this post was submitted on 23 Nov 2023
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The youtube channel, Economics Explained, has a lot of great videos on macroeconomic concepts. They recently featured a video on Norway pointing out how it handles its economy near perfectly.
The video explains Norway got pretty lucky, and it's not like every country could straight up copy them and succeed, but the major points are:
I think when people say they hate capitalism, what they mean is they hate working 50 hour weeks at a job they hate for a boss who treats them like dirt for a salary that doesn't even pay their rent while the CEO has more wealth than small nations and spends it on eating endangered animals on their mega yatch with politicians and judges who then pass laws making it legal to hire children and dump garbage into the ocean. They don't really care about private companies and investments, they care about how sociopathic greed has become so normal that it's actively defended.
In the way you explain norway, it seems this will not be possible without lots of natural resources that are worth a significant amount.
Not quite. Everywhere has a resource of something - it may not be a natural resource like minerals or valuable liquids, it everywhere has something.
The difference is how these have been used to invest. Norway invests in itself by keeping those resources internal. As the user said, the people and its government could choose not to pay taxes, but they still do. That has a huge gain on the longevity of resources because now the investment from them is actually being compounded upon from its people and its resources.
Other countries simply do not put investments in themselves. As the user said, they sell off these assets or let the claim go to a corporation which then maximizes its profit potential instead of sustaining it. (in some cases, the country had little to no choice so it's not entirely a fault of that government but a poor handling of circumstances). We sell our resources, our people pay taxes, there is no compounding happening. The resources are now gone, the money has dried up, and the people are being pumped for the rest.
Here is an alternative Piped link(s):
video on Norway
Piped is a privacy-respecting open-source alternative frontend to YouTube.
I'm open-source; check me out at GitHub.
Thanks, I'm lining this up for listening.