ABSTRACT
This introduction presents an overview of the key concepts discussed in the subsequent chapters of this book. The book focuses on a group of small states: the Nordic-Baltic countries, comprising the five Nordic countries and the three Baltic States, their response to the crisis of 2008/2009 and the post-crisis consequences. The analysis will have both regional and an international focus, as regional institutions such as the European Union and global institutions such as the International Monetary Fund affect the environment in which these countries operate and can influence their policy choices. The book refers mainly to a comparison between how Nordic countries may want the Baltic States to respond to crisis as compared to how they would respond themselves in comparable situations. It argues that their welfare system resembles the Anglo-Saxon model more closely than the Nordic welfare model. Their business and investment climate, as measured by the World Bank's Doing Business report, is considered favourable on a global scale.
