JAPAN OF THE NORTH

In July 2002, Tarmo Lemola had a presentation in Australia entitled "The Finnish Economic Miracle" discussing the reasons behind the economic miracle in the late 90s when Finnish economy attained high growth rates based upon entrepreneurial revival on the basis of market liberalization, deregulation, the restructuring of the firms and the cluster structures which strongly influenced the ICT explosive growth dynamics. Finnish economy rapidly transformed its wheeling engines of high-tech boom. Finland shrank into a deep recession in the early 90s, facing a severe unemployment, bankrupted financial sector and a falling level of GDP, recovering in 1995 when Finland got back on track after catching the 1990 GDP level.