Norway
I have saved Norway for last because Norway ranks number 1 in the world on a number of measures. Most of Norway lies in the frigid Arctic. The country has spectacular landscapes – miles of huge fjords, dramatic mountains, numerous glaciers. But Norway doesn’t have a tremendous amount of good agricultural land.
Norway does have a lot of oil. Norway produces more than 650 million barrels of oil per year. It should be noted, though, that this is only about half of what the state of Texas produces. One important difference is that Norway’s oil industry is largely government-owned.
Norway’s population is about 5.3 million. If it were a U.S. state, it would be about average. For a Scandinavian country, Norway has a high growth rate – but compared to most countries, it is quite low, as is typical of a wealthy nation.
Although Norway is not a member of the European Union, it benefits from a considerable degree of free trade because it is part of the European Economic Area. In addition to oil, Norway has abundant mineral resources, forests, and fisheries. Norway’s economy is not as diversified as those of the other Scandinavian countries, but the country does have a strong tourism industry.
Some of Norway’s biggest companies are largely government-owned. Its biggest bank is government-owned. Its hydroelectric and aluminum industries are government-owned. It largest telecommunications provider is government-owned. It should come as no surprise that a large portion of the country’s output consists of government spending – 45%. More than a third of the entire workforce is in the public sector.
Even by the simple standard of wealth generation, Norway exceeds America. America’s per capita GDP is $55,805. Norway’s is $68,430. What Norway has done is funnel its tremendous natural wealth into public services. Norwegians have universal health care. The country has used its oil wealth to build up one of the best-funded retirement systems in the world. 52% of Norway’s workers are union members.
You might think that with so much oil, Norway would forget about renewable energies. You’d be wrong. Norway is a world leader in efficient, environmentally-friendly hydroelectric plants. The country gets more than 98% of its electricity from hydroelectric power. Norway is also exploring wind power – not for its own use, but to export electricity to other countries! Ironically, Norway, one of the biggest oil producers in the world, also has the world’s highest number of plug-in electric vehicles per capita.
Norway ranks 14th on the Cato Institute’s Human Freedom Index. But on other organizations’ measures of well-being, it ranks much higher. Worldaudit.org gives it a ranking of 4th in democracy. It ranks number 1 on the Economist Intelligence Units Democracy Index, as well as number 1 on the Inequality-adjusted Human Development Index. And on the SSN’s Happiness Index? Number 1.
On survey after survey, Norway is rated near or at the top of the world in well-being. It has used its tremendous natural wealth for the benefit of its people, rather than to line the pockets of a few. It has embraced social democracy – a blend of capitalism and social justice. Its people are among the happiest on earth.
David L. Martin 