righttop2018MURPHY AMOGELANG DIJO -201601805AOBAKWE KEITH RAMOGALADI 20160098411/19/2018400001000002018MURPHY AMOGELANG DIJO -201601805AOBAKWE KEITH RAMOGALADI 20160098411/19/2018left2324100FINLAND AS A KNOWLEDGE BASED ECONOMY00FINLAND AS A KNOWLEDGE BASED ECONOMYrightcenter00Knowledge has turned out to be one of the fundamental main impetuses of financial and social advancement in both industrialized and developing nations. Quickened by fast propels in data and correspondence advancements (ICTs), the knowledge economy offers potential outcomes to build profitability and aggressiveness, jump improvement stages, and open ways toward more maintainable fates. The instance of Finland demonstrates that it is feasible for a little and fringe nation to change itself in a generally brief period from a characteristic asset based economy into knowledge economy. Finland meant its first century of self-governance in 2017 and dismissing its by and large little masses, is a world pioneer in various field. Finland is a northern European country flanking Sweden, Norway and Russia.
Its capital, Helsinki, involves a landmass and encompassing island in the Baltic Sea.Finland has a population of around 6 million individuals, with most of the population living in the southern piece of the nation. The country is a parliamentary republic where the focal government is headquartered in Helsinki. The nearby government comprises of 317 districts.
The Constitution of Finland is the reason for the political framework in the country. The legislative issues occur under the parliamentary delegate fair republic. Finland is a multi-party state with the president as the head of state. The Parliament, the President of the Republic, and the Government are the most astounding chosen bodies. According to Sousa (2017) The economy of Finland is a for the most part free market economy that is very industrialized and has a high reliance on exchange, which represents about 33% of its total national output (GDP). Finland is a piece of the European Union, utilizes the Euro as its cash and its financial laws and direction must meet EU gauges. As per the Economic Complexity Index , Finland has the seventh most complex economy on the planet.
In 2014, the total national output (GDP) of Finland was $272B and its GDP per capita was $40.7k. And also looking at the Foundation (2018) Finland’s unemployment rate is 0.9% meaning that it is doing so well in fighting unemploymentRecent Knowledge-based Development in FinlandEducation System: Finland’s education system is considered the best world-wide.
The reason behind outstanding learning result is that education and learning must be a regarded and appreciated piece of your way of life. Finland manufactured and secured its national character in the nineteenth century through putting resources into training for all and when autonomy was accomplished, the base was there to grow further. Stenback (2015) says that ” leave no child behind” was a slogen adopted in finland schools long before it became polular in the United States Of America.
Adding to what he said, students with learning challenges are persistently raised to the normal dimension of their colleagues by instructors and aides who give them the additional consideration and bolster they have to make up for lost time. Finland has high quality teachers with compasion, it is said that only 10% of applicants to the teaching profession are accepted, which means that the most motivated are selected. Here again, respect for the vocation of teaching ensures that talented students choose the profession.High performer in technical-driven innovation: Finland’s innovation activity has increased continuously since the mid-1990s. Finland ranks second among EU countries in overall innovativeness. The country does well in technical, and especially in ICT-related innovations, but seems underperform somewhat in organizational innovations and commercialization.
Finland has been quite creative in its technology and innovation policies. It was the first country in the world to introduce the concept of a National Innovation System as the frame of reference in policy formulation. The systemic view fits with the current policy approach, which emphasizes facilitation instead of direct market intervention.
Good Public Governance: For years, good governance and corruption have been the topics studied by international development organizations, and recently these two issues have been strongly connected to the notion of a knowledge economy. But then again Good governance plays an invaluable role in the Finnish society, particularly in its knowledge economy. Finland has been ranked high in international ratings of good governance and is known as of one the world’s least corrupt societies.Lessons That a Developing Country Like Botswana Could Learn from The FinnishThe first lesson is that globalisation is a double-edged sword and a demanding taskmaster. Finland has become the leading ICT technology because it has adopted the global ICT industry and produced for the global market. On the other hand, Finland is also struggling with the impact of globalisation, which is putting pressure on it to improve its technology and education systems to stay competitive in a very demanding global environment.
So a country like Botswana needs to adopt the global ICT industry and produce a global market that will take it to the same level with Finland slowly. Botswana need to understand that Globalization helps developing countries to deal with rest of the world increase their economic growth, solving the poverty problems in their country. In the past, developing countries like Botswana were not able to tap on the world economy due to trade barriers. They cannot share the same economic growth that developed countries had but however, with globalization the World Bank and International Management encourage developing countries to go through market reforms and radical changes through large loans. Many countries like Botswana should begin to take steps to open their markets by removing tariffs and free up their economies.
The second lesson is the importance of flexibility or elasticity of the economy to react of changing opportunities, and the importance of a responsive education sector to facilitate this. It is the educational system that has played the most critical role. Finland already had a high level of educational attainment, which facilitated the necessary restructuring of the economy. In addition, the educational system was able to respond very quickly and flexibly to the new opportunities.
Furthermore, increasing this flexibility is seen as a key priority to respond to the continuing challenge of the constant restructuring that results from globalization.The third lesson is that it is possible for a country to make a dramatic recovery in the level of GDP and at the same time, undertake a major restructuring, as Finland did. An important outcome is that a crisis can be turned into an opportunity. However, for it to happen, there may need to be certain pre-conditions as well as great flexibility in the economy.Last but not least is that countries that are developing like Botswana needs to take in place the secrets of Finland. Looking at Finland’s employment rate it is very high and the unemployment rate is very low which means that it offers skills in schools that inspire individual to be business minded. For Botswana to have a few unemployed people it need to state with the education system.Reasons why Information Professionals (like us) Need to Know/Understand About the Working of Knowledge EconomyThe reason why information professionals need to understand and know about the working of knowledge economy is that knowledge economy promote the idea that an information professional is the right person to offer support in the KE.
This meaning that as information professionals our duty is to educate individuals about accessing information and through their access to acquire information we offer support and path on what to do and how to do itTo define the profile of professional information graduates and identifies this new skill set as a job opportunity. This is because information professionals need to guide individuals so that they can easily identity the skill set of professional information graduate as a job opportunity.Provide guidance on how to provide and develop a scientific culture in an institution.
In conclusion Finland’s long transition into a knowledge economy has raised new kinds of governance and policy challenges, especially those brought by globalization and the new, broader nature of innovation. To a large extent, development of the Finnish knowledge economy has been driven by business and economic needs at the same time, public policies and government measures have been important facilitators for the development and, in some respects, central to the process. Lessons can be drawn in six areas: Understanding and adjusting to challenges (ability for renewal)Recognizing the crucial importance of educationEstablishing efficient governing and steering mechanismsImplementing innovation policy at all levelsmonitoring and evaluating investmentsBuilding knowledge partnerships with developing countries and others. In many ways Finland is not a typical country, and some characteristics and contextual issues are important to recognize, such as its small size and geographic and cultural remoteness and the population.References BIBLIOGRAPHY Foundation, T. H., 2018.
2018 Index Of Economic Freedom. Online Available at: https://www.heritage.
org/index/country/finland#Accessed 17 11 2018.Hamisi, F., 2015. The impact of globalization in the developing countries.
s.l., LINKEDIN.Ketoharija, H., 2015.
Recent Deveelopment in finland. Online Available at: http://www.skp.fi/artikkelit-development-finlandAccessed 19 November 2018.Sousa, G.
, 2017. The economy of finland. World Atlas, 25 April. Stenback, P.
, 2015. World Economic Forum. Online Available at: https://www.weforum.org/agenda/2015/05/3-reasons-why-finland-is-first-for-education/Accessed 19 November 2018.