How Norway Got Rich and Stayed Rich

Norway is a country which has gotten rich. What made it so wealthy, and how has it stayed rich this whole time?

#norway #h0ser #geography

How Norway Got Rich, and Stayed Rich. Norway vs. The Future

[GGdude]

Fun fact: Norway asked Sweden if they wanted to join in the oil extraction in exchange for 40% of Volvo and swedish wood but they said no.

[commonsense]

The main premise of this video and many like it is correct. Norway is very wealthy because it made some good decisions, allied with the west and found oil. It isn't exceptionally rich compared with it's neighbours even with the oil, but oil did probably get it to number one in many rankings. There are some problems with this video though:

Norway does not have a lack of easy trade along it's coast. Fjords create natural harbors and an incentive to fish, which is why the vikings had boats. And Norway has remained, whether you account for population or not (until the late 20th century), a merchant powerhouse since the middle ages. Bergen was an important hanseatic hub, and became Norway's second largest city due to its foreign trade. Actually, almost every Norwegian city sits on the coast or a navigable river. The only economically relevant city that is not on the coast is Kongsberg, which lived off mining and later weapons production, and which sits on a river near the Oslo fjord.

Norway was also the world's fourth largest shipping nation in 1939, which helps contradict the persistant myth that Norway was particularily poor in the early 20th century. Norway was never rich compared to the UK or Denmark, but democratization and a focus on education and (what became) social welfare led to a gradual increase in wealth throughout the 19th and 20th centuries.

To say that Norway was geopolitically safe when it was at best a Danish/Swedish vassal state from 1536-1905 is also a bit of an exagguration, but Norway's geography and friendly neighbours (apart from you know who) is a big advantage today.

Norway also did not quickly surrender to the German invasion. It was quickly beaten, with Oslo falling within hours, but the fighting went on for more than two months, which is longer than France, Poland, the Netherlands, Luxembourg and Denmark combined.

I think you correctly highlight the importance of the Marshall plan, along with economic and political stability in the EU and Nato, as Norway really started becoming wealthy and built its welfare state in the 50s and 60s, not the 70s, though this could be more clearly stated.

[kleko]

Nice vid, a few half truths or mistakes here sadly.
1. The Norwegian coast is great for trade, there i a reason why Bergen was one of the Hanseatic offices.
2. We border Russia so not all our neighbours are peaceful.
3. We had a welfare system up and running long before we found oil.

[republicoflagistan]

I mean, the fjords aren't necessarily bad. They make for great natural ports which is important for a country that wants to export its natural resources.

[thecutetimo]

As a Norwegian, i must give you credit for capturing the sibling relationship we have with Sweden, Denmark and Finland.

[tobbakken]

Norway did actually really well after WW2 and the before oil. Norway dosen't spend much oil money each year (very little actually), instead invest and save them for a fund for future generations. So the country would actually do really well without the oil too. Just look at Danmark, Finland and Sweden for that.

[PakBallandSami]

first kraut then history scope and know you the nordic countries are interesting iam so happy that people like you are covering it know great video man

[AFAndersen]

As a Norwegian person, I don't only enjoy all the good things said, but I also love the brotherly love-hate messages to the Swedes in this video <3

[justinhammer]

Norway based its Sovereign Wealth Fund on the Albertan (a province in Canada) Heritage Fund to save its oil revenue. Ironically while Norway has done just that with over a trillion dollars put aside Alberta has spent all of their oil money on pointless tax cuts and the like.

[duckente]

Also other factors: Norway doesn't have corruption culture, and their population are educated, hence competent politicians. Therefore, money grows and invested to their people

[Drunken_Master]

Norway: One of the most peaceful regions in the world
Putin: How do you do, fellow Scandinavians?

[kostakole]

For most of it's history, Norway has been poor, but now they are one of the richest countries in the world.
For most of it's history Serbia has been (pretty) poor, but now nothing has changed.
Trust me, I live here and for decades now nothing has changed.

[Lorgs]

3 months of fighting isn't "quickly surrendering". Denmark on the other hand surrendered immediately the same day

[bolorn]

Although sweden had problems conquering us, we have been under danish rule for much of our history.

[ir-responsible]

Much of Norway's success comes not only from it's geography, but from it's politics. They've found the sweetspot between capitalism and socialism; their taxes are high enough to make a powerful state able to satisfy all the people's needs and more, whilst having the taxes low enough to allow private companies to thrive. The way this works is that the private companies sustain the economy and the government takes some of their money and gives it to the people in form of hospitals, kindergartens, schools, and an economical safety net. The government is also very stable having over 300 elected congressmen sharing the power.

[PakBallandSami]

there are small countries such as Israel, Singapore and Switzerland that exhibit institutional traits markedly different from those of the Nordics while enjoying a high level of prosperity and complexity. Larger and more authoritarian countries also fare quite well economically without implementing the Nordic model of equality and welfare. The Nordic model is not the only blueprint to follow for economic prosperity indeed, there are many which are compatible with the economic complexity approach. It is, however, the one blueprint associated with the highest degrees of civil liberties and welfare, which is the core of its uniqueness and appeal.

[mantisshadow]

Hey Hoser, can you cover Sweden in a future video. I think it would be interesting. Or maybe you can cover all three of the scandinavian countries.

[casperruud]

As a Norwegian Tennis player, I'm glad you made this video; thank you.

[luishernandezblonde]

An important factor for Norway is: the country has many important natural resources, but Norway used them to invest in human development instead pf wasting money to build shiny towers like the UAE and Saudi Arabia.

[jakobnordal]

Idk where the perception Norway used to be a third world country came from, but Norway has been among the richer countries in Europe ever since about the the late 1800s and at one point it even had the largest merchant fleet in the world. It has Always had strong social trust, literacy and life expectancy. It would not have been as rich as it is now without oil but it would be in line with other Nordic countries.