Nokia had a huge impact on Finnish economy. Their share of Finnish exports were like 20% for 10 years row. Not to mention all the indirect effects. For years Nokia employed like 1% of the population directly and who knows how many others indirectly. At best Nokia accounted for over 50% of the all patent applications in Finland.
@@mammadjafarzade7687 Tbh this video sounded almost like an AI script or something. It didn't even match EE's usual approach to covering countries since he padded the time out quoting some generic drivel from a couple politicians that said nothing about economics, which doesn't figure in his other country profiles. Like I still don't even know much about what Finland makes exactly, besides Nokia. Forestry sure, but what heavy industry? What life sciences? It was all just blah all round.
@@ArawnOfAnnwn About the heavy industry we make some boats and steel in Outokumpu and then theres the chemistry with Kemira probaply still in the lead. But thats what a Finn would know tbh.
@@jaskapenttila7644 Is that big? I've never heard of those companies. From what I do know shipbuilding is pretty dominated by the triad of Japan, Korea and ofc China. Dunno about chemistry much, but I know Dupont is huge there and it isn't Finnish.
Nokia is still an important tech company with $26.5 billion revenue but doesn't produce consumer goods anymore. That is why everyone thinks Nokia has vanished.
EE completely overlooked Finland's most important contribution to the world. Only the Fins can successfully make it all the way around a hairpin bend in Winter, on a gravel road, and without slowing down. This crucial skill adds 1.5 to Finland's overall score. Thus, in reality, Finland is fourth on the Leaderboard.
@@RK-cj4ocFinns like to complain about the system all the time. Especially those who lack international perspective. I’m sure thats the case here as well.
@@RK-cj4oc Cos it sounded almost like an AI script or something. It didn't even match EE's usual approach to covering countries since he padded the time out quoting some generic drivel from a couple politicians that said nothing about economics, which doesn't figure in his other country profiles. Like I still don't even know much about what Finland makes exactly, besides Nokia. Forestry sure, but what heavy industry? What life sciences? It was all just blah all round.
@@ArawnOfAnnwn this summarise most EE videos. When EE makes videos about the countries I lived and know about, it’s easy to see it’s extremely oversimplified. So it’s not necessary saying wrong details, but it’s misleading by omission.
Hey EE team! Love your videos, but this one felt a little bit about nothing. I mean the same information was repeated multiple times and it felt quite a bit of a downgrade from your regular videos
Yeah I agree, a lot of the points and information was surface level at best, repeated numerous times and didn't seem that well researched at all. It's quite poorly written honestly, it sounds like some of the things I wrote in school when left it to the last minute and had a wordcount to hit lol
This is like the most soft-ball EE episode I've seen. "Finland is basically perfect, but must continue to be perfect or else they will risk becoming imperfect" 😅
@@ameyskulkarni My guess is that his working a big video and he doesn't have time for others, so he just probably has a list of easy quick ones to make that will still grab people's attention.
@@tacobell1365 If that's the case then he should take a break or something. There's no need to put out lower quality stuff every few days. I don't mind waiting longer if the videos are actually good
Your videos have recently pivoted away from insightful videos with detailed research to simple video summaries of countries not yet on your list. This takes away the quality aspect that made me watch in the first place.
Was just gonna comment that this video's script sounds like a generic essay, one of those blog posts that get churned out for businesses that have no business creating a blog. Created just for SEO.
Yes it is unfortunate. As someone working in media myself I realise how many of these outlets/channels fire necessary workforce and become fully dependent on AI, which clearly yields mixed results. Quality >>> quantity. I certainly hope EE won’t go that route, as it will plummet the brands credibility and product quality. And I really like EE…
it does sound like something I would've written up in a weekend for a first year assignment in uni, even without the use of chatgpt. Sadly it seemed that it only skimmed the surface of the subject.
EE, the way middle earner income tax is calculated maybe different from what I intrepret, but I'd say it is DEFINITELY NOT 46%. I'm finnish, born and raised, work as an engineer in the mentioned forest tech industry. Here's rough example of my tax info. I make 4k € a month, a bit more if we count the optional reward system my employer uses. That would make my hourly salary 25 € / h on a 40 hour workweek, which is bang on the average wage you claim here. And the workweek really is 40h. If we work more hours, the hours get banked and we can extract them later as days off, or paid out with overtime pay added on top. My total tax% is 22%. If I earn over 50k a year due to bonuses etc. the tax rate for the amount over 50k will be 41,5%. But ONLY for the amount OVER the yearly limit. If I want a higher yearly limit, I can then pay a bit more over the year, say 23 or 24%. So maybe you confused the income tax rate with the "penalty" tax rate for going over yearly earning limit? IDK. But I feel like it's very IMPORTANT to get the correct idea to all kinds of political entities, that the price tag of Nordic social democracy is not as high as some people make it out to be and demonize it. For North Americans etc. the tax rate may still sound high compared to the amount I earn. But remember, this level of taxes has also brought about ton of free public services. Examples from my own life. - My engineering degree was paid fully by the state. I only had to buy the books, and most of those you can get used. - While I studied I focused on it during school season, worked during summer and holiday seasons. My income was subsidized by the goverment, with "student help" fund and housing fund. I also took some goverment backed studying loan with favorable interest. I paid it fully back after couple of years in the workforce, so the amount was nothing like the horror stories of USA student debts. - I am type 1 diabetic (inherited diabetes). The state pays for most of my insulin, I only have to pay a small collateral couple of times per year. - Public school education I received was very good, even in that small town shcool I attended. I come from a low income rural household. Without these state support systems, I don't know how my life would have turned out. EDIT: If we also add Pension and Social Security cost, they add 8,65% to the tax rate. So my total income deductions are 30,65%. I don't know why finnish salary data keeps these separate, did not mean to mislead. People have also pointed out that there are costs on employer side, which is true. I do maintain the benefits far outweight the costs as long as the tax money goes to correct places. Education, healthcare etc. And the pricetag for the average voter joe still isn't nearly as bad as some would make you believe.
You are completely in the right. I know a person who earns a tad bit more than you and even his tax is still around 30%. To have a 46 as a tax percentage, you would have to earn 100k a year or maybe even more than that.
Does Finland use a progressive tax system? Is so, is one of the rates 40% or greater? I’m genuinely asking, that could be where the confusion lies. What’s the VAT rate also?
@@SilentEire Yep, it is a progressive system. But EE's claimed number still confuses me, since I am bang on a middle income earner. Maybe it's calculated somehow by adding all of the goverments tax income and the divided by amount of taxpayers? That would skew the number via the top earners paying a lot more. VAT is 24% on common goods. Cigarettes, alcohol, sweets etc, are taxed higher. As is gasoline.
The average wage EE claims is WAY higher than in reality. Average wage in private sector in 2021 was 16,8€/h. The median income is somewhere around 3,3K€.
Interesting video I would love to see you doing a video on Finland's southern neighbor of Estonia While its still poorer than its northern neighbor, its growth over the last 3 decades has been spectacular, and is quickly catching up with its northern neighbor
Totally supported! Estonia is a powerhouse. It has the lowest public debt in Europe and also has a very interesting tax system for businesses where only equity withdrawals are taxed making the government an effective investor in all businesses.
Estonia is a mini state with less than 2 million people. I can't see any excuse for such countries not implementing good policies that stimulate economic growth
@@benbaselet2026 I'm not saying big countries have an excuse to implement bad economic policies, but it is much easier for smaller countries than bigger ones. A small country can get a single area of specialization and build its economy around that thing, the revenue generated is enough for the country's little expenses, as for big countries, they cant depend on a single or few industry for development
In reality, I work in a well paying field and out of the staff 1/3 are immigrants. They are mostly from other European countries and North America. People who actually work with foreigners know that they come from almost every continent.
This edition was a bit generic as far as these things go, could just as well have been a list of Finish government talking points. Also at 1:35 I was surprised to see the lack of growth over the last decade pass by unremarked.
@@Tuppoo94 Tbh this video sounded almost like an AI script or something. It didn't even match EE's usual approach to covering countries since he padded the time out quoting some generic drivel from a couple politicians that said nothing about economics, which doesn't figure in his other country profiles. Like I still don't even know much about what Finland makes exactly, besides Nokia. Forestry sure, but what heavy industry? What life sciences? It was all just blah all round.
I think this might have been placeholder data that was never filled in. The actual rankings from QS right now are: Helsinki: 104 Aalto: 112 Turku: 295 Jyväskylä: 358 Oulu: 377 Lappeenranta-Lahti: 414= Tampere: 414=
Finland bases speeding tickets, perhaps more, on someone's income instead of a flat fee. This forces ppl of all income brakets to pay equally for breaking traffic law. There have been tickets assessed in the hundreds of thousands USD. In a poll, 2/3rds of Canadians were also supportive of a similar system.
To be honest, flat free is more equal since you pay the same amount. Finland's system (where people are fined accordingto their income) is unequal, but it works better than the "equal" flat fee in many other countries. For example, for poorer people 100$ ticket is a lot more and hurts a lot more that the same 100$ fine for rich people.
Maybe finland was good at innovations during old days, but now finland is lagging behind in innovation since the fall of Angry Birds, Nokia, there's no innovation over there.
Not Nokia. Like what they have been doing for centuries, it just change what the company wants to do. They are # 3 in the world in wireless access points, #2 in SDN, largely due to China, #2 in backend Mux etc. Nokia is very good at what they do.
finnish tech industry is very hard at work in electric cars, telecommunication and clean energy. sure things like 5G, sms and linux are less visible than angry birds and nokia phones but innovation in finland continues at a normal pace
@@flakgun153 GDP per Capita evaluation doesn't care if your economy is stagnant or not. It literally just checks where the GDPpC ranks on a global level.
I think it makes sense. USA had 9/10 and USA's gdp per capita is a lot higher than Finnish GDP per capita and there is still a couple of countries that have a lot higher of GDP per capita than the US (Switzerland, Norway, Luxembourg etc.) to whomst 10/10 is reserved to
@@tj-co9go Also a long list of successful console and pc games like Cities: Skylines and Max Payne series. Also while Nokia no longer dominates the smart phone market, they are one the biggest 5g suppliers in the world. Kind of sad people need to read 20 minutes of comments to get the same information EE used to provide in the video.
@@tj-co9goAlthough Supercell is now chinese-owned and Angry Birds is japanese-owned, but yes they come from Finland. Just like Elon Musk comes from South Africa and Peter Thiel from Germany😉
Finland seems to have managed a lot better than us neighbours in Sweden. We haven’t managed to integrate the immigrants at all. Have the worst statistics for shootings in Europe and our currency have fallen a lot in recent years. Our schools keep having issues. We used to be better than Finland and now we are far behind. We could learn a lot from Finland but it seems we just look at the US in the last decades.
@@byloyuripka9624 it's difficult problem to solve. Importing only skilled migration will cause brain drain from the source counter which means only low iq and barbershop people exists. Which makes them want to immigrate for a place with skilled people and services...
@@n1ls53 white countries? I have to report you for clear racism. I can fix it for you "white colonisation and stealing other counties has brought wealth and development "
A couple of points from a Finn; 1. Finnish economy has been very stagnant, especially after the 2008 recession. Our gdp is about the same as it was 15 years ago. Meanwhile all our neighbours (Sweden, Norway, Denmark) have managed to grow their economies in the same time period. 2. The first point may be explained by a lot of factors, one being our lower amount of immigration. 11% in Denmark are foreign-born, 16% in Norway and 20% in Sweden, while it’s around 9% in Finland. We also have an older and more rapidly aging population which hinders the economy. 3. The newly elected government has vowed to cut spending by €4 billion. Most of this will come from unemployment benefits and other benefits which mostly involve the youth and lower income individuals. The Prime Minister promised to not cut from education even though he promised the same thing in the 2015-2019 government and still cut from it. His party even proposed that they would make Finnish citizens pay for their degrees. This is expected to be Finland’s most economically right-wing government since the 1930s. 4. The far-right Finns Party comprise almost half of the new government. Their only demands are to cut immigration and reject climate change goals (we were commited to being carbon neutral by 2035, Finns Party thinks it is not necessary until the 2050s). This will reverse the positive effects of the Marin government where we invested in green economics and immigration. 5. Unemployment has actually been quite high and the highest in the Nordics. During Marin administration employment rose quite a lot. The new government wants to do the same by forcing everyone to low paying jobs by cutting benefits. 6. Though our salaries are not the highest in Europe, Finns still enjoy a very high quality of live, certainly higher than the US, France or UK. Education is free (for now atleast), healthcare is mostly free and we have plenty of safety nests, so that if we lose our jobs (like during covid) it doesn’t make us homeless or anything.
The new government also plans to decrese state's revenue by cutting taxes (most of which would go to the rich of course) and by selling government's shares in businesses as well as government owned lands and properties.
Without the Soviet Union to scare Finnish capitalists into granting concessions to workers, the country is doomed to fall into the usual capitalist pattern of short-term profit-driven madness.
Yeah, no idea where that number came from. Middle earner's income tax is more like 25%, unless this is calculating everything like pension contributions, VAT on everything you buy, with extra on fuel and alcohol, etc.
@@joetheprogrammer0actually income tax rates take social security contribution also into consideration while they are deducted separately but when someone says income tax he/she also refers to the social security. It doesn't sounds good but it is. But vat doesn't count in this. Currently the social security contribution is about 27-28% split between employee and employer in Finland
I think there might have been a mistake with the progressive tax rate in Finland, maybe? Middle earners can hit an income tax rate bracket around that area, but _only for the slice that exceeds the limit,_ not for the whole thing, so the total ends up way smaller.
Whatever you try to get money, always have a plan of what to expect but prepare for risks, understanding this one information saved me from losses I wasn’t prepared for, opening a Stock portfolio with £10 k gives at least £4 k in profits monthly from several commodities and equities.
The one thing with Stocks is if you haven't fully tried it you might never believe it is even more profitable, but then nobody has time to invite you to the vault when they can pack all the gold.
@@evitasmith6218 I usually go with registered representatives. ELEANOR ANNETTE ECKHAUS for example she has the best performance history (in my opinion) and does offers 1v1 consultation to her copiers which I think is amazing. I don’t know how many traders like that are there..
Is it just me or was there something off with either the script or the edit this time? I don’t mean to sound ungrateful for free content but it felt like you were just saying the same things over and over again.
Unless I'm mistaken, the whole reason that Finland joined NATO was because they feared an unprovoked invasion by Russia (which, it should be pointed out, Russia has done before). So to blame NATO membership for the threat of future conflict seems to me to completely miss the point.
I Don't know which ranking you are using, but Finland does NOT rank first On PISA education index It ranks between 5 and 15 even Its poorer southern neighbor of Estonia ranks ahead of them
Finlands economy reached 2008 levels only in 2022 after the financial crisis. Thus it is funny the video says finland has had troubes recovering from covid. Finland has one of the lowest income equality in the world, thus that cant of been a issue for the finnish economy. The outgoing Sanna Marin goverment had budget deficits of 10 billion euros per year. Finnish household wealth is the lowest in western europe excluding portugal & greece. The finnish economy has been strong up till the iphone. But since has not been able to keep up, as nokia crashed.
Peter Zeihan talks a lot about how in the near future these models will break, because an environment of growth is the only way they work. And global 'shrinking' is here.
@@akseli1111 I just realized how poisoned the current era's economical thinking is: you have already *assumed* that debt is a given. A good nation doesn't have debt, but is growing their financial buffers instead. Perhaps even converting to gold, so it can use that to back it's currency.
2:03 Malaysia also has three of these natural resources, timber, water and minerals, in somewhat abundance but we need to make the fourth also abundant to become more like Finland!
A few points seemed a little misleading. Finland had neutrality imposed on it by Russia since World War II. NATO membership reduces the security threat to Finland because it forecloses the kind of attacks seen on other Russian neighbors because they are now protected under Article V through mutual defense of all alliance members.
For someone from Finland hearing positive things about Finnish economy is crazy. Over half of over 30 year olds I know struggle to find any job or if they do, anything that pays even double their rent. Cost of living is horrid here. We keep on hearing how good we are supposedly doing compared to others which makes us wonder: How bad can it be elsewhere? I do not know a single happy person, just a lot of miserable people pushing through life because there are no other options. Again: Finland is not Scandinavian country like those 3 west of us that are Parliamentary monarchies with very similar languages, cultures etc. It's like calling Indians Anglosaxons because they were colonized by british or calling Spain African country as it is next to Africa. We wouldn't be falsely called Scandinavians as often if we had been occupied by soviet union till early 90's. Finland was never neutral. Strongest argument when Finland was neutral would be for couple of year in between collapse of soviet union and joining of EU but I would argue it was transnational period.
No happy people in Finland? Whose fault is that? It's Summer. Long days. Sunshine. Blue Skies. Berries in the woods. Fish in the lakes. You people fire up Saunas on the weekend. Come on. Life is good. And, I've never been within 1,000 km of Finland.
As a Finn living in the UK, much worse. They have a housing crisis and while they acknowledge it, they refuse to do anything meaningful to help it. Finnish government at least tries to help (whether or not what they are trying helps is up to debate but 10 points for trying). And I would say that Finland has been cautious neutral. They always knew that Russia was a threat but they saw it better in the post-WW2 world to not take a side. Finland kind of double dipped in both the EU and Russian markets and it worked well until it didn't. But I agree that Finland was never truly neutral and it was largely situational neutrality.
You dont know any happy people? Finland is once again the happiest nation on earth, we have things better than in almost every country. But standards are so high so even fin can feel ''sad''. Just because you think things arent so good, just compare to other countries to know things are not so bad.
@@Finkaisar The "happiest nation on Earth" doesn't really measure happiness like actually feeling happy, it's more about being content. Most people here own very little of anything and doing anything is expensive. The upside is that most people don't have to starve so everyone is kind of alright even though they're kind of miserable. Nature is beautiful though.
@@paavoilves5416 I cant relate with that, everyone i know are happy and have enough money for really anything they need. I make 16.5e/hour and i still have plenty of money monthly. im 22
The fear of inflation has caused the values of equities and bonds to drop, underperforming the US economy. My portfolio, which started out at $750k and is now at $592k, would greatly benefit from any advice on how to increase my returns during this crash.
Purchasing a stock is simple, but selecting the best one without a tried-and-true plan is rather challenging. I will thus advise you to hire a financial advisor who can give you entry and exit points on the best stocks to buy right now or add to a watchlist. The top contenders include Apple, Merck, General Dynamics, Cheniere Energy, and Marriott International.
I think it's brilliant to use a brokerage advisor for investing. Prior to speaking with an advisor, I was recently through an investing nightmare during the pandemic crash in March 2020. In summary, with the assistance of my advisor, I have so far grown my initial $120k investment to over $550k.
I've been looking at comparable opportunities in the current market because I know a lot of people who made fortunes from the Dotcom crash and the 2008 crash. Could this consultant who helps you be of any assistance?
There are pakistani’s people migrating to Finland using fake certificates and why the Finnish government is not doing anything to protect its sovereignty(there are thousands of RU-vid video of showing how to get to eu countries with fake certificates)
I think the only reason big social nets worked in Scandinavia while they failed everywhere else is because of their homogeneous populations. Oversee immigration will certainly affect the social cohesion and increase political cynicism, corruption, tax evasion, etc... But they don't any choice with an aging population.
@@lajya01 of course they have a choice, but you don’t see it, think about it, the solutions without immigration and without coercion are right in front of you, you only Need to open your eyes.
False. GDP is not lower today than 15 years ago. GDP is very bad and very out of date indicator of how well your economy is doing. Better would be HDI and median wealth/income index.
@@Jay-ho9io the person that replied to my comment said the GDP is not lower. I did not say the GDP is lower, I said the GDP per capita is lower than it was 15 years ago… Which it is… which is pretty bad. They also said that HDI would be a better indicator (HDI is a horrendous indicator) and that median wealth would be better (that was just push countries with the largest housing bubbles like all Scandinavian countries, Canada, Australia, nz, etc. to the top because of home equity)
Excellent video! Would love to see a video on Finland's western neighbor and the largest of the esteemed Nordics, Sweden. And how recent immigration, political, and NATO developments have affected its economy.
While higher education itself is free in Finland most students do graduate with student debt. You still have to pay for housing and everything else. Most students work part-time and or withdraw a government backed student debt. If you graduate on time you can get up to 40% of your total debt forgiven. So nothing like US student debt but still debt.
One of the biggest challenges for Finland's success has been the gutting of the education budget during the recession, which in addition with education policy leading to the dropping of education results. As Finland's economy success folowing the end of the cold war was basically built on innovation in technology, and the the cuts made to the education budget by the government which includes the current ruling party are basically chipping away at Finnish education's quality overall.
So basically, Finland's success has been thanks to progressive policies from the Social Democrat party, but since the conservative party took over, they've been chipping it away through forced austerity? You know, the US had a similar situation. Wealth inequality was sky-high during the 1920's which coincided with immense poverty rates, but then the government introduced Keynesian policies to build a stronger welfare system, and the economic situation improved with it reaching its peak in the 1950's. Then Reagan took over and gutted the welfare system and enforced many other austerity measures, which coincided with the decline in the quality of life of citizens. It's almost as if welfare and universal healthcare and education is actually good at helping build a more equitable society, while undoing those things does the opposite.
@@GTAVictor9128Just wanted to tell you that this Guy is spreading false information. The new conservative goverment has Said COUNTLESS Times that they Will NOT cut spending on education. Funny to see how these lefties are spreading false news all The Time. The people who vote for those unresponsible kids are absolutely crazy. They've Been running -10 billion€ budget deficit per year. And some still support those unresponsible kids just because their women and we "need" More women in The goverment. Thanks god we got this new goverment so se can at least Have hope at saving this country. And yes I'm Finnish and I know what I'm talking about. Voted for The current biggest ruling party in goverment KOK.
It's a longer term development, to be honest. PISA scores have been on decline last 20 years and many young people do not get e.g. proper reading and writing skills from school. 15 years ago quite few students needed student loans to make studies possible, now a loan or heavy time investment to part-time job is almost a must.
No, it is not. In 2021 which is the latest available statistic, over 85 million cubic meters of roundwood was felled. It is the largest amount in history. Climate change is going to increase production, due to the longer growth season. New environmental laws could change the situation, but the newly elected government has stated, that their goal is to keep the production on similar levels.
that was in big part due to everyone trying to cash out on the great prices, and to get their logging done in face of talks on tightening regulations. I doubt it'll be a sustained high.
Finland just elected new right-wind government which is a lot more "open" for larger timber production than the previous left-wing government. I think that the timber production will increase, even though the production is still very high at this moment.
It's a good day when Economics Explained uploads. This is commonly said, but I'm baffled on how I can watch such high quality and entertaining content for free. Truly a connected world we live in.
@@captrobmiller6095 I understand this concept but it's better than having to pay a monthly subscription of some sort to have access to this content. And you can get an adblocker to block the ads which is also free.
Immigration does not fix aging populations, it masks it. The immigrants also just fall right in line with the local birth rates. So, something is going on that is making it so that, even when leagues better off than their native countries, and even hop-skip-jumping across the EU to find the social programs that they want the most, the immigrants feel just as disinclined to procreate as the actual native population. Why is that? (Mexico is an outlier.)
Immigration takes care of the aging population by providing workers to Finland's struggling healthcare sector. The salary of nurses in particular is so low compared to neighboring countries like Norway that even Finnish nurses prefer to work there. Additionally the low salary deters them from having more children.
@@villenmedia6812 You almost didn't read a word of the comment before making your own. Yes. it masks the aging population, by getting foreign blood into the labor force (hopefully at any rate). It does not solve the issue that these immigrants will also soon age as well. (Even if you ignore literally all social issues of one group being seen as dependent on another. Or how foreigners are inherently not as loyal to the nation as natives.) And do you know a place that also has low salaries? Africa. Want to know a place with the highest birth rate in the world? Africa. So that's not actually a correlation that works.
One thing would be to lower the costs of living mostly housing. In a lot of countries people are having less kids than they want because they can only afford to have so many.
@@kirby1225 Money doesn't increase birth rate, as we can see from the third world. But you are hitting on something true: In the modern western world, kids are luxury items that you have to take care of for 18 years (if you're lucky now), rather than productive members of the household.
Periodically you get these pearls of wisdom about Finland on youtube. Funny they don't mention relevant facts like in the public sector you are on a 1-year waiting list for a visit to a uroligist, a colonoscopy or a dental check up. That's why the private health sector is growing. Or that if you are admitted to hospital you still have to pay 35 euros a day for the privilege after you paid already 40% income tax for 30 years. The only positive thing about finland is that people don't talk, and in a noisy world full of bullshite is actually a very welcome thing. The motto of the finnish tourist board shoud be: "Welcome to finland, where you will die of a cold, slow and painful silent death, and obviously, alone"
Yeah, I went to Finlad like 6 months ago. Sure everything is clean and orderly. But, costs of everything is astronomical, especially food and housing. A lot of service jobs are either automated or cut because of taxes, consequently - a lot of Asian and African immigrants for cheap-ish labor. Government controls everything to a T, you are locked in a system from birth to death. Energy is mandatory to send to EU, so energy costs are still huge.
when the new nuclear power plant started up a few months ago, electricity has been cheap (but the price drop is not only due to the nuclear power plant). the price has sometimes even been negative due to oversupply.
@@londop.a.3048 donno man. I am repeating what my finnish hosts said. The power is generated yes - but a lot of it HAS to be directed to the EU. Take into account that was winter.
@@AkiKii519 Finland is a net importer of energy. For electricity, Finland may soon become self-sufficient, but the link to Estonia is only 1 GW and exporting through Sweden (2.3 GW) won't always (usually?) be possible either.
5.5 million for a whole country. That’s the population of Alabama. They seem to leverage their resources well. They also don’t seem to feel the need to spend 9 billion on defense each year. Historically Americans have garnered a distrust of government. I think America economic problems stem from over spending and we’ve outsourced many of our industries.
We actually spend 2% directly on defense, and lose another ~1% of GPD each to year to men larping war in a forest instead of doing anything productive. So we pretty much spend 3% on defense, which isn't that much less than the USA.
@@aviedw1 You have to use GDP to be able to compare. The Finnish state budget covers practically all education and heath care in Finland and is therefore proportionally huge, compared to the US federal budget. Wikipedia says US military spending is 3,5% of GDP, so not that much more than military spending in Finland.
@@aviedw1 Yes, but it is still "only" 3,5% of total GDP. Also easier to compare GDP than government budgets, as those may work very differently between countries. The US could of course be more efficient with the money, and there are improvements to be made, but the situation isn't quite as bad as people think.
I think this video paints a too rosy picture, and makes it sound like the Russo-Ukrainian War is the only major problem in the country. Finland faces significant challenges due to brain drain, especially around the 2008 financial crisis a lot of the top talent of the country packed up and left, never to return. Slow economic growth dampens future prospects. Fiscal pressure to cut costs across the board, also in education, undermines an educational system which was once the best in the world, while increased immigration also poses a new challenge to that same education system. Many of the things which made Finland so successful in the first place are very much out in the open, and it's hard to say how things will go from here.
if you ever have do a "research" and in the conclusion Finland below India (except population count and density related questions) - scrap your research, check your data and your head, because data or your conclusions are corrupt and or wrong beyond small errors
"Like any other Scandinavian country". This is tiresome but.. FINLAND IS NOT SCANDINAVIAN Not geographically, not ethnically, and not linguistically (apart from the Swedish-Speaking minority). As someone who is both a Scandinavian and a Finn. I can assure you only Sweden, Norway, Denmark = Scandinavia..
@@adrenalin4122 Tell me you have never been in Finland without telling me you have never been in Finland... Anyway, Scandinavia in geographically refers to the large peninsula Norway and Sweden are in and from which the other Peninsula of Denmark has formed. Finland is not a part of that landmass. Ethnically, Finnish people are Finno-Ugric and they only share heritage with Estonians, Sami and Hungarians (although they are of distant heritage). While some Finnish people do look like Swedes because of our long shared history, even they have strong Finnish features and over 70% of the total pop look nothing like the Swedes.
@@daniellarson3068 It doesn't matter how much better it sounds if it's false. I wouldn't go calling Americans Canadian just because it sound better imo. But usually people just call Finns Nordic, and that's a word you can use to describe anyone in Norway, Sweden, Denmark, Iceland, Greenland and Finland
AS A REGULAR HUMAN SUCH AS MYSELF I CAN ASSURE THE CREATOR OF THIS VIDEO MANUFACTURED IT WITH HIS VERY REAL HUMAN HANDS AND WROTE THE SCRIPT WITH HIS VERY REAL HUMAN THOUGHT PROCESSOR.
Finland got the smaller score then India, because it has a small population. I think the leader board needs a broader spectrum of economic indicators. I am Indian but I think Finland deserve more numbers than India.
its hard to make a video on finland because the numbers available for foreigners are very much beautified from reality (not necessarily a corruption issue but a focus on the larger cities). its unlike any other country. the average salary in this video is misleaded by a significant amount, and doesnt reflect the ridiculous inflation problem. the social benefits and welfare that are hailed all around the world are turning increasingly hostile against citizens. aging population, decade+ stagnanting growth, high risk low reward model for starting businesses or having children are killing the economy. people being driven out of smaller towns into bigger cities after jobs being debt trapped by backbreaking housing prices. infrastructure and political focus on the biggest cities is making it impossible to live outside of helsinki turku tampere etc. and the smaller cities are rotting where they stand the quality of education (especially low-skill work) is dropping fast, and the future for young people is looking dark. many young people are turning to narcotics culture to look for solutions. its grim even though the stats say that the country is a leader in many aspects finland isnt on the brink of panicand still one of the better countries in the world. but recent trends show that something needs to be done fast to keep it the way it is
Finland's wide social support is a supreme indication of a conservative mindset that has the long term in mind for the people and the country. Americans (on the "right") are challenged to understand such.
I trust the government of Finland to handle allocation of tax money more than I do the united states government, and I am American. Of you trust the US government to reinvest the money they steal from tax payers then you aren't paying attention.
Yeah, actual conservation means in essence sustainability, be it environmentally or socially (free quality eduction and healthcare). Sustainability includes fitness and adaptability. The problem lies in people not understanding the basics of environmental sciences and social sciences in the first place, thus understanding "conservative" in a cultural sense, as in conserving their cultural orientation and identity. Change is the inevitable function of time. New experiences, new understanding changes our orientation and identity. Thus, to be culturally conservative means to ignore any change and subduing all adaption to protect the cultural peer pressure of people from another time confronted with a different reality. The fear of change, the fear of new is natural, but it is also a sign of deep insecurity, mostly out of ignorance, a fear of the unknown. The critical-rational approach would be to investigate, to learn and thus eliminate unfounded fears, or if the caution is granted, to learn how handle the "dangerous"/scary aspects safely. Asocial "cultural" conservatism is basically a admission of unenlightened cultural absolutes held out of insecurity and an omission to ignorance toward change. BUT we all are born ignorant, and for most things in life we stay ignorant. Only experience can lift the curtains of ignorance. Society can help to make rich experiences, or hinder us growing mentally, by gate-keeping the access to them. But no matter what: The sum of experience as humans is always limited rendering us with limited perception and cognition. To hold anything in absolute means to err. Just a thought. Have a good one.
Americans wished the US was as ethnically homogeneous as Finland. Finland doesn't have the burden of being the economic and military core of the world. Americans wouldn't like having half of their income stolen by the State. I'm not sure it's that sustainable to have people be so dependent and reliant on the government. The Roman Empire was a welfare state before collapsing.
Finland , Finland , Finland The country where I want to be Pony trekking or camping or just watching T.V Finland , Finland , Finland It's the country for me
On education, I'm curious about how even that quality is. In America, the overall ranking probably isn't that high. But the specific school system you are in is everything. I was more than prepared for college, but a student 20 miles away might struggle. For reference, my state college was consistently in the top 5 in the US for getting research dollars in the years leading up to my college years. Overall in the state you had to be top 10% to get in, but from my HS it was top 50%.
@@butterflies655 Finland is the only country that has it's act together for the storage of nuclear waste. In the US politics prevents progress in this area.
The Finnish economy isn't as diversified as the Swedish one. Finland mostly manufactures investment goods, not consumer goods (after Nokia went down) and is therefore more vulnerable to global recessions. Also the population is aging, Finland cannot lure in the right kind of migrants and funding the welfare state is difficult.
@getsomegoodstuff Scandinavia = Sweden, Denmark, Norway. Swedish is a minority language in Finland. Finnish however, is not even in the same family nor the same group as Scandinavian. Persian and Swedish are closer than Swedish and Finnish. Finns are Ugrics not Germanics.
@@marr4177 We're taught both Finnish and Swedish, though in reality only a small minority in the west coast speak Swedish in every day life. I can't remember the last time I've heard someone speak Swedish, I do hear turkish and some other languages almost daily though. India used to be part of the British Empire, are they anglo-saxons? Scandinavia is geographically Sweden, Norway and Denmark. Scandinavian culture spans those plus Iceland. The form of writing down Finnish language was created by a Finnish Swede in the 1500's. Agricola didn't CREATE Finnish language, he created a written form for it. The oldest finding of written Finnic language is from 1200's from Novgorod, written in the cyrillic alphabet.
@@marr4177 Written Finnish was created by Mikael Agricola, who obviously was Swedish since Finland didn't exist at the time. Spoken Finnish however can be very different from region to region.
Always thought it was because finland 🇫🇮 was fully on the mainland, while Norway 🇳🇴 and Sweden 🇸🇪 were on the Scandia Peninsula. So if Sweden 🇸🇪 got rid of their monarchy, they'd get kicked off the Scandinavian list? As far as Nordic goes, it could be language or more basic: nord = North. Though, I guess that would include Canada 🇨🇦and Russia🇷🇺 then 😂
Yea, all true. My only problem with the heavy taxation in Finland is how to mitigate the tax burden of my inheritance, a very tricky thing as most of what I own is this apartment I live in. The big question is to try to transfer as much of it to my sons (no daughters or granddaughters, alas!).
Finland feels like it breaks the EE national leaderboard by fundementally promoting different things than the leaderboard focusses on as its core metrics. This might indicate the measures we use to describe economic success, may not be the right ones.
Have to point out that you got the numbers way off for Middle Earner Income Tax. The 46% you quote is the marginal rate, not the tax rate which would be at around 30% for a median earner. The graph you showed was for tax revenues as share of gdp. While it's clearly true we are a heavily taxed society, it would be nice to get the numbers right. 😊
"The 46% you quote is the marginal rate, not the tax rate which would be at around 30% for a median earner." Actually, the rate for median earner is definitely above 30% if you include employer-side contributions and these should definitely be included.
@@seneca983 The number I used is based on OECD definitions for income tax rates. It has some employer contributions, but not all (nor should it). The rest are meant to be counted in the income wedge, but not as part of the income tax rate. The number is from the non-partisan (but right leaning) taxpayer's association based on the most recent median income data of 46k€ per year.
@@eshnajizzle "It has some employer contributions, but not all (nor should it)." A 30% figure doesn't include any employer side contributions (at a salary of €46k). I'd say at least employer said pension and UI contributions should be included (because in the long term it's immaterial which side formally pays them) and I'm pretty sure their inclusion would take the rate above 40%.
@@seneca983 Pension and unemployment insurance are included, other contributions aren't. You need to understand there are definitions set for these, and I described them earlier. Tax wedge is definitely larger than 40%.
@@eshnajizzle "Pension and unemployment insurance are included, other contributions aren't." With 30% at €46k salary only the *employee* *side* contributions are included. If you include the employer side pension and UI contributions the percentage is certainly higher than 30%.
Their intelligence is high. Even for Europe. A lot of them don't cause problems or antagonize people. They keep to themselves and they know how to fix problems when they arise. That's always a given when we talk about Economics and Quality of Life. No idiots = No problems.
A little out of topic, but whenever i hear how good finland's education system because it emphasize free public schools and college, low stakes testing, and emphasis on creative thinking, i always wonder why it's only in finland and relatively recently. Like, schools as we know have sort of exist for 150+ years, so if finland's systems is the superior form of system, how the heck did people only figure that out relatively recently in pretty much one country?
I might have a reason. Other countries have traditions regarding schools, as they have had those for longer. Finland is young as a country on the whole so they just implemented the newest systems of education and enhanced them further to fit their needs. Traditions are good but they, and their induced conservatism, keeps progress in a halt.
Note that the higher education is not free. It is paid for by heavy taxation. How many countries are willing to implement really high tax rates? Also, while the education is quite good, take a look at Finland's university rankings. Spoiler, the rankings are not that good. The university system is quite relaxed, not as competitive or demanding as in many other countries and of course the students do not have to commit in the form of tuition payments.
The US has free public schools as well, but are quite bad in many areas. Finland has central control, funding, and policy over but delegates execution to regional authorities. This makes the education more equal. It would cause a parental revolution against the legislators if they tried to even implement this at the state level, let alone the national level in the US.
@@mrstraiban In reality the Finnish university rankings are stellar. You cannot expect a nation of 5,5 million do better than that, considering that Finnish was only made an official language in the country in 1863. The US has 4000 universities, Finland has 13. They are all doing fine, but it would be insane if any Finnish speaking University would make it to the top 50. Education in Finnish universities is of very high quality; it is the researh where we lack, due to resources of a small country.
Scandinavians are Blessed with a less boastful lifestyle. Their lives arent laden with debt in an attempt to get laid with the hottest woman possible and show off just how successful you are.
He’s an economic liberal. He literally gives points to GDP size as if that’s actually saying something..💀💀💀 Of course that the USA comes first in that case. We all know how the US economic system is rather disfunctional with all the military spending and total ignorance of its poor people and the infrastructure…USA is anything but no.1 in the world at economics. It’s only no.1 in terms of global influence.
The immigration demographics has nothing to do with why Finland joined Nato. Also your uptalk is so annoying to listen to, its like at the end of almost every sentence you add an extended -Hhh sound.
It doesn't make sense, because it's not true. Corporate tax information is correct at 20%, but the median wage is about 3,000€ per month, which means income tax rate of about 25%.
Every time a resources rich country in Latin America has try to emulate the Finnish welfare system, we get 10 tones of democracy and a fascist dictatorship from the US. Not having coups backed by the US is also a very big factor in economic success
@@yuki-sakurakawa that’s still not US business or justification for coups and the has a ton of coups against social democrats anyway. Also many countries try socialism because it was the ideology and economic policy that took the Russian Empire from a poor country to sending people into the space in one lifetime. They want to try the same to industrialize
You probably won’t read this but it sounds from your tone that you are just reading from a script. Overall love your stuff just don’t want you to lose the magic of why I fell in love with your stuff.
@@spodergibbs5088 He's on to something, he just tries to explain how it doesn't feel natural. That's because this video was written by an AI, and they'll use this video's response and reception for a future video where they'll talk about the economics of ChatGPT.
Suomi ei olisi liittynyt natoon missään vaiheessa ennekuin ryssät hyökkäsivät petollisesti ukrainaan. Pelko venäjän diktaattorista nousta suomea vastaan niinkuin mainilan laukaukset muistetaan, oli ainoa todellinen syy liittymiselle. Ei mitään muuta syytä ollut.
Average swede is 200 000 euros wealthier than a finnish person, and this gap has formed in the last 15 years. A productive worker also gets hit with a 50% income tax which causes people to just cut hours by ALOT
Finland has literally nowadays bigger median wealth compares to sweden. On top of this, sweden's purchasing power has taken a bigger hit compared to Finland, and Swedish crown has performing very poorly. On top of this, sweden is experiencing bigger inflation and worse housing crisis.
If your income tax is 50%, your taxable income is about 190,000€ per year. There aren't many people earning that much in Finland, since median pay is around 3,000€ per month.
Finland has low levels of income inequality because it's so hostile to high earners that they leave :) it's got one of the lowest percentages of millionaires of any first world country. Why would someone with money stay someplace that 'fairly' taxes their income with a progressive tax system, but also 'fairly' writes them speeding tickets based on a flat percentage of their income? You can't be logically consistent and call both of those things fair - if flat rate taxes and fees are fair, they're fair everywhere. It's doublethink. There are definitely benefits to the European safety net, but Europe is falling behind in growth because there's less incentive to innovate and fight your way to the top when you're comfortable at or near the bottom. Unrelated to Economics, but I don't see how Finland can be the happiest country on Earth 6 years in a row but ALSO have one of the highest suicide rates. It's not in the top 10 or anything, but it's still 38th out of 183 countries we have data for, which puts it ahead of most of the first world.
Finland nowadays has a lower suicide rate than the US. Suicide rate to my opinion is a rather poor indicator of happiness, as a suicide is an action that has cultural ties. It depends on how you see death and life and to what extent you accept weakness and failure. In Finland social pressure is rather high and one way of solving personal problems is just taking responsibility of them by killing yourself. What I mean is that people can be happy all their lives but when facing problems, in some cultures it is more common to just end it all than search for other alternatives. I see bit of the same attitude in Finland at WW2: part of the success was the relative ease some units kept positions which they knew they would not come out alive.
“You’re comfortable at or near the bottom” Y’all are cancer on Earth if you think that people born poor can just become rich. They need resources to escape poverty. Who owns most of the resources on the planet (financial or not)?? The billionaires! Finland has a great system when it comes to these fees and taxation. Paying a 200€ fee as a person in poverty is not the same as being a millionaire and paying that fee. It can be life-ending for some and tell me…How will you get disciplined if you are not punished financially as a rich person?
