2013/11/ad6b0_norway_economy_31212663_74e8061178

Is Norway’s economy more capitalistic or socialistic and why?

Question by Lara: Is Norway’s economy more capitalistic or socialistic and why?
I know Norway has a mixed economy but I can’t tell which side it leans more towards. Help please!

Best answer:

Answer by jerry w
Key statistics according to these links:

The government of Norway controls key industries, including the very large oil and gas industries. Oil alone accounts for 25% of GDP. Government-controlled companies account for 30% of the value of the large stocks listed on the stock exchange; adding in non-listed companies would make this percentage higher than 30% (I couldn’t find exactly how much higher).

Whether this adds up to saying Norway is leaning more towards capitalism or socialism would depend on how this is interpreted. You could say that it leans towards capitalism simply because the government controls less than 50% of wealth. Or you could say that, compared with other mixed economies, government control of industry is very large, which could be interpreted as leaning towards socialism.

Whatever this all means, Norway ranks among the highest in the world in terms of growth, standard of living, prosperity and peace. It also ranks among the highest in the cost of living.

Add your own answer in the comments!

Norway’s economy last 10 years
norway economy

Image by dltq
The red bars indicate the anti-deficit (duh, i don’t know the English word) for Norway’s economy the last 10 years. We had a few rough years 2002-04, but 2005 looks to be golden. The Oslo Stock Exchange has grown close to 200% since january this year, and the high oil price helps us well.

The question is: What do we want to do with all this fucking money?

2 comments on “Is Norway’s economy more capitalistic or socialistic and why?

  1. Because the government of Norway has revenues from royalties and leases on north sea oil fields and a small population they are in the unique position of being able to provide extensive social services with only moderate taxation.
    http://www.visualizingeconomics.com/2010/02/25/measuring-the-size-of-the-government/
    Except for the large amount of government spending it is considered to be well above average in economic freedom and is definitely not socialist. see
    http://www.heritage.org/index/Country/Norway

  2. Norway is a capitalist country: most people are forced to work for wages, and production takes place in order to make a profit. The extent of government intervention in the economy is irrelevant.

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