How Norway avoided the resource curse to build lasting national wealth

Discover how Norway managed its oil discovery and salmon industry to sidestep the economic pitfalls that have devastated other resource-rich nations. This episode explores the strategy of restraint and creative market-building that allowed the country to prosper.

When nations discover vast natural resources, they often fall victim to the resource curse, also known as the paradox of plenty or Dutch disease. Norway successfully navigated this by exercising restraint after finding deep oil reservoirs, preventing the sudden economic shift from destabilizing their country.

Beyond oil, the episode examines how Norway handled an oversupply of salmon. By creatively generating international demand for their raw fish, they turned a potential surplus problem into a pillar of their economy. The discussion highlights the methods used to build wealth and maintain long-term financial stability.

Source: How to beat the resource curse in Norway (Summer School) | Planet Money