How did Norway become so rich despite being a socialist country?

– Xochielt Sanchez

Answer by Atle Brunvoll:

1. Norway is not a socialist country.
2. We found oil buried under the North Sea.
3. We nationalized those oil resources.
4. We let big international oil companies make billions of dollars pumping that oil.
5. We tax those oil companies heavily, still leaving them with a healthy profit.
6. We don't spend those oil revenues, but invest them.
7. Most of our women work outside the home. This workforce contributes quite substantially to the economy.
8. Peaceful relations with all neighbor countries. No war since 1945.
9. Education is free (almost)
10. Fish.

Long story, told by the former Prime Minister: Avoiding the Oil Curse: The Case of Norway

How did Norway become so rich despite being a socialist country?

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