Editing Economy of Estonia (section)

===Independence===
After declaring independence in 1918, the [[Estonian War of Independence]] and the subsequent signing of the [[Treaty of Tartu (Russian–Estonian)|Treaty of Tartu]] in 1920, the new Estonian state inherited a ruined post-war economy and an inflated ruble currency. Despite considerable hardship, dislocation, and unemployment, Estonia spent the first decade of independence entirely transforming its economy. In 1918, The Czarist ruble was replaced by the [[Estonian mark]], which was in circulation until 1927. By 1929, a stable currency, the [[Estonian kroon|kroon]], had been established. It was issued by the [[Bank of Estonia]], the country's [[central bank]]. Compensating the German landowners for their holdings, the government confiscated the estates and divided them into small farms, which subsequently formed the basis of Estonian prosperity. Trade focused on the local market and the West, particularly Germany and the United Kingdom. Only 3% of all commerce was with the USSR.

Historically, Estonia's economy was agricultural, modernising significantly [[Estonian War of Independence|post-independence from Russia in 1918]]. There was a notable knowledge sector in [[Tartu]] and expanding industrial sector, exemplified by the [[Kreenholm Manufacturing Company]]. [[Western Europe]]an markets were familiar with Estonian dairy, with the main trade partners being Germany and the UK; only 3% of commerce was with the neighbouring [[USSR]]. Estonia and [[Finland]] had a similar standard of living.<ref name="maddison185">{{Cite book |last=Maddison |first=Angus |title=The world economy |publisher=OECD Publishing |year=2006 |isbn=92-64-02261-9 |page=185}}</ref> USSR's annexation of Estonia in 1940 and destruction during World War II crippled the economy. Post-war [[Sovietization]] continued, with the integration of Estonia's economy into the USSR's [[Command economy|centrally-planned]] structure.