STUDY ECONOMY AND FINANCE THREE DECADES OF TRANSITION Lessons learned and prescriptions offered for Latvia’s economic development Jeffrey Sommers, Kaspars Briškens Riga, October 2021 State: Latvia’s independence co­incided with the global ascend­ence of neoliberal policies. A role for the state in contributing to economic development was then out of fashion, and thus op­portunities were missed to accel­erate and broadly distribute eco­nomic development. Society: The social sphere in Latvia suffered during the post-Soviet transition. Signifi­cant emigration, low birth rates and growing inequality emerged. These imperiled the country’s demographic future, but can be reversed with more a equitable economic growth and rebal­anced development model. Economy: Offshore finance developed in Latvia to serve the money-laundering needs of oli­garchs and corrupt government officials alike throughout the Commonwealth of Independ­ent States and beyond. This structure promoted inequality and worked against balanced economic development.