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Managing Resource Abundance and WealthThe Norwegian Experience$
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Jonathon W. Moses and Bjørn Letnes

Print publication date: 2017

Print ISBN-13: 9780198787174

Published to Oxford Scholarship Online: June 2017

DOI: 10.1093/oso/9780198787174.001.0001

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The International Context

The International Context

(p.17) 2 The International Context
Managing Resource Abundance and Wealth

Jonathon W. Moses

Bjørn Letnes

Oxford University Press

When Norway discovered its petroleum resources, the world was a very different place, with greater opportunities for domestic management of the economy (including the rise of the United Nations Conference on Trade and Development (UNCTAD), and sundry nationalization efforts). International organizations such as the World Bank, the International Monetary Fund, and the European Union (then the EEC) had not yet begun their drive to liberalize the global economy, by discouraging nationalization, regulation, and local content provisions (for example). At the same time, the Organization of the Petroleum Exporting Countries (OPEC) oil crises meant that Norway became an extremely attractive investment site for international oil companies worried about political turmoil in the Middle East. As a result, the Norwegian authorities were able to build out their administrative apparatus at a time when there were few international constraints placed upon them. Developing countries today are working under a significantly different international context.

Keywords:   OPEC, UNCTAD, European Union, nationalization, international oil companies

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