Norway: Raw Material Refinement and Innovative Companies in Global Dynamics
This chapter sets out by asking whether Norway, as a petro-economy, is running the risk of falling into the natural resource trap. Though there is no answer to this question, the chapter shows––through an historical account of the Norwegian business system––how Norwegian industrial development has been shaped by a distinct economic logic and how this continues to dominate the core of the economy. On the other hand, it offers examples of how Norwegian firms and employees are successfully adapting to the globalized economy. Although this was not the intention, post-war modernization programmes and continuous welfare reforms have enabled Norwegian players to renew business by tapping into global value chains.
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