This is the curse of the oil. People get all that easy money and instead of investing it into diversifying their economy, they stop doing everything else to produce more oil. Then oil prices crash, and they have nothing else to support themselves. It's happened over and over again in a lot of places.
No. Why? Because they take the money and reinvest it in their country.
I just realized your comment can be taken two different ways. So, the other answer is, Yes, they are the exception to the rule because they reinvest their oil wealth into their country.
This is the curse of the oil. People get all that easy money and instead of investing it into diversifying their economy, they stop doing everything else to produce more oil. Then oil prices crash, and they have nothing else to support themselves. It's happened over and over again in a lot of places.
Are the Norwegians a possible exception?
Scandinavians in general are better at running their countries than most others.
Agreed, they do an amazing job governing and are very progressive when it comes to good ideas.
No. Why? Because they take the money and reinvest it in their country.
I just realized your comment can be taken two different ways. So, the other answer is, Yes, they are the exception to the rule because they reinvest their oil wealth into their country.
Norwegians are smart.
Yup, I meant it the second way. Thanks!