The paper analyses developmental characteristics of the countries of Northern Europe. We identify and analyze the factors contributing to successful economic development of the Nordic countries. We have found out that high productivity and consequently the economic growth in the countries of Northern Europe are achieved through high economic competitiveness, technological superiority in several industries, low transaction costs, high qualification of leaders of companies, regions and federal authorities in the field of modern economics, adequate legislation, absence of administrative barriers and low corruption level. We show that implementation of certain proposed principles can significantly improve the productivity and enhance the development of entrepreneurial activity in the Russian Federation.
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