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  • horacebello horacebello Nov 13, 2013 7:48 PM Flag

    can imagine this trend for America? (nice article)

    Norway, the only XXI century socialism
    50 years ago was one of the poorest economies in Europe and became the most developed and egalitarian world , the role of oil and saving for the future

    OSLO . - Economic Journalists often repeat that Yngve Slyngstad probably one of the smartest guys in your country. It looks like a traditional finance executive , rolls up his shirt to talk , drink coffee in a plastic cup and handles 800 125 000 dollars, a sum equivalent to almost double the Argentina economy .

    Slyngstad is the head of the Norwegian Bank Investment Management ( NBIM , for its acronym in English) and manages the largest fund in the world, where Norway injected almost all the oil revenue it receives from the state. With sights set on the long term, is the largest reserve in the world designed to pensions ( $ 161,000 per capita).

    All government officials speak of NBIM , to the point that upon reaching the country thought that this man was , at least, a popular figure . Not so. If you walk along the downtown Oslo and arrested ten people at random as the chronicler did all know and can explain roughly what the " oil fund " , but very few ( only three ) can answer with certainty Yngve who Slyngstad .

    The experiment portrays the idiosyncrasies of the Norwegian economy. In the early '70s the country reached agreement on what kind of society and citizens wanted to rely on the stability of its economy without all the time be aware of who is managing each area of the state.

    Norway achieved the world's highest levels in quality of life and equal opportunities for its people. Public education is free and bilingual . It's hard to find people under 50 who do not speak English fluently. All have health coverage , life expectancy at birth is 81 years, the pay gap between men and women is almost nonexistent , there is no poverty or unemployment and per capita income - $ -57,300 is the fourth highest in the world.

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    • In half a century became one of those countries with excellent international reputation , though a low political profile , which the Argentines often call with some envy " more developed world first " .

      The Global Fund Government Pension ( FBPG ) - its current name , was created in 1990 by parliament to offset future income shrinkage , isolate the volatility of crude oil prices and, of course , pay future pensions [ not current ] .

      The Fund will stop the billions of dollars collected by the state through : oil sector taxes , royalties and dividends deposits its majority stake in Statoil , the Norwegian oil company , which in turn is the largest offshore operator the world .

      The management rules are clear: all oil revenues gathers there. 96% of profits and interest is reinvested abroad ( so they can not be used politically) and 4% can be rotated to the Treasury to finance public spending. Globally, 810,000 million in financial assets are distributed : 60 % in shares of companies , 35-40 % in bonds and up to 5% in real estate.

      On the other hand, it serves the country FBPG to sterilize its currency. Fund managers explain that if overturned that volume of money in an economy with only 5 million inhabitants there would be a stellar level of inflation.

      Before becoming a developed economy , Norway was one of the poorest countries in Europe
      Norway , however , is on the list of countries with highest living costs in the world. Daily life is expensive , but eating out more. A cup of coffee or a can of Coca Cola costs 25 crowns ( 31 pesos for an Argentine who pay by credit card ), or a Big Mac menu of Mc Donald's, 89.5 kronor ( $ 108 ) .
      Ambassador Else Berit Eikeland , principal adviser to the Foreign Ministry on Arctic issues , recalls that when she was a child , in the 60s, the country was characterized by being very modest .

      • 2 Replies to horacebello
      • Nice article, I can't see it happening here where greed is good. Funny that they are not investing in a gold miner because of environmental issues. Mee thinks if they made their money from gold they would boycott oil companies.
        Old taking payment in gold or oil.

      • He notes that in the Norwegian temperament " is the ideology that they are a small nation, where you have to work hard and that depends on a healthy ocean ."

        Half a century ago did not know his Norwegian Sea has one of the ten largest oil reserves on the planet. By then, before it became an oil nation , was one of the poorest economies in Europe, when the common diet in the interior of the country was based on carrot, potato and fish.

        For oil Eikeland progress has brought about social changes pose new problems and challenges for the government. One of these is to populate and enable the north , home to only 10% of the population in almost one third of the territory.

        The officer takes a map and notes northernmost entire surface , next to Russia and the end of the world , and explains that there is a tendency for men to stay working in the cities of the area, while women migrate south , heading to Oslo in search of better training. Thus, female enrollment cup universities and access to educational levels much higher than those of men in their hometowns .

        It is one of the few cases in the world in which the discovery of oil led to a considerable improvement in income distribution
        Besides the story , you also need to pay attention to the mechanism of organization. No small feat that is an " oil nation " : generally , the emergence of so extraordinary a factor of income , such as hydrocarbons, heavy unleash serious power struggles and asymmetries in the distribution of income.
        Norway is the most egalitarian nation in the world and the main factor of wealth is underground. The statement is a rarity in the international arena . By doing a simple look on the major oil producers in the Organization of Petroleum Countries (OPEC ), Saudi Arabia, Iraq , Venezuela , Nigeria and Algeria , the finding of this resource in their economies only exacerbated the gap between rich and poor.


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