Norway: Unraveling The Norwegian Economy

The economy of Norway is a mixed economy although some declared it as a ‘socialist heaven and others called it ‘capitalism with a conscience’. Some called the Norwegian economy as lucky due to its oil exploration and others called it smart for establishing a pension fund in the name of people funded with oil money so it can be used in future in bad times.
The country has one of the highest GDP per capita in the world following just behind Switzerland if we ignore the micro-nations. But the country wasn’t always rich like it is now. Some say that it was one of the poorest countries in Europe before the 60s, and others say that it was doing just fine, BUT, it was below average in all estimates.
The country is known for fjords, aurora lights, skiing, outdoorsy people, and the history of Vikings! World Happiness Report shows Norway has one of the happiest people in the world. The country also has one of the highest life-expectancy-index of around 81. The country tops many international rankings, including human development index, prosperity index, ease of doing business index, freedom of press index, democracy index, etc. etc.
But how did a small fishing nation become one of the richest countries in the world??? Is it their fishing industry or oil exploration or tourism or its pension fund in the name of people?
#Norway #Norwegian #travelnorway
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[@heineyo]

Bothers me that none of these videos on Norway's economy even mentions unions once. High unionisation and the institutionalised wage bargaining is the primary reason for our egalitarian economic outcomes.

[@Justin-df9ev]

It's an economics channel, what do you expect

[@kristineb2901]

As A norwegian I totally agree. Unions was very important for our economic growth because it made the money circulate more between different businesses, sectors and people in society and therefore benefitted everyone and inflated our economy.

[@stephenhill8790]

Some people in business in the west see Unions a a problem preventing profit increase wage cost a kind of communist/socialist cancer the right wing government in UK has never liked the idea of unions can never understand the positive things they can bring about

[@stephenhill8790]

@O R I call it worker exploitation, Norway is an example of not needing any kind of Communist revolution because it has fair social system less selfish greed and more let's all benefit from the economy not just the wealthiest

[@bzdtemp]

@@Justin-df9ev Are you actually saying the labor market is not relevant when it comes to national economy? While I suppose you live in a place where unions might not have much power, the fact that they don't definitely also matter ie. the lack of unions also matter to the economy. As a Dane I live in a place where the labor market is highly organized. We to do not have laws on minimum wages, instead there is collective bargaining where unions and employer organizations agree one the common rules. Companies that decide to not be part of those organizations still have to follow the rules, either that or they find them self still having to follow the rules to a high degree or else they find them self blocked from operating - and our laws support that. The result of strong unions and a good working relationship with employers is part of why the Danish economy is doing well - and on the same time it also means workers here are doing well. We talk about work-life balance where everyone has a minimum of 5 weeks paid vacation per year, a right to paid sick days, work weeks are 37 hours and for some even less... and because there is health care for all no one is depended on having a job in order to have medical coverage for them self and their family. All that means more power to employees, that makes for people being happier and smarter when working, so productivity is actually higher than in countries where people work more.

[@tessjuel]

It's fun to read the comments here with people arguing about whether it's the oil that made Norway rich or not. The truth is somewhere in between of course, it usually is. Norway wasn't particularly rich or poor before the oil, it was about average for the western world. But we had a very solid and well balanced economy with a wide variety of income sources, a reasonably well developed infrastructure, low level of corruption and no crippling debt. There were no urgent holes to pour the new wealth into and less opportunities for leeches to creep in and suck up the profit. So the income from oil could be invested in the nation rather than being spent or siphoned away. That's what really made the difference. As for the leftist/socialist/capitalist comments, that doesn't really make much sense in this context. Norwegian politics across all parties tend to be pragmatic, not dogmatic. It's less about which long dead theorist you pray to and more about what actually works.

[@julianrodriguezrojas5188]

I believe that what makes Norway so rich is the culture of its people, it cannot be reduced to only political thought or particular decisions.

[@Mosern1977]

@@julianrodriguezrojas5188 - yes, that is extremely important + having a good source of income.

[@thomas6201]

In 1938 Norway was the richest country in Europe per capita. However, it was during the 50s and 60s that the economy didn't grow to the same extent as neigbouring countries, and the discovery of oil helped Norway once again become clearly one of the richest countries in Europe (which it was roughly 3 decades before oil)

[@PMMagro]

It is obviously the oil that made Norway extra rich.

[@skylineromeo2134]

Lord Odin.

[@kristineb2901]

It was a very good video, but as a norwegian I wish you included more about Unions and early industrialisation. Unions was very important for our economic growth because it made the money circulate more between different businesses, sectors and people in society and therefore benefitted everyone and inflated our economy.

[@CircleSeven]

Agreed the unions is really important here. Although Norway has also some other problems to tackle such as a very big public sector( where local politicians earns more than our prime minister) and some inefficient infrastructure projects over the years.

[@RoRZoro]

High unionisation and the institutionalised wage bargaining is the primary reason why my economy declined and got unemployed. You country had oil money with a low population to support "wage bargaining". But when we did that, companies just left us and we are now unemployed and looking for jobs in other countries.

[@kristineb2901]

@@RoRZoro We started with unions in Norway way before we found oil. A small population might have been an advantage though.

[@barathrajkumar5564]

unions are good in low population countries, really bad in high population countries with less resources. industries just can go somewhere else. or get some other set of workers who are willing to work without a union

[@kristineb2901]

@@barathrajkumar5564 yeah, I agree with that, but wouldn't more companies introduce unions if people would rather work with one? That would make certain jobs/companies more desirable and create more motivated and effective workers.

[@Mosern1977]

I'm Norwegian - (probably why this bumped into my feed) - just wanted to say you've done a great job researching this video. Nice and balanced review of the situation.

[@EconomicRaven]

Thank you 🙏

[@RAEVLOS]

same, great job Economic Raven

[@bronzieboy]

@@EconomicRaven why did you not include unions at all in your video, this is not any hate. but you not including unions, and only replying to the one comment which doesn't mention them, makes you seem biased. which is a bad look, i dont personally think you are, but as you have shown in the video, you are actually an extremely intelligent educator, but not including something which is in america not considered an economical policy, but rather a a ''social'' policy, but in the nordics, including norway. those two things are not seperated. which is why all the nordic countries have some of the best state economical structures anywhere in the world, while still keeping the work life of the average worker, sustainable.

[@eyobmeskelu1938]

Can u cash out ur $220k

[@Mosern1977]

@@eyobmeskelu1938 - no, but I trust the Norwegian government to blow some of the dividents on public spending. You know, better roads, hospitals, schools, etc. Since compound interest is the most powerful force in the world, keeping the fund running for the next 30+ years should make it so no Norwegian would really need to work.

[@msp713]

Looking at the UN's BNP measurement staring from 1960 you'll see that Norway was top 10 even before the oil. The oil didn't make Norway rich (it already was), it made it filthy rich.

[@JollyRogerBergen]

A very valid point.

[@dzarko55]

At that time, Norway still had a massive (though quickly declining) merchant fleet (it was the world's biggest prior to ww1), and most exports were timber and seafood. As the world economy modernised and expanded, these exports would decline in value relative to the economy of the region. I'd say oil was crucial for keeping norway in the top 10.

[@nostalgia1672]

@@dzarko55 nah

[@erikengheim1106]

@@dzarko55 Norway also had more electric power production per capita than any other nation, and consequently a large number of electrochemical companies utilizing cheap electric power to make various types of chemicals and alloys. Norway is a major exporter of aluminum e.g. Lots of other advanced industries was popping up at that time. Norway had a growing electronics industry, defense industry and service sector. Finland managed to stay rich despite having only timber. They did not have the seafood or hydropower Norway had. Finland built a successful industry supplying machinery for paper mills and other wood processing. Finland had an electronics industry growing in similar fashion to Norway. However because Finland lacked so many resources compared to Norway they put more effort into making that industry thrive. For Norway it was much less important. Had we not had oil, Norway would have focused its attention on developing other industries. Look at Iceland. They are still among the richest countries in the world, and they only have two of the things Norway has: Fish and hydropower.

[@schroederscurrentevents3844]

The economy of Norway: smart AND lucky

[@hiddeninternets5894]

Not lucky, but smart. They would have done the same thing with oil or not.

[@jont2576]

It's alot easier if u run into a giant jackpot. When a small population encounters huge amounts of resources. I mean let's not kid ourselves, Australia and countries like Scandinavia wouldn't be able to live the way they do if they didn't possess vast amounts of natural resources. I'm from Singapore,u might think we are some shiny glitter roads are paved with gold but the truth is we only got to where we were from every drop of blood sweat and tears. Beginning from the 60s to 90s it was nothing but a long struggle,Singaporeans were poor,there was very little welfare,we had no vast amounts of lands where we could grow plantations and whatnot,or massive natural resources we could exploit like gold mines and coal of Australia...all we had was labour....there was no such thing as a free lunch as there was none to be had and the government discouraged people from expecting welfare and handouts. Even by 2000, although we were considered first world country,with a GDP per cap of 20,000 USD....we weren't exactly rich,nothing on the levels of what the Australians were living in the 2000s and 2010s,trust me when I say the Aussies are living the good life,their earning power,their quality of life,theor lifestyles of the average man on. The street.....people dream of going there on work holidays.....even people from first world countries like Singapore,Taiwan and South korea.most sinkies in the 90s and 00s had the stench of the working and middle class,and it's not even the same as the working and middle class of the west.compared to Aussies,sinkies were like paupers. Even today u may think Singapore has such an incredible GDP per cap,but I would say it's mostly a mirage, particularly due to how our tax system and free market labour market is constructed. Most of the wealth generated in this country aren't in the hands of Singaporeans.its transient.most companies and MNCs are only here to avoid taxes and tax sheltering or they are here to exploit the masses of cheap labour imported from surrounding countries due to our extremely lax immigration laws,there's no minimum wage here nor unions nor workers representation or protest power. Of our massive 360 billion a year GDP i suspect less than half of it actually goes into the hands and pockets of Singaporeans.the rest goes into foreigners billionaires and millionaires and foreign MNCs and In the job market Singaporeans are sandwiched in the middle,the top jobs the lucrative sectors the higher paid jobs are dominated by expats from the west and north India.......the bottom the hell jobs underpaid and hellish working conditions are obviously done by poor immigrants. At the end of the day we are still a colony of slaves for our foreign overlords.

[@ivandreuxzuev9473]

@@hiddeninternets5894 Yeah but without oil, their citizens wouldn't be so rich

[@hiddeninternets5894]

@@ivandreuxzuev9473 Have you done any research whatsoever? They have fish, tech both marine and tech in general. Materials is a big export as well. Norway has always been rich, because of their thinking, not money. They invest smart and corruption is no where to be found.

[@shukriramlee]

@Christian Emile Olstad Ringen Shut up poor!

[@thomjak86]

One more great thing about the oljefond is that it's heavily invested in the Dollar and Euro. So when our currency NOK tanked during covid our oljefond increased in value. That allowed the goverment to spend more money to help keep the country on it's feet during lockdows, becuse the 3% spending rule allowed for a higher amount to be used.

[@cheese515]

Finn heller ut hva oljefond heter på engelsk isteden for å si det på norsk i en engelsk setning.

[@JrgenHelland00]

@@cheese515 Dude, even the video uses the norwegian name. Just leave it.

[@tollevkvendbo]

Norwegians arguing with Norwegians in English.

[@cheese515]

@@JrgenHelland00 Du er norsk. Hvorfor svarer du ikke på norsk?

[@cheese515]

@@tollevkvendbo There’s a reason our language is gonna be gone soon.

[@KevinSolem]

As a Norwegian local politician, I'm proud. Thanks for making this video. liked and subscribed

[@EconomicRaven]

Thank you 🙏

[@KevinSolem]

@RoastWorthy At least a 9

[@patman147]

I am very familiar with Norway as my wife lived there growing up, her dad worked for Phillips. Also her grandmother immigrated from Norway. Small population, with historical prosperity, and oil wealth, are big contributors to Norway's success. Another big reason for Norway's success is its one of the least corrupt countries in the world. Most countries with potential will never prosper like Norway due to the corruption of people in power. It could also eventually led to America's demise.

[@itsfiredude1975]

«Norway has a high divorce rate»

[@randomtoyotadude8952]

Ur partly right, norway is very much corrupt.. the problem is.. norway make more money than the corrupted politicians can spend.. they dont spend fast enough.. bit in 5-6 yrs.. norway is no longer self ruled, cuz of our stu pid and corrupted politicians.. then Nazi Germany will rule..

[@leifantonioegeland5658]

Norways economy and wealth was built with the help of the workers unions! NOTHING would belike it is today without the workers union" Worth adding to your video

[@RoRZoro]

High unionisation and the institutionalised wage bargaining is the primary reason why my economy declined and got unemployed. You country had oil money with a low population to support "wage bargaining". But when we did that, companies just left us and we are now unemployed and looking for jobs in other countries.

[@diazinth]

@@RoRZoro that and the fact that the workers unions and the business owners unions tend to cooperate when neccessary; give and take

[@kingj7606]

This is not true, productivity creates wealth, without any production, there is no economy, unionisation and institutionalised bargaining detracts firms and drives away industries because of artificially high input cost thus making it difficult to produce and invest. No country on earth has managed to raise their standard of living and become developed with unionisation alone, its productivity. Norway's current economic prosperity and welfare state relies heavily upon its production and exports of oil (which isn't particularly a good thing). Unionisation or welfare programs have nothing to do with Norway's prosperity. It's productivity. Free trade, markets and low taxes are necessary to attract and allow foreign and domestic investment of capital goods to enhance productivity throughout the entire economy, that way Norway's prosperity is assured. You are falsely attributing Norway's wealth to something that promotes economic stagnation not growth.

[@mauricio9564]

@@kingj7606 Thats ideological jargon,all the Nordic countries have high unionization rates and have built strong economies since the 30’s.Japan the fastest growing economy in the 20th century had a 50% union rate and 70% collective bargaining agreements reaching the population.It experienced a high rate of growth in part caused by rise of wages thanks to unions.Low wages causes stagnation as it doesn’t pay to industrialize and be productive.The UK since breaking up unions has seen the lowest productivity in Europe compare to Germany were wages have grown 15% and productivity 3% with a strong union and manufacturing sector.US also since it broke its unions has now a service sector economy with moderate productivity compared to the 40-70’s,with only thing making the country stay productive in world market being high immigration bringing new constant supply of labor.

[@alaskanbullworm5500]

@@RoRZoro if you’re gonna be a contrarian at least use a different response to each comment instead of spamming.

[@jakobnordal7432]

Saying Norway was poor before oil is wrong, in 1938 right before ww2 it had the highest GDP per capita in Europe. And one of the the biggest merchant fleets in the world. and even after the war (before oil) we were in the top 10 in the world. Without oil we would be similar to Sweden and Denmark, so not exactly bad

[@Rimrock300]

It's just not that 'easy', looking at GDP back in time when there were much larger differences between poor and rich, than today. It was typically a 'handfull' of rich familes that stood for 'half the GDP', and moved the average up a lot, while the majority of the people where poor to 'okay'.

[@jakobnordal7432]

@@Rimrock300 Yeah sure but it was like that for every country, so comparing between different countries all from that time period makes sense. It was still one of the richest countries at the time

[@trymetal95]

the dutch disease problem is kept in check by the amount of oil money that goes into the oil fund instead of being injected back into the economy. This is especially noticeable when the oil price drops as the NOK drops with it making exports from other sectors all the better.

[@griegs2001]

5:20 This is not a question about ethics, it was done in order to spread risks. The oil fund is already extremely depend of oil prices.

[@gullfeber]

not at all, they do not invest in oil

[@gullfeber]

@@andreassag yeah it is and will be for several years, but i dont think the demand for oil will decrease very soon, especially because of china and russia. Norway does export and produce the cleanest oil there is

[@Totto87]

@@gullfeber Well in terms of cleanest oil, we produce oil on the most energy efficient way there is. Our gas is also very clean due to the processing quality but it's still gas and oil and it's not clean per defition. But compared to other methods of harvesting it it's clean of course.

[@grn-xx]

Much love from Germany :D

[@tanglingowl8716]

Wow the quality of this in such small channel Keep it up bro you are gonna achieve a lot!

[@EconomicRaven]

Thank you 🙏

[@truxton1000]

Norway was never "one of the poorest" in Europe, it was never worse than average, so never poor.

[@truxton1000]

@James St. Clair "Beg to differ" well what did they know, the facts say that Norway was never any poorer then about average in Europe, or a bit above average. Of course if you go back 100 years plus most people was poor in Europe, including most people in Norway. But when you compare GDP per capita/person Norway was as I said about average or a bit average in Europe. When most of the rest of the world of course was much poorer than that. I often hear that Norway was poor before the oil and it`s just not true.

[@johnny_eth]

1. Food prices are high, but so are salaries. As percentage of income, groceries in Norway are very comparable to the rest of Europe. 2. Norway does have a public healthcare system, of public hospitals and private clinics paid for by the state, plus private clinics operating in the free market. The publicly funded system provides the bulk of all healthcare services in the country. The 2200kr a year, is just a deductible for all co-pays. Each appointment, procedure or drug is subsidized by the state, so the user pays a percentage.

[@soral9999]

Missed one importan part of the "Oljefondet": It dose only invest international, not withinn Norway itself

[@zhenyamediocris4373]

Wow, you're marvelous. I've just found you blog and I'm nuts about it. Next year I'll take the geography exam and your blog is a treasure for me. I'm keen on learning this subject but it's awfully hard to link all information

[@weldingandwelder]

I’m move my family to Norway some years ago l have nothing to say about economy but they treated a very good care of theirs labor like me and people around are very friendly. Thank you very very much and respect from me to Norwegian🙏🏼.

[@EirikXL]

You said Norway is currently suffering from "Dutch disease", however it is an example of the complete opposite....

[@KryssN1]

I am of the same opinion as this video. Likewise the politicians, that The Fund should be at least in some partial degree used to invest into the infrastructure and other sector. Beside Oil sector, Energy sector, Fishing sector all other sectors are undeveloped by EU standards, the taxation is too high and population to smal for bussinesses and private people to develope at a good rate in comparison to EU standards. Money should not only be laying around, it should be used to increase the longterm profit and for wellbeing of it's people, ie. investing into development of other sectors. Norway should be buying of big companies so they open their production lines to make fabs/production in Norway of many different sectors. Norway is indeed investing in Renewable Energy sector, but that is not good enough alone. Instead Norway produces smart people and those people leave Norway, as there is no production in other important sectors and too small rate of development for small companies. Norway should give more exemptions to small companies to develop, as well big companies to open productions. Sure the benefits for wellfare are good, but that is not good enough alone, that stagnetes the economy, at some point it won't be sustainable. Basically benefits for developing company should be made beneficial than welfare and made simpler, so people have more access to it, which in turn makes welfare sustainable. They still got lots ot time to adjust their plans, so that's that. In simple terms just look at Telenor Monopoly fiasco last decade, big IT company State Driven, Monopolising infrastructure, intentional slowing down small company development by State. It's not singluar example, at some point in Society people Lobby and that is Dutch DIsease in nutshell. It seems to be happening in Norway for last 2 decades, Lobbying at some point cannot be helped, it's nature of society, it's getting better, but situation has to get better for it to be sustainable.

[@rock3times]

You just compare Norway to the neighbor Sweden which has a well round economy. From farming, to automobile, aircraft, electronics, shipbuilding, biologicals and medical related industries.. Dutch disease refers to the imbalance of a rich nation. Norway has spent money to create center of excellences other than oil and gas. Even UAE, and Qatar, Saudi invest into agriculture converting desert into palm date orchards. Traveling from all 3 scandinavian, Sweden has most well round economy, Denmark next and Norway comes last, but Norway is the richest of all 3.

[@TheToffern]

You forgot to mention the investment method on norwegian shelf. Meaning taxing oil income at 78% while allowing for deducting for investment cost. Hence country face both risk and pay off.

[@eliaspederstad4360]

This was impressively precise!! 🇳🇴

[@sir6693]

Wow that was very thorough. Thank you for sharing it!

[@EconomicRaven]

Thank you 🙏

[@chickxsy]

One comment. It’s mentioned the high divorce rate in Norway, while it’s actually 1,9/1000 people (40%) in Norway and 2,5/1000 people (50%) in USA.

[@rock3times]

I am quite surprise when the clip mentions promiscuity in Norway ? May be I did not dig deep enough to find out when I was there but I will be back.

[@sigurddaehli]

Another reason the pension fund chose to withdraw from Oil investments is to diversify. If the oil price drops, the pension fund will keep rising, even though it’s fuelled by oil and gas.

[@WolfHeathen]

I think the biggest reason for the switch is the change in geopolitical policies and sentiments. Norway knows that oil won't last and it's also one of the most EV and solar power friendly nations on the planet. Regardless of what the oil price does, Norway has to switch off it as quickly as possible in order to not fall behind other nations in terms of renewable energy technology and infrastructure. The world has already started moving away from fossil fuels in a big way.

[@lunariedawn]

@@WolfHeathen Sadly.. while some (mostly highly developed countries) have moved from oil production, low developed (and even some high developed) countries are still producing oil. It's sad because we really have to stop using oil and other things that are bad for our planet, but to be able to stop it and still keep everything sustainable, we need to find new ways to earn money, or it won't be sustainable. Sustainability isn't only about the environment, but also about infrastructure and economy, etc.

[@think-IT42]

Great Video, Editing, Animations and Voice!

[@EconomicRaven]

Thank you 🙏

[@galli0]

I think you showed Ålesund in like 1/10 shots, if I didn't have to get up soon I'd rewatch just to take note of how many times but I think at least 6 or 7 times 😅

[@mariamalgorzata4974]

as a norwegian i can explain why heres why norway is so rich one because it got helped from the marshall plan two it has massive fish trade with the us three they are not in eu so they can have alot more bigger prices and alot of agricultural people aka farmers and also when a german shop came to the country LIDL it was so popular that they banned it because it was too cheap

[@gullfeber]

feil, Lidl etablerte seg på et helt feil tidspunkt med et allerede overfylt marked eksisterende i Norge. Nordmenn var skeptiske til ukjente merkevarer og handlet derfor sjeldent i Lidl-butikker

[@andreassag]

LIDL wasn't banned in Norway due to low prices, it left because it was unsuccessful. They focused on products popular in Germany, but never accounted for tolls or sugar fees, which meant they were not cheaper then others, while still not having products Norwegians wanted.

[@mariamalgorzata4974]

@@andreassag thats atleast what my parents told me.

[@nasoweak445]

And here I am, after watching to much Vikings series that I've been waiting for the narrator to mention anything related to Vikings or Valhalla.

[@PetterVessel]

Norwegians are a friendly, still with few words. When you act friendly, you never find a better friend than in a norwegian. :) We are not Vikings anymore. ;-) Well, act badly, and we go "Vallhalla" all over the place. Haha. Okay, we are still Vikings. :-P

[@lynet111]

This is a really well researched video well done.

[@EconomicRaven]

Thank you 🙏

[@wildlife9450]

Norway not just rich but also got beautiful places to visit & women over there

[@ranamutahar]

Great information about starting new business in Norway. The day will come when I will contribute myself to increase the Norwegian economy. ✌🏻

[@oketayoo.g3907]

The country that shows that human beings can live peacefully on earth. Your constitution is standard that Nigeria can follow

[@epicbulldawg]

Thanks for the kind words... but no. Lol

[@rask906]

my grandpa worked at ekkofisk and he was given a tiny glass barrel that had a drop of oil in it, that was some of the first oil from the north sea

[@Totto87]

That's cool! :D

[@tollevkvendbo]

3:59 there is supposed to be total value number between the text lines. After that number value it says NOK (Norwegian crowns) roughly translated to Enough as seen randomly in the picture. Great translating guys😂

[@RaymondNok]

Smart. 😎 Proud norwegian 🇧🇻

[@Dannydrinkbottom]

wish my country had a pension fund like this. It would help so many people. Boost the overall quality of the country knowing you have a last resort safety net.

[@jayeshpadmawar4744]

Simply awesome

[@abdulatifjaylanov1737]

This channel is good👏👏👏

[@uday9412]

Though your videos may not cater lot of views , but that doesnt mean your video are not good & you shall not work any more . These are some of the best and the most valuable videos of the internet . Keep the good work going. I suggest u monetise the subsequent videos with the help of some website that charge very little money for Viewing rights . Good luck

[@EconomicRaven]

Thank you for the support 🙏

[@marshabrightly1307]

for me its not about OIL but its all about Good People, Good Governance Good Work Ethic

[@scottlaux6934]

Good "hard working" people everywhere.

[@kumarmanjeet6704]

True look at India... If there was no corruption.... People would have more rich in my country

[@koushikdas1992]

@@kumarmanjeet6704Absolutely not! Here in Norway, after discovering oil sect; money werr invested in education, business, health & research sections. On the other hand, India don't have any wealth resource and can't have enough hard oil based hard money to invest! India is a bit of unlucky at thr end! If you want to tall about corruption, then I can indicate the corruption level of western country is more high in comparision. (West also got wealth & resorce by looting other countries!). The main reason of corruption of India is the scarcity of wealth generated money! So, most people are poor and tend to go for the shortcut corrupted way to get money or become rich in India. Most of the politicians have come from poor family background. If you check their family tree, you'll find that before one/two/third generation, their family were poor as hell. They got rich by corruption and they now cannot leave their old corrupted based character. It can be called something like "cyclic psychological affect"!

[@anythinggoes5574]

@@koushikdas1992 You don't look Norwegian to me.

[@RoRZoro]

@@kumarmanjeet6704 No. Basically, they got lucky and they smartly invested that money. No other country can copy this. Norway's less diverse and low population also made it very easy to manage by the government. For example, unions killed the economy of many countries. But in Norway, it helped them because they had a lot of money from oil for a small number of people.

[@robinwade2547]

Western Canada had the opportunity as Norway at about the same time but it decided to open the oil up to free market letting companies take the money out of the area, it also had a very low tax rate, it was drunk on profits in the 1970's started a oil fund with money for the future but had spent it all by the 1990's. Lots of people made lots of money but most it has gone and China now own most of the oil companies

[@joaobranco3397]

Amazing analizys

[@SauceyRedHN]

I just finished the video, looked down at the subscriber count, and I'm now in shock on how few subs you have compared to the quality of the video (basing it on the microphone, the way you talk, and how the video is edited, not on the actual facts, some of which are apparently wrong as I read through the comments, I also realized that idk shit about my own country xD), I thought you'd have between 10-50k subs AT LEAST, considering how high quality the video is, like I thought this was on the same level of other channels like Geography Now (and other big channels I can't remember the names of with this type of videos), I might not watch all of the other videos, but I'm definitely subscribing, idk what you're doing with less than a thousand subs tbh

[@EconomicRaven]

hello, it's probably because it's a new channel, and there are only a few videos. But we are hopeful! thank you for the kind words! much appreciated :)

[@SauceyRedHN]

@@EconomicRaven ay no problem dude, genuinely thought this was another decently-sized facts type of channel, especially with how your voice sounds and how the video is edited

[@gab882]

Could you do a "Best Country to migrate to" video? I was thinking Norway, Sweden, Japan or Switzerland, but after this video i could probably cross Norway off my list.

[@coldfever94]

Why ? I thought this video would make you consider Norway even more ?

[@rock3times]

Hey, the United States attracts most of immigrants for a reason. I live here for 48 year and I am curious about other rich nations. So I spend my hard earned dollars to travel to Norway, Denmark, Sweden, Finland, Netherland,Switzerland, Luxembourg,Germany, Austria, Qatar, UAE, Kuwait, Saudi, Australia, New Zealand, Japan, South Korea, Canada and China to compare notes. Your mileage may be different than mine but IMHO, nothing can beat the USA. Of course, if you care about morality, the US is not top of the list, but mind you, She has to care for 340 million of children, some bad genes, some very good genes, but at the end of the day, most of them are well off compared to the rest of the world, however, the grass is always greener across the road. Those who complain are those who never travel much outside the USA.

[@agnethamortensen447]

We do have minimum wage on specific labor work such as cleaners, carpenters, electrians and other hard working labors. Most people are also in unions, where they negotiate salaries for different jobs. So it is more complex than just having a general "minimum salary"

[@DIN_A8]

Well… i‘m not an economy Ph.D. but, as a person from the middle of Europe, i am pretty sure Norways biggest & most beloved exports are: 3: Oil 2: Fish . . . 1: Aurora Aksnes

[@remiandrepedersen868]

Number 1: it's oil, Number 2: fish.

[@denster7715]

Our export of Tormund Giantsbane also helps contribute to the national GDP.

[@denster7715]

@@remiandrepedersen868 And you have no sense of humor.

[@remiandrepedersen868]

Can you tell why?

[@remiandrepedersen868]

@@denster7715 Elaborate!

[@rubberroast1598]

Somewhat under the radar was the comment about "Norwegians preferring to hire Norwegians", other than in Oslo where diversity is more pronounced. Since its such a rich country with generous social programs and pensions, I would imagine its a prime destination for immigrants from other parts of the world. but that comment goes against that. Is Norway similar to Sweden on that stance, or more exclusive like Switzerland?

[@Anton-ki7ch]

It is not merely Norwegians hire Norwegians it is more like Norwegians hire Norwegians that they know. Nepotism is rampant in this country. You can't even get a job in McDonalds if you don't have connections.

[@rubberroast1598]

@@Anton-ki7ch and yet..... it has led them to happiest citizens and strongest economy.....hmmmmmm

[@Anton-ki7ch]

@@rubberroast1598 happiest. I am not so sure. All those rankings that measure happines with such indicators like gdp ppp per capita life expectancy etc are a joke. Anyway what made Norway succesfull is oil and oil alone and yet average Norwegian is poorerer than average Finish despite 15 years of stagnation of Finish economy.

[@sack8439]

@@rubberroast1598 It's like what @Anton said, here in Norway when I was 15-18 I couldnt get a job even if my depended on it. I tried to ask everywhere but I just didnt have the connections needed to get in. Nepotism is pretty heavy here in certain sectors, particularly jobs those with little job experience and education take. But can be rampant in higher educated jobs as well. I almost didnt even get a apprenticeship as a electrician because of this. but I was lucky and a teacher recommended me.

[@reyalPRON]

Hi, norwegian here... The oil is nothing ... underneath finnmarks polar steppes we have a HUGE reserve of precious gems. Mainly diamonds. Due to nature reserve status this vast area remains untapped.. Not to mention that we stopped mining for silver at kongsberg due to no need anymore. Norway is at end of the north atlantic stream. THIS is where our wealth will come from in the future, as food and wate becomes more expensive.

[@gullfeber]

for ikke å glemme det massive mineralfunnet gjort ved svalbard, estimert til en verdi av hele oljefondet (gull, sølv, kobber osv)

[@Ltkq]

Love your channel

[@EconomicRaven]

Thank you 🙏

[@ilovechika1]

actually there is minimum wage here, but its not set in stone like other places. it depends on your situation. a fully educated tradesman cant make less than 209,70NOK an hour. un educated with 1 year experience in a field cant make less than 196,50NOK. uneducated and inexperienced cant make less than 188,40NOK and youths under 18 cant make less than 129,50 an hour.

[@trymetal95]

it's sort of an america-centric view on minimum wage. Minimum wage set in law is superfluous when you have a strong and healthy union culture in the work force.

[@bzdtemp]

Pretty sure that is not a minimum wage set by law, but an agreement between unions and organizations that do the bargaining on behalf of companies. At least that is how it is done here in Denmark.

[@ilovechika1]

@@bzdtemp I literally dug deep to find this information about the legal pay system for a salary employee. But if you really want to get into the minimum you could earn. Work as a flexible substitute to fill gaps in other companies workforce. Ikea, big stores like coop and smart club. in any kind of job was 90NOK an hour for an adult was the lowest.(back in the early 2010s don’t know about inflation) and that’s not even a proper job Source: my mother worked as a sub for a year and a half and her low income affected my stipend for school. I learned all about this cause I thought I was being paid too much and thought I’d have to pay it back out of nowhere.

[@Totto87]

When I started working summer jobs back in the day, I started at 50 krones an hour lol. My younger siblings working at the same family business started at around 120 when they were 13. I felt cheated out when I discovered, lol, but it was still valuable lessons learned for work ethics. It's the one thing I can do properly in life. Working that is.

[@Haitian_Vagabond]

“Norway did not become Venezuela!?” Well I don’t see Washington going over to Norway in order to hijacked their oil...then once they fight back. They kept out from the financial market 😂

[@N3vlzm]

They tried in the sixties, but since we had a level headed government we did not take the bate. This is the main reason why we are not like Scotland or oil rich 3. world countries wich have privatized the oil sector. Though we are doing the same mistake as others with wind power ( so not so level headed government as these days).

[@Haitian_Vagabond]

@@N3vlzm great job by your gov. As it turns out, majority of “3rd world countries “ Are in the conditions they re because one moron family and friends run and control all the natural resources whilst the rest of the population are fighting to get by. And Those idiots in the west call it, capitalistic.

[@sonsy5112]

Thats because they cooperate with US. If you'd watch one of Aksel Hennies movies you'd see some crazy shit i miiiight believe is true🤷‍♂️

[@korneliusiv6270]

@@Haitian_Vagabond "As it turns out". Nop, thats now how it turns out. Depending on the nation in context, the reasons as to why varies amongst many variables. The 'crusade of capitalism' surely had its toll for several reasons. One could be the conversion from multi-centric economies to uni-centric economies, which forces a subordinated position, making current cultural knowledge insufficient and incompatible. Or the application of a scalable economy, within regions of dominant non-scalable economies. You could also make a case on the difference in the means of measurement, and the ever-expanding rationale of production, and the circular rationale of production. This out has to do with cultures adapting into a specific economical and political concept which are developed through premisses of vastly different environments, yet there are a bunch of other variables and interconnected consequences to consider. You do not expect the common Brit to know how to make Ramen, nor do you expect a common Japanese to know how to make Shepherd pie. However, if you force that brit to learn how to make Ramen and the Japanese make Shepherd Pie, they will learn, but the end-product will be inferior to its origin. The 1st world has built the concept of capitalism through centuries, largely because of its compatibility to temperate environments, through ever-expanding productions such as scientific forestry, fish herding, mono-agriculture etc. Whereas much of the "3rd" world, had worked with exotic climates, or deserted lands. This builds a rationale, classification system, logic of how to do things, that are not compatible with the idea of scalability and never-ending expansion that capitalism brings about. Not to mention the slaughters, moral warfares, superiority bias, pollution, debts, and environmental destruction.

[@slurpii4669]

Well Norway is a democracy unlike Venezuela

[@DoGGuY]

I dont rly see much good videos about norway, so when i first find one, i really enjoy it

[@fatimamajed3533]

Wowww amazing...the last words are worthy 🙏👍👌💎

[@quantumballs1488]

It's really about economy or just about Norway's oil reserves

[@jshaw4757]

Oil is pretty much unlimited...its a natural by product off inner earth itself constant...many many oil Wells have reported forever how there oil Wells would refill completely out off the blue.

[@Talushallux1]

You've been oft repeating the phrase 'Norway is blessed with natural resources' many times in the vid. And so have many nations been similarly blessed! Example the UK. Both these countries struck oil almost at the same time. But it's the way it has been invested that matters! UK has not invested prudently enough & the rest is history!

[@payamanexclusive169]

@Tuco Ramirez nah. Considering that UK once plundered its colonies. I say that offsets the population difference. We could assume that those riches and revenue went to just a few families.

[@gleqy]

8:51 Just like in Switzerland. Alot of people go to Germany because its LITERALLY half the price

[@ganesansaravanan85]

I really appreciate your final few words bro... to be financially independent in then, we need to save it.

[@Anton-rh7xl]

Why is norway so rich? Håland: Why not?

[@Kameeho]

Hei! as a Norwegian i gotta say this video was Very accurate. Especially when you mentioned about nationalism and Norwegian company preference of hiring Norwegians. I my self is a Norwegian but a close friend to an Australian. Also my mother is Thai. I have seen both my mother in the past struggling to find a new job, while finding a job is not difficult. The problem is finding a employer who acts according to law and tries not exploiting you. The same thing goes on even today with my Australian friend. The good news is that Norway had very clear defined and strict labour laws. My advice to any foreigners is always join a Union. Unions are infact encouraged by larger, estabelished and more "serious" companies. And it also gives you a quick filter for anyone who didn't want to hire you, were most likely insertions employers looking for someone easy to exploit.

[@sithusoe7413]

what is Union?

[@Kameeho]

@@sithusoe7413 Workers Union. They are usually an organization that you apply for membership. you pay an incremental portion of your salary for the membership, in return you are provided with free lawyers whose expertise in workers rights, and if you were to get mistreated by your employer, and their HR department ignores your complaints/concerns or in any form do not try to help you out. You can turn to the workers union and they will get in contact with your employer and try to work things out. If the employer ignores them, then they will get legal actions taken against them. However, if they manage to snake their way hiding behind some dubious legal claims they can alternatively, call for a strike. That means every member of that union goes out on strike. Usually, workers' unions are separated into their respective fields. Teachers have theirs, electricians theirs, etc. So if an Electrician union goes on a strike, all the electricians who are members of said union, or affiliative union will go on strike, regardless of their employers. This usually puts quite a lot of pressure on companies to try to maintain a fair policy towards their workers. as mistreating them and having unions going against them can quickly lead to their company getting blacklisted and no other companies willing to cooperate with them. Giving a very rough overview at least how they work in Norway. Even the Employees have their own unions to help to protect their rights. And things at times somewhat balance out as Workers and Employee unions usually negotiate terms between each other to try to come to a solution that benefits and comprises both sides. But in return it also puts the Employees on certain terms they have to follow. Usually, it's the big companies that have those. Smaller ones tend to be independent and not be a member of any employee union. The negative about workers unions is that at times they can become too powerful and end up running companies in the ground, which ends up with the company going bankrupt and everyone in it loses their jobs. Also at times, it can be harder to find a job if during the interview they find out or know that you are in a said union. Thus it's advisable to not be in one when starting a job and rather join later. Usually, professional workplaces here will give you an offer to join a workers union that has a deal with the company's HR department.

[@MrJuise22]

Norway is not expensive if you work there, it is behind Finland when it comes to taxing. Items cost more but on avg in Norway you earn 2x times what you would make in same job in finland.

[@kroggwaff]

Norway was poor, but when we found oil it was decided (with the advice from a single arab randomly visiting Norway, I forgot his name) that the State should own any natural resources on the Norwegian continental shelf. This single action made Norway into a rich country. I'm not pro state ownership usually, but when it comes to natural resources it just makes sense, as it belongs to everybody.

[@kumarmanjeet6704]

Here India it belongs to Gujaratis

[@truxton1000]

"Norway was poor", compared to what? What Norway is now? Maybe... but I dont agree. Norway was never a poor country, always above average in Europe, and since Europe was among the richest areas in the world so was Norway. It is a hard lived myth that Norway was poor before they found oil, it`s not true.

[@gullfeber]

norway was not poor, and hasnt been for several hundred years

[@nileshpatel5573]

@@kumarmanjeet6704 what are you saying?

[@TullaRask]

Norway is a society of organizations. We har big org and they talk to each other, then negotiate with the government. Normal Norwegians group up with fellow humans on issues like specific deceases, job sectors etc etc, and they select leaders that talk and talk and talk. They come up with solutions and the government don't have to change the law, because they all came to an agreement. I agree it's not usual, but it's what we do, and it works.

[@KryssN1]

I agree, it works. I think Norwegian Politicians are one of the most open minded and on point how social issues should be handled. Now only if they start to make developing small bussiness more beneficial and simplistic than welfare, we may see more people working again after COVID instead waiting. I am also of an opinion that The Fund should be used at least to a degree partially to fund infrastructure development and drawing in big companies and production to Norway. That would allow Norwegian economy and society develop even faster and make good welfare benefits sustainable for even longer.

[@musyokakenedy3288]

Norwegians, promiscuous and integral. What a combination of personalities.

[@Batmangutten]

@Baby Barbie Eh, hate to break it to you but what countries do you think import all our oil:P

[@norge_indiankumar2264]

Super introvert but get a beer in us, we party like no tomorrow

[@zenogstwitch8296]

@@Batmangutten That was privatized long ago. So still US XD

[@MildTomfoolery123]

Don’t forget naive We are very naive and overly trusting

[@zenogstwitch8296]

@@MildTomfoolery123 Actually sometimes the opposite which makes us unable to work together. Best example is US people are so misinformed and disillusioned that they think they are free and their economy doing well when its complete opposite. Naive is the one thing you can add more XD trusting not so much because if they were they would listen to sound minds XD

[@Antero94]

7:16 To itterate, salmon sushi in Japan was not a new thing, but it was unpopular because the salmon in Japanese waters were infested and therefore the meat was of bad quality. Norwegian salmon was not infested, and it took considerable effort to convince the Japanese public that salmon could actually taste good.

[@pattammalvaradarajan9017]

Oil well managed can give ample returns. But as one of the polluting and depleting resource, the country which bases it's economy has to be careful. Sound economic policy with other alternate industries is essential to space out the focus on market that pays thru it's life cycle. As an European country, Norway had it's advantages. Proximity to market, less operating cost and the reserves well saved in endowment and sovereign funds shall surely provide long term returns. For a country to move on, industrialization by way of modernized production hubs is needed down the line.

[@davepryde5982]

lol that whole oil escapade just makes me think the moral of the story is ''persistence pays''

[@you5692]

lol "escapade" sure

[@ghplayer1992]

You forgot black metal which is Norway's biggest cultural export

[@rockepip]

Im norwegian and I didn't even know, never heard anyone I know, anyone I've never met in my entire life has mentioned black metal

[@olejohannesbakke6316]

@@rockepip Da har du gått glipp av mye, min gode mann... ;) Det er nok helt korrekt som opprinnelig sagt; Norges desidert største kulturelle eksportartikkel siden midten av 90-tallet er ekstrem metal-musikk, ikke minst black metal. Det faktum at du aldri har hørt om dette, betyr ikke annet enn at du ikke har fulgt med i timen.

[@rockepip]

@@olejohannesbakke6316 Selvfølgelig har jeg hørt om det, men aldri hørt an noen er så spesielt stor fan

[@ghplayer1992]

@@rockepip u live in a cave then

[@mndkv2747]

Well it is not only about the export, but it is the most Important by the people living there. They have the right mind...so people living in the country benefit from the recourse found within the territory. Give oil to every other country out there...few to none will become like Norway.

[@Obetv01]

"Save & Invest" Tut. (Rolls eyes) I am Nigerian. Nigeria did the exact opposite of everything detailed here about benefiting from natural resources. If only we had KZbin in the 1960's

[@litgamer6953]

I love being from norway

[@steevewhitehead1416]

Norway looks beautiful.

[@OstapVasilevschi]

Nah

[@foryou7673]

@@OstapVasilevschi how come? U havent seen anything of it lol

[@OstapVasilevschi]

@@foryou7673 I live here, in Norway

[@foryou7673]

@@OstapVasilevschi that's great then, havent seen enough? It's far more beatiful than other countries lol

[@OstapVasilevschi]

@@foryou7673 I've seen a truly great amount of it. It seems you do not have enough knowledge on the topic, who are you to tell these things about Norway?

[@Kizzabear88]

9:24 its up to almost 3000 now, which is around 300$. (yeah, it's still not too bad)

[@b1dover]

10:55 To say the country suffers from Dutch disease is a stretch. Some even argue it has evaded it. A large part of the problem comes from replacing export industries with importing goods, made possible by the immediate spending of oil money. This is the polar opposite of gov't saving 96% of annual oil income, which the video talks a lot about.

[@slitor]

I did perk up a bit, but he is right. The offshore industry and everything ad-hoc to it, does take a hit everytime the oil prices drop. The "Oil crisis" we call it, and I lost a job opportunity 5 years ago because of it, problem is that to much are tied up to Offshore. And most of Offshore is tied up to Oil. We get lay offs everytime the price of oil drops, and we haven't gotten back to 2016 levels yet. You saw quite a few shots of Aalesund, what was out of view was the many Supply boats, seismic survey vessels, anchor handlers that is constatly docked. The problem is the expertise is to insular, which is something everyone is currently rallying to fix, finding new markets or develop new ones. (offshore wind farm for example). My current compny has done a good job staying afloat and finding a new venue for our technology. I think we got it covered. But time will tell, after the good times are back, wheter we will remember the lessons and keep up the attempts to diversify.

[@ketiel4925]

Norway my dream country to live in 🙃

[@Metalmassacre07]

Yeah, no thanks, we are full. Stay in your shathole

[@Nubady84]

Sorry, their Karens and feminist leaders only wants Muslims from middle east.

[@l0kaltpsykf4ll34]

yea dont move there. its not all glam and glitter like most of these propaganda films make norway out to be. save the hassle & choose somewhere else to live i used to live in norway. and what they dont tell you is the tax is sky high . police is pretty much useless & only for show unless the goverment finds out they wanna legally kidnap a child for no apparent reason. the school system sucks.& speaking of schools : the teachers are a bunch of Karens

[@luisalmeida1391]

If this happened to Portugal, I'm sure we'd become like Venezuela.

[@luisalmeida1391]

@Jebus Hypocristos, "Venezuela" in the sense of what was said in the video. If we found oil in Portugal, private interests would lay their hands on it and the people would see shit. Norway had a vision. The Portuguese only want to get rich fast.

[@WolfHeathen]

There's a reason for why more and more Norwegians choose to live in Sweden close to the Norwegian border while still working in their home country: wages are massive in Norway but expenses are much lower in Sweden, and it's not any more difficult to travel between our two nations than it is to travel within Norway since it's a very narrow country geographically.

[@martinhoabrantes9082]

Could you do one explaining video about Portugal. I would like.

[@EconomicRaven]

the Raven will fly over Portugal soon!

[@juanma4598]

Dude Venezuela is the wrong comparison to Norway; Venezuela is under US economic sanctions.

[@jureeratpholseela7508]

How about saying that Norway is Democratic and not ruled by selfish dictator ,,,,

[@juanma4598]

@@jureeratpholseela7508 oh I forgot to point out the obvious for people like you.

[@protymax585]

Venezuela was already in shit before the sanctions, just look at inflation over the years, chavista policies, etc.

[@lpdude2005]

Norway's oil fund is now $ 1.34 trillion

[@LasVegar]

11 157 000 000 000kr

[@newhonk]

This is my favorite video.

[@iAndersF]

GRANDIOSA!!!!!!

[@regnbuesno]

🇳🇴🇳🇴🇳🇴 JA VI ELSKER DETTE LANDET!!

[@remiandrepedersen868]

Patrioten 😉

[@bzdtemp]

As a Dane it is okay if I also love Norway?

[@regnbuesno]

@@bzdtemp yes:)

[@remiandrepedersen868]

@@bzdtemp Absolutly

[@roshanmashoor766]

I’ve been there it’s a very beautiful and rich country

[@QazwerDave]

Not investing the pension fund in petrolium companies makes sense and is not hypocrisy ! If oil prices go down, value of Norwegian economy as well as other petrolium companies go down as well. If investing in petrolium, the fund and Norway would suffer a double negative in such times of decline. Diversifying is the name of the game !

[@RedHydrian]

Am from Norway. And this video was uploaded on my birsthday.

[@Tobias8842]

Why do these videos never talk about UNIONS! Unions are one of the Most important factors in the Norwegian economy

[@LadyZeldaia]

I honestly think they would get a lot of hate from non norwegians, unions is a scare words in countries like the Us sadly

[@bruh69bruh30]

But how did a small fishing nation become one of the richest countries in the world? Me that comes from Norway: Well there’s a thing called oil, and we had a lot of it

[@RaymondNok]

Smart 😎🇧🇻

[@goguhu]

The big difference between Venezuela and Norway is that US were 'allowed' to exploit Venezuela and sucking all the oil leaving next to no value back (till they said stop, and US added sanctions . Despite that Venezuela were way better off after than before ...). Norway kind of realized what large oil companies does with a country, and instead of selling off billions $ in resources for pennies, they decided to ensure they would keep a large/fair share inside the country, learning from all the company exploitation of other countries to enrichen the company and leave the origin country a dried out husk.

[@luffygon846]

Or because Norway have one of the most free economies in the world.

[@hinoj.9848]

Official website of Norges Bank Investment Management: “The revenue from oil tax has had a huge impact on Norwegian economy”, “Oil transformed the Norwegian economy” Norwegians in youtube's comment section: omg NOOOOO! Don’t say that. We were always rich. Hilarious! :D :D :D

[@iverbrnstad791]

The what now? It's literally known as "The Oil Fund" in Norwegian, most Norwegians are pretty clear on the luck factor. Still worth considering that all of the neighbors with similar economic policies(Sweden, Finland, Denmark, Iceland) are top tier countries as well, so while Norway for sure would not be as rich it would still likely be fine without the oil.

[@Zquirrelthing]

i mean, both can be true. a CEO that wins the lottery would be richer, but one would hardly claim the lottery is the reason they're doing well

[@remiandrepedersen868]

@@iverbrnstad791 Det kan nok stemme forsåvidt, men unektelig er det olje som er den største inntektskilden.

[@kopicat2429]

@@iverbrnstad791 Does it matter how we would do without the oil? Fact is, we have it, and we became rich. What ifs are hard and annoying to deal with tbh.

[@tessjuel]

I dont' think anybody ever claimed Norway was always rich or that the oil didn't help our economy. But when people say Norwegian economy depends on the oil, they miss a very important point and it's simply not true that Norway was a poor nation before the oil. GDP per capita was actually the third highest in Europe as early as 1960, only behind Sweden and Switzerland. I think the best way to measure the oil's impact on Norwegian economy is to compare with other countries. We're doing far better than any other oil rich country I can think of. We're also doing better than the other Nordic countries that don't have oil, but not that much. They're all doing very well by any standard. The big difference between Norway and other oil nations is due to the Scandinavian model, the much smaller difference between Norway and the other Nordic countries is due to the oil.

[@kullingen6909]

High divorce rates just means that more people can afford to deforce from a bad marriage. 10:19

[@kullingen6909]

@RoastWorthy I know what I am talking about.

[@johngrim8201]

@RoastWorthy Of course not being fully financially dependent on your partner makes it easier to get out of a bad marriage. There are places in the world where they quite literally can't afford to break out of a bad marriage.

[@stalefurset9444]

Married people either divorce or die. Since people here refuses to die, divorces will keep happening....

[@AllrightNOR]

And our national motto: the grass is always greener on the other side😂

[@PMMagro]

Many countries have huge natural resources. But Norway has handled them well. It is like inherrting a huge sum off money, you can waste it but you can also use it wisley for the long term. Like Norway...

[@pattammalvaradarajan9017]

Wouldn't having huge hydro electric projects destroy nature. Killing fish off the ocean, makes long term sense? Putting money in everyone's pocket makes economic viability, but at the same time leaving a legacy of depleted natural resources is the sore point.

[@IAmLiterallyWilliam]

9:40 Somewhat true about the minimal wage. We have it so that hourly pay is minimum 110 kroners. And average work time is from 9 to 5. So you can do the math on that.

[@AllrightNOR]

9 to 5? Don't know anyone who works those times😂 7/8-4 and some flexi 😉

[@jessicamoore4399]

no doubt they always prefer their own people over others. But they will preach the lesson of diversity and inclusivity to the rest of the world!

[@torivarnor]

Everyone prefers its own people, or do you have any examples who dont?

[@007furious]

@@torivarnor Ummm.. Woke white People.

[@Mosern1977]

Oh yes, Norwegian hypocrazy is no less than other countries.

[@torebelthoft4471]

@@Mosern1977 No more, no less.

[@tsq_osirityy]

8:59 as he said it, I picked up a pack of Grandiosa 😂😂😂

[@dekaaizer2550]

4:05 I think your wrong here. The actual difrence is that Norway is in Europe and so did not get any kind of "freedom treatment" with war or sanctions. Venezuela did really good until the sanctions.

[@otveteras]

No, they were setting up the downfall by creating a bloated, inefficient state controlled economy.

[@dekaaizer2550]

@@otveteras Just simply no. And don't forget Iran and Iraq.

[@susannamarker2582]

The Norwegians are fiercely independent. They left a union with Sweden in 1905, because they found Sweden too euro-centric. In 1972 and 1994, they wisely kept out of the european project.

[@la7dfa]

We actually follow most EU rules and regulations plus we have a great trade deal. If we were members it would hardly change a thing. The only thing we do not have is voting right in the EU. Brexit did not turn out well for UK, so saying all is well outside the EU, is mostly lies and misinformation.

[@susannamarker2582]

@@la7dfa You're wrong. Norway has sovereignty over its borders and it doesn't pay into the EU Budget. Those are two enormous differences for a start. Norway is not in the customs union.

[@susannamarker2582]

@@la7dfa Brexit is not just about economics. You don't understand the british mind.

[@la7dfa]

@@susannamarker2582 You have already forgotten the NHS "savings". It was all a lie.

[@susannamarker2582]

@@la7dfa I think you're taking that NHS thing too literally. The NHS was meant as an example of what is possible if the UK is not paying £55m a day to the EU Budget.

[@jackmack6217]

Idk if this was mentioned but Norway manufactures the best and highest quality weapons as well, they sell weapons to the U.S.