I read an article on BBC.com this week describing Finland as the new “sick man” of Europe.
It blamed the problem on a decline in the timber industry as the demand for paper shrinks, the demise of Nokia, sanctions against Russia, a major trading partner, and a lot of state spending required by both the economic downturn and an aging population.
It seems to me that that is a long way of saying that Finland lacks a diversified economy. Finland has a famously well-educated population. Is there a tendency against entrepreneurship there? Is there population too small to rely on a domestic economy? Why is their economy such a one (or two) trick pony?