Estonia’s Transition to a Market Economy. By Mark Vickers Estonia’s Historical Cultural Garden in Cleveland, OH Habitat for Humanity project. GDP after Transition. Worldbank.org. Worldbank.org. Population. Lithuania’s population is at 3.5 million. Poland’s population is at35 million.
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GDP after Transition
Lithuania’s population is at 3.5 million
Poland’s population is at35 million
“The Baltic States after Independence”
Gradual Small and medium scale privatization
95% of population was employed by state owned enterprises in 1989
Submission of property claims through registration
Law of Property ratified in 1990 by Prime Minister Edgar Savisaar
Compensation or redistribution of property
The Riigivaraamet created as property board to decide how to privitize small businesses
Intro of the Kroon in 1992 spurred sales through auctions
Gradual Large Scale Privatization in 1992
Offered to domestic and foreign buyers
Foreign investors would bid on enterprises through auctions
Bidder a combination of a high bid and a solid development plan would receive the enterprise
Estonian Privatization Agency set standards for foreign investors
Certain amount of employees needed to be hired at all times
How to sell unprofitable firms
Paying for promised compensation to owners of property during Soviet era
Law of Privatization passed by The Riigivaraamet
Voucher system put in place
Citizens received vouchers based on work history
Citizens could use vouchers to invest in investment funds or pension funds backed by the govt.
Vouchers also given out as compensation
European Enlargement Information Campaign. March 2004.
Europa Online. Estonia’s Experience in Accession Negotiations with the EU. 11 February 2005. www.europa.org
Geography of Estonia. 2006 About.com Inc. The New York Times Company
Gerner, Kristian and Stefan Hedlund, 1993. “The Baltic States and the End of the Soviet Empire.”
Norgaard, Ole. 1996. The Baltic States After Transition. Cheltenham, UK. Brookfield,
US. British Library of Congress
O’Connor, Kevin. 2003. The Greenwood Histories of The Modern Nations. “The Histories of The Baltic States.” Library of Congress. Westport, Connecticut.
Orro, Peter. Interview. 16 January, 2006.
The World Bank Group. 2004. WDI Online. The Ohio State Libraries http://devdata.worldbank.org.proxy.lib.ohio-state.edu/dataonline/
Transition of Estonia. 1996. www.countrystudies.com
United States. Central Intelligence Agency. The World Factbook, 2005. Washington.