EVOLUTION OF FINLAND’S INNOVATION POLICY IN THE CONTEXT OF PATH DEPENDENCE THEORY

The article considers the evolution of Finnish economic and social model from the
point of view of path dependence theory. It can be perceived differently depending on
the period of the country’s economic development. It is seen both as an example of
overcoming path dependence, dynamic change towards new development model as
was demonstrated in the end on 20th century, and as an illustration of some inertia in
development, being stuck on the track – somewhat we can clearly witness within
contemporary Finnish venture finance market.