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That’s what you get when you have free wealth you can pump out of the ground (or ocean floor in this case). Middle eastern oil countries are very happy too with
by dyauspitr 2y ago
That’s what you get when you have free wealth you can pump out of the ground (or ocean floor in this case). Middle eastern oil countries are very happy too with wealth shared around (for the citizens) and most costs in life covered.
- nicoburns 2y agoNot necessarily. The UK had that too (the same north sea oil as Norway), but we failed to invest it wisely.
- shawabawa3 2y agoNorway has less than 10% the population of the UK so that oil was worth more per capita
- tharmas 2y agoThatcher used the oil revenues to pay for her cuts. That way the people didn't realise the damage her policies did to the economy. And they've been believers ever since.
- Marazan 2y agoThe UK had larger oil reserves than Norway and started developing them earlier. At one point in the 1980s 1 pound in every 10 of tax taken in the UK was directly from oil extraction taxes.
- calmbonsai 2y agoI would list Norway as exceptional since every other petro-state has had generations of corruption and most have credible histories of human rights violations.
- dyauspitr 2y agoThey’re definitely governing well but without the oil it would all break down in a heartbeat.
- calmbonsai 2y agoThe fun "life-hack" is now the oil doesn't matter anymore. Norway needed it initially, but thinks to smart conservative finance policies now they don't. As as lovely counter example, look at all of the UAE's expenditures on attempts at "destination tourism" revenue. UAE "invested" its money into concrete. Norway invested its money into its people.
- jfengel 2y agoI would note that the US, while not technically a petrostate, does get almost 10% of its economy from the fossil fuel industry.
- tharmas 2y agoCanada could've done the same but they chose Neoliberalism.