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Why The UK Lost Its Oil Wealth (And Why Norway Didn’t)

Summary:
An awesome video, the Norwegians had a Labour government which kept its high taxes while investing its oil wealth, but Britain spent all its oil wealth on tax cuts (and it doesn't say here, but also on large dole queues as Thatcher destroyed British industry putting millions out of work).Britain's GDP did grow for a while, but tanked when the oil money run out, while Norway's economy prospered under socialism and grew steadily rich. Today, Norway is one of the richest counties in the world, while most of Britain, except for London and the South, is one of the poorest countries in Northern Europe. [embedded content]

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An awesome video, the Norwegians had a Labour government which kept its high taxes while investing its oil wealth, but Britain spent all its oil wealth on tax cuts (and it doesn't say here, but also on large dole queues as Thatcher destroyed British industry putting millions out of work).

Britain's GDP did grow for a while, but tanked when the oil money run out, while Norway's economy prospered under socialism and grew steadily rich. Today, Norway is one of the richest counties in the world, while most of Britain, except for London and the South, is one of the poorest countries in Northern Europe.


Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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