Probably one of the best examples of how natural resource wealth has been preserved and invested for the whole nation, instead of being lost to the pockets of few through privatisation, corruption or mismanagement of funds.
I think the magic ingredients (aside from being lucky with natural resources in the first place) are egalitarian society, high level of trust, very low level of corruption, a functioning democratic government and highly skilled fund managers.
Another Norwegian here. I think you are right. The high level of education also helps. But it was actually an Iraqian immigrant named Farouk al-Kasim that proposed the laws to protect Norways natural oil and gas resources.
Finnish, not Norwegian - I think you guys have done great.
Read the story of Farouk al-Kasim a few months ago, fascinating. It does seem like a stroke of luck that the right people were there in the beginning. His nationality is both ironic and sad considering where Iraq is today
This must really be upsetting for the extreme liberals of the country.
"Public resources being invested sensibly! Horrifying! You can tell that this is an awful idea by looking at how miserable the people of Norway are, and how badly their businesses are doing.
You should liberate yourselves by giving all of it to private interests. That's the definition of freedom!" /end sarcasm
'Liberal' parties in much of Europe lean toward socialism, pushing for higher taxes and better public services. Over here, the people you describe as liberals would be considered extremist conservative.
I think the magic ingredients (aside from being lucky with natural resources in the first place) are egalitarian society, high level of trust, very low level of corruption, a functioning democratic government and highly skilled fund managers.