Norway is a Utopia Built on Oil! Discover how a small Nordic nation transformed black gold into a $1.6 trillion sovereign empire. This documentary uncovers Norway
I'm extremely impressed by the Norwegians, thanks again for this documentary. Perhaps you can teach us more regarding the history of Sweden, Denmark and Finland?
A story like this without telling about the hydropower and how it transformed Norway is incomplete.The ownership of the hydropower which were privately funded, but by law returned to public ownership after some decades was the blue print for dealing with the oil revenue.Another important factor was the "basic agreement"Hovedavtalen which dictates how vages are settled as a deal between the workers unions and employers where strike is banned during the period.This was a great success and has been continued since 1933 except the war and to this day and leads to very few strikes.Swedish idea!TRUST among people another extremely valuable asset.
Regarding the bank crisis and why it's didn't affect Norway as much, Norway had a bank crisis in the 90s where a couple of very large banks collapsed. To ensure capitalism worked, the government nationalised the bank to keep the account holders monies intact. The owners lost everything (as they should when managing the company badly). When the banks where finally running smoothly, the government sold the majority of the stocks, profiting from the risk of taking over the failed banks.
A lesson that the US central bank should have taken to heart.
A point worth making: The Government Pension Fund is NOT allowed to invest in Norway, but currently invests in 70 countries, 9000 companies worldwide. Financiers call it hedging. The idea is that unless the entire world goes bust, it can salvage some value.
As a Norwegian, with a basic knowledge about our history and culture, but being old enough to remember the discovery of oil and gas in the North Sea and the Norwegian part of the Atlantic Ocean, for the first time seeing one of your Documentaries, must say that this was a great presentation of our general economic history and the development, since the end of the 18th century until the economic crisis, in 2008. Although I don't agree with every detail, I think it is really well researched and rather consistently covering the main events. I obviously have to watch more than this one!
Norway got that oil money cheat code, living life on easy mode.🎉
📦 Every Tool and Resource I Use to Create This Documentary - 👉 httfcm.finaius.com/resources
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I got updated and enlightened by it, and you kept it interessting to watch :)
A lesson that the US central bank should have taken to heart.
📦 Every Tool and Resource I Use to Create This Documentary - 👉 httfcm.finaius.com/resources