And in the midst of the worst global downturn since the Depression, Norway’s economy grew last year by just under 3 percent. The government enjoys a budget surplus of 11 percent and its ledger is entirely free of debt.
Norway’s relative frugality stands in stark contrast to Britain, which spent most of its North Sea oil revenue—and more—during the boom years. Government spending rose to 47 percent of G.D.P., from 42 percent in 2003. By comparison, public spending in Norway fell to 40 percent from 48 percent of G.D.P.
“The U.S. and the U.K. have no sense of guilt,” said Anders Aslund, an expert on Scandinavia at the Peterson Institute for International Economics in Washington. “But in Norway, there is instead a sense of virtue. If you are given a lot, you have a responsibility.”
Eirik Wekre, an economist who writes thrillers in his spare time, describes Norwegians’ feelings about debt this way: “We cannot spend this money now; it would be stealing from future generations.”
Such nations might've evolved out of traditional Indian cultures if Columbus and company hadn't interfered. Even today, I think many of today's Indian nations try to follow this model. It's probably tough when the surrounding culture constantly tells them to "Buy! Spend! Get Rich Quick!"
For more on the subject, see The Best Country in the World (Hint: It Isn't the USA).
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