Trillion Dollar Baby
How Norway Beat the Oil Giants and Won a Lasting Fortune
For most of its history, the remote and near-Arctic nation of Norway has eked out a marginal existence from fishing, forestry
and shipping. That is, until Christmas Eve 1969, when oil was discovered off its southern coast. Les mer
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For most of its history, the remote and near-Arctic nation of Norway has eked out a marginal existence from fishing, forestry
and shipping. That is, until Christmas Eve 1969, when oil was discovered off its southern coast.Rather than squandering the
profits (as the UK did with its North Sea oil), when the revenue began flowing, Norway put in place the most robust and visionary
framework for extracting maximum benefit from non-renewable resources found anywhere in the world.Less than twenty years after
the country began investing in what is now called the Government Pension Fund, Norway has the largest sovereign wealth fund
in the world, with assets of US$870 billion. What's more, the fund is on track to hit the US$1 trillion mark by 2020.Not only
is every Norwegian now a (krone) millionaire and enjoying the highest standard of living in the world, they will be able to
hand down this endowment to their children and grandchildren. Norway's savings strategy means that it has taken a non-renewable
resource and turned it into a financial asset that can last long after the oil wealth has been completely exhausted.This is
the story of how they did it.
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Utgitt:
2016
Forlag: Biteback Publishing
Innbinding: Innbundet
Språk: Engelsk
ISBN: 9781785901003
Format: 20 x 13 cm
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Paul Cleary first heard about Norway's model when he worked with Norwegians in far-flung East Timor, and has been fascinated
by it ever since. He travelled to Norway to interview political leaders, senior public servants and ordinary Norwegians about
what the country has achieved. He is a senior writer at the Australian newspaper, where he has specialised in covering the
resources boom. He is also the author of Too Much Luck: The Mining Boom and Australia's Future and Mine-Field: The Dark Side
of Australia's Resources Rush.