemented and correlating empirical indicators. After analyzing the above mentioned parameters I will provide a summary of the successes and shortcomings experienced by Estonia’s economy and make relevant suggestions.