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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 Norwegian Context

The Norwegian Context

(p.38) 3 The Norwegian Context
Managing Resource Abundance and Wealth

Jonathon W. Moses

Bjørn Letnes

Oxford University Press

This is the second chapter to deal with non-transferable aspects of the Norwegian experience. The chapter provides the broader Norwegian political context into which oil was inserted, that is, a democratic Rechtsstaat with a relatively developed economy where oil was discovered immediately prior to the 1970s’ oil crisis. In particular, the chapter relates a short history of Norway’s experience with natural resource management (including the development of a concessionary system to regulate ownership of the hydroelectric industry) and introduces some of the most important institutional features in the Norwegian economy—as these features allow Norway to adapt quickly to economic shocks—for example, strong traditions with parliamentary democracy, economic management, the labor movement, corporatist bargaining arrangements, and so on.

Keywords:   parliamentary democracy, concessionary system, labor, Rechtsstaat, corporatist bargaining arrangements

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