Norway’s shame:
How a nation squandered its oil riches
By Jerome Vitenberg
The Norwegian people are understandably proud of the massive nest egg they think they possess. The truth hidden from ordinary Norwegians is that much of the country’s oil bounty has already been squandered.
Some 50 years ago, Njord, the mythological Norsk god of wealth, smiled on the hardworking fishermen and lumberjacks, and presented Norway with the gift of oil. In financial terms, this was a handsome gift indeed, currently translated into a natural bounty worth $740 billion.
Successive Norwegian governments pledged to save this wealth for the welfare of future generations. Yet, half a century after this windfall began, questions increasingly arise of whether Norway’s handling of its oil wealth has even withstood the test of the past, much less the future.
The country’s 2013 election campaign spawned a debate about the government’s management of the massive Norwegian Oil Fund. Norwegian citizens, however, have been trapped within a virtual bubble: Far from raising and discussing serious concerns, the debate in which the country has been engaged is fundamentally flawed. Behind the rosy picture that Norway’s leaders have painted of the country’s economy lie some difficult truths. We have only to chip away a little at this bright facade to realize that a far less glittering reality lies beneath the surface.
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