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Ironically, considering all the anti socialist rants in the discussion so far, Norway's oil industry is state owned and the government has taken the profits and
by willyt 8y ago
Ironically, considering all the anti socialist rants in the discussion so far, Norway's oil industry is state owned and the government has taken the profits and invested in creating one of the largest sovereign wealth funds and in a lot of national infrastructure.
- gpvos 8y agoNorway discovered its oil fairly late and has taken a good look at how other countries did it. For example, the Netherlands, another mostly non-corrupt country, squandered their gas revenues.
- wonthegame 8y agoSo, the order matters. Chavez simply just took it and redistributed whereas Norways started as state owned? Chavez took it because the oil execs were messing with the economy as a form of protest against taxes. A move that was highly controversial.
- atombender 8y agoThe situation with PDVSA was more complicated than that [1]. As for Norway, to avoid the Dutch disease they made several crucial decisions [2] early on, one of them being to encourage the development of a healthy, competitive private oil/gas sector while still retaining the majority of revenue and oil fields. They also funneled the profits into the now-famous sovereign wealth fund. [1] https://foreignpolicy.com/2018/07/16/how-venezuela-struck-it-poor-oil-energy-chavez/ https://foreignpolicy.com/2018/07/16/how-venezuela-struck-it... [2] https://www.ft.com/content/99680a04-92a0-11de-b63b-00144feabdc0 https://www.ft.com/content/99680a04-92a0-11de-b63b-00144feab...