Investment in Finland, 1860–1979

Abstract

Before the First World War, Finland was clearly an agrarian developing country. Following international models, the beginnings of new manufacturing based on machine technology had been introduced to complement traditional iron manufacturing, miscelleaneous handicraft production of consumer goods and sawmills driven by water-power. Between the two world wars the newly independent country developed its wood and paper manufacturing energetically, thus attempting to secure a foothold in western markets. Owing to favourable development in agriculture and forestry, home-market industry gained considerable strength. Agriculture still accounted for over a third of total production and employed approximately one half of the labour force.