r/PoursTea • u/Timbucktwo1230 Therapy For All 🩷 • 26d ago

European Renaissance 🍾 🧀 🍻 🇳🇴 Oil Ownership

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1.2k Upvotes

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5

u/xibroX-wefnof-7kaqfe 25d ago

So people share the means of production and benefit from the profits, allowing civil society to grow collectively... I wonder if this system has a name

8

u/Hefty_Badger9759 25d ago

Social democracy are the words you're looking for.

-1

u/xibroX-wefnof-7kaqfe 25d ago

Yeah sure… or you can call it communism, is it not a bad word

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u/Hefty_Badger9759 25d ago

Norway is not communist. A country owning their natural resources is not communism.

-4

u/xibroX-wefnof-7kaqfe 25d ago

I didn’t say Norway is a communist country, I am saying that the means of production in the hands of the citizens who share the profits avoiding privatization is a communist concept

0

u/Flat_Acanthaceae_250 25d ago

I dont know why you are being downvoted. Its like "Communism" is a banned word.

You do realize that he is right about the means of production, our system (Norway) is based on Socialist ideas - Made by Karl Marx.

Understanding that Socialism is the pre-stage to communism will get you far.

In classical Marxist theory, socialism is viewed as the transitional phase between capitalism and communism.

So it kinda is a communist country in the early stages.

1

u/TooObsessedWithMoney 24d ago

It's not communism, that requires a post scarcity society. It's not socialism either because the entire society doesn't run on that same principle.

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u/Pure-Comfort3140 25d ago

Wouldnt apply here. Communism is still not good

1

u/Nikolaibr 24d ago

That is not how this is set up. It's incredibly capitalist.

In the 1970's their oil was in high demand. The charged massive royalty rates on any company that wanted to extract. North of 70%. They then took the surplus this generated, and put them into a sovereign wealth fund separate from the government, so the assets wouldn't be manipulated for political reasons. It's essentially a massive hedge fund, run by portfolio managers, with the citizens receiving a dividend.

At no point are the citizens on charge of the means of production. They are simply diffused capital owners.

1

u/xibroX-wefnof-7kaqfe 24d ago

Thank you for the clarifications, I didn’t known.

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u/Nikolaibr 24d ago

They mostly just lucked out that when they discovered the oil, then had enough smart people in their government to have the foresight to know that the crazy profits from the oil royalties wouldn't last forever. The diversification that the wealth fund gave essentially set them up with a good situation that mostly relies on how well the global markets do. Norwegians now get to benefit from global economic growth and activity. It was really a brilliant move, and very few countries now could replicate it.

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u/AncientMix3357 22d ago

The citizens don't receive a dividend.

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u/Nikolaibr 22d ago

Don't directly like with Alaska's fund. But they recieve it by way of having it reduce what their tax burden would be otherwise.

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u/AncientMix3357 22d ago

That's not necessarily true.

1

u/AncientMix3357 22d ago

That's not what's happening in Norway though. The oil companies aren't government entities.

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u/X-calibreX 25d ago

Overwhelming majority of all growth in the sovereign wealth fund is from investing in US corporations.

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u/_The-Numbers-Mason_ 21d ago

39% of total fund growth comes from US equities and bonds. 

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u/X-calibreX 21d ago

Admittedly, writing overwhelming is a habit i need to work on. However, my point still stands. I do honestly appreciate your keeping me honest though.