this post was submitted on 29 Jul 2023
761 points (98.0% liked)

Memes

45725 readers
827 users here now

Rules:

  1. Be civil and nice.
  2. Try not to excessively repost, as a rule of thumb, wait at least 2 months to do it if you have to.

founded 5 years ago
MODERATORS
 
you are viewing a single comment's thread
view the rest of the comments
[–] charonn0@startrek.website 3 points 1 year ago (1 children)

Oil exports are like 20% of Norway's economy.

[–] Pelicanen@sopuli.xyz 12 points 1 year ago (1 children)

And when Finland or Denmark were the happiest countries, Norway's oil wasn't really that much of a factor.

[–] Poiar@sh.itjust.works 11 points 1 year ago* (last edited 1 year ago) (1 children)

Finding oil tends to fuck up a nation, making the nation's other industries unable to compete due to the currency being too strong.

That Norway succeed in remaining a stable state after finding oil is a bit amazing, seeing as oil nations tend to become ruled by oligarchies.

I.e., the guy you're responding to makes no sense. Having oil usually means that you become an undemocratic hell hole.

[–] incogtino@lemmy.zip 2 points 1 year ago (1 children)

I'm sure this is a stupid simple take, but could a nation like Norway avoid this (at least for a while) by selling oil in other currencies and maintaining their investments in other currencies?

[–] w2qw@aussie.zone 3 points 1 year ago* (last edited 1 year ago)

What currency the selling is done in probably doesn't matter but yes Norway maintains one of the largest sovereign wealth funds.

The issue is in undemocratic countries there's usually a preverse incentive to not educate people to maintain control of the country. Non resource rich countries have to educate their population to improve productive output.