Norway - Is It The Perfect Economy?: Norway Hits The Jackpot

Norway is often cited as a model for a successful socialist-capitalist mixed economy, boasting high GDP per capita, low unemployment, and economic equality. Despite its current prosperity, Norway was not always affluent. In the 1960s, it was primarily a fishing economy. The turning point came in 1963 when Norway claimed rights over North Sea resources, leading to a significant oil discovery in 1969. Unlike other oil-rich nations, Norway managed its resources prudently through a state-owned company, Stat, ensuring profits benefited the public. This approach has allowed Norway to maintain high taxes and invest in long-term prosperity.

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