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Norway’s oil wealth swamps innovation
John Gapper OCTOBER 19, 2016

"omstilling", is the name for Norway’s nascent shift to living without the energy industry that has brought it wealth and welfare for 45 years.

Why hurry, some wonder. Its 5.2m citizens are among the world’s comfiest, with gross domestic product per head of $75,000. Its oil-funded sovereign wealth fund, set up in 1990 to help it avoid “Dutch disease” — the syndrome of resource wealth driving up national currencies and weakening other sectors — is worth $880bn. Its oil and gas reserves should last for another half-century.

The trouble is that Norway is too comfortable. It takes a crisis to get most people to change their ways radically or for an economy to adjust the way that it works. Whatever you think of Brexit, it is one of those crises. At the moment, Norway has more official think-tanks and innovation incubators than entrepreneurship and disruption.....The oil fund is exemplary in many ways: by taking the wealth largely out of the hands of the government and directing it into overseas investment, Norway has avoided the worst of Dutch disease. But it adds to the sense of the country having a cushion against change: the fund’s very existence extends its deadline to reshape the economy.

The citizens are also cushioned......Norway remains hesitant about change.....Norway is a consensus-driven society that feels comfortable only with reform that has been carefully discussed and agreed....Elisabeth Stray Pedersen, a 29-year-old fashion designer who last year bought a factory opened in 1953 by the designer Unn Soiland Dale. She wants to revive its Lillunn brand and sell more of its Norwegian wool blankets and coats abroad.
Norway  Norwegian  oil_industry  Brexit  United_Kingdom  innovation  natural_resources  resource_curse  sovereign_wealth_funds  complacency  fashion  apparel  start-ups 
10 hours ago by jerryking
Twitter
The relative economic decline due to will result in increasing numbers of Britons seeking work in the EU,…
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16 hours ago by sabatini
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From a privacy and data protection perspective, is like swapping a first class ticket for a bucket seat on…
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16 hours ago by tnhh
Global Britain or globaloney - Bagehot
Mar 15th 2018 | The Economist | Bagehot.

Mr Tugendhat’s committee worries that “global Britain” cannot be the basis of foreign policy because it is little more than an “advertising slogan”. This columnist thinks the problem goes deeper. Global Britain is three badly thought out ideas rolled into one....
The first is that, thanks to its long history as a trading nation and imperial power, Britain is an irreducibly global country.....The second idea is that being global means embracing emerging markets. Since 2000 these have accounted for more than 60% of the world’s economic growth. The European Union is the economic equivalent of a “legacy system”: locked in the past, overburdened by entitlements and regulations, terrified of the creative destruction at the heart of capitalism. The emerging world, by contrast, is a bubbling cauldron of new opportunities and new consumers. ....The third idea is that “global Britain” means the Anglosphere. This embraces countries around the world that share a common culture because they were once part of the British empire.....The phrase “global Britain” is well intentioned, designed to send a message that Britain is not withdrawing from the world by leaving the EU. It remains open for business, active on the world stage, bouncily cosmopolitan. But Britain needs to do more than remain open for business. It needs to work out ways of engaging without overstretching its abilities and of embracing globalisation without forgetting that it has downsides as well as upsides. Talking globaloney isn’t going to help.
globalization  Brexit  United_Kingdom 
yesterday by jerryking
Polly Mackenzie on Twitter: "The “hostile environment” mission started in earnest in December 2012, with an inter-ministerial group set up on Migrant Access To Benefits And Public Services (we called it MATBAPS)"
Autumn 2012 - the Tory backbenchers fall out with Cameron, who responds by promising a Breferendum. Apparently the Hostile Environment concept dates institutionally from December 2012. Was this driven by a demand for "faire popu"?
immigration  brexit  tories 
yesterday by yorksranter

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