The Norwegian Butter Crisis

The largest Norwegian effort in this regard, however, is something more innovative. A large share of the oil revenues, rather than subsidizing current government operations, is invested via the Norwegian Government Pension Fund, which is thought to own approximately 1 percent of the publicly traded stock in the world. In part, the purpose of the fund is, as its website says, ?to safeguard and build financial wealth for future generations,? but this could be accomplished by directly giving the funds to Norwegians instead. The real purpose of holding the wealth in a fund that invests exclusively abroad is to limit the appreciation of the kroner in international currency markets and maintain Norway?s industrial competitiveness. What it has in common with the butter tariffs, however, is that Norwegians are accepting lower living standards than they might otherwise enjoy for the sake of a long-term strategy of not becoming a Saudi-style oil monoculture.

Source: http://feeds.slate.com/click.phdo?i=90434dea11640c23584763e5389fcda7

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