this post was submitted on 29 Jul 2023
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[–] okda@lemmy.ml 49 points 1 year ago* (last edited 1 year ago) (3 children)

Also oil to pay for all og this.

[–] general_kitten@sopuli.xyz 21 points 1 year ago* (last edited 1 year ago) (2 children)

usually the happiest country title bounces between the nordics so not always the oil financing things

[–] charonn0@startrek.website 3 points 1 year ago (1 children)

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

[–] Pelicanen@sopuli.xyz 11 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.

[–] bobs_monkey@lemm.ee 1 points 1 year ago
[–] westyvw@lemm.ee 1 points 1 year ago

They spending is capped at 3% of the fund. A large number for sure, but the investments are meant to be long term so when the oil is gone, they can keep going.