Why Norway is Becoming the World's Richest Country
A video on YouTube. In Explainers, a Krater category.
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An overview of how Norway's geography and history shaped its economic development, from historical maritime trade and hydroelectric power to its rise as a major oil and gas exporter and the creation of its massive sovereign wealth fund.
From the video
Answers: How did Norway become so wealthy without turning into a corrupt petrostate?
- Norway geography and demographics
- Hydroelectric power development in Norway
- Norwegian maritime culture and shipbuilding
- Oil and gas discoveries in the North Sea
- Establishment of the Norwegian Government Pension Fund Global
- Comparison of Norway to petrostates
What it concludes
- Norway's mountainous and cold geography made it historically sparse and poor for agriculture, leaving only 2.2 percent of land arable.
- Oil discoveries did not make Norway rich, but rather made an already wealthy nation even richer.
- Difficult terrain and jagged fjords created a maritime culture and fostered decentralized cooperation in shipping and shipbuilding.
- Hydroelectric power development in the early 20th century provided Norway with its first major economic boom and industrialization.
- Norway's state-owned ownership model for oil and gas ensured national control and prevented resource curse corruption.
- Norway's massive sovereign wealth fund and strict fiscal rules insulate the country from oil price fluctuations and fund a large portion of the government budget.
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