Video makes the case for nationalizing some industries: Norway vs UK on oil wealth

[Phokus]

https://www.youtube.com/watch?time_continue=441&v=b_l3eLhYbVo

Another thing people don't realize: Norway owns something like 40% of the companies on their own stock exchange and many of the largest private companies are nationalized. Instead of wealth going to a small percentage of the population, the wealth gets spread around more evenly.

 

[thilanliyan]

Commie!!
Norway has a massive fund for a rainy day as well.

 

[1prophet]

https://www.youtube.com/watch?time_continue=441&v=b_l3eLhYbVo

Another thing people don't realize: Norway owns something like 40% of the companies on their own stock exchange and many of the largest private companies are nationalized. Instead of wealth going to a small percentage of the population, the wealth gets spread around more evenly.

You can nationalize anything you want but here is the caveat that alot of socialist/communist types fail to understand,

the machinery and business models that cash cows like the oil industry runs under including the workers and management has to be run correctly and efficiently by skilled and knowledgeable people regardless of the political persuasion or ideologies the rulers in charge espouse,

the Norwegians understand this, Hugo Chavez and his cronies/succesors in charge of Venezuala didn't that is why one oil rich country is awash in wealth and the other is starving and broke outside the immediate leadership.

Norway's oil industry uses private/public partnership

https://www.norskpetroleum.no/en/framework/norways-petroleum-history/

From 1 January 1985, this system was reorganized. The Norwegian state’s participating interest was split in two: one part linked to Equinor and one to the State’s Direct Financial Interest (SDFI) in the petroleum industry.

The SDFI system means that the Norwegian state owns holdings in a number of oil and gas fields, pipelines and onshore facilities. The proportion is determined when production licences are awarded, and varies from field to field. As one of several owners, the State covers its share of investments and costs, and receives a corresponding share of the income from production licences. Equinor was made responsible for handling the commercial aspects of SDFI on behalf of the state.

Contrast that with Hugo Chavez ideology/loyalty first belief in running the once mighty Venezuelan oil industry.

https://www.forbes.com/sites/thebak...f-anything-can-be-done-about-it/#645607b47e60

The current troubles of the oil industry are rooted in the oil policies implemented by President Hugo Chavez (1999-2013). He fired about half of the workforce of the national oil company, PDVSA, during an oil strike in 2003, including the vast majority of top executives and technical staff. He forcefully renegotiated joint-ventures and operational contracts with foreign companies and partially nationalized them. ExxonMobil and ConocoPhillips withdrew from the country as a result. Thereafter, no relevant new oil projects have been completed. He also expropriated some service companies. In addition, Chavez drove PDVSA to run into significant debt, and transformed it, de facto, into a social and development ministry. Consequently, investment in oil development and production declined, even during the oil price boom.

 

[Phokus]

You can nationalize anything you want but here is the caveat that alot of socialist/communist types fail to understand,

the machinery and business models that cash cows like the oil industry runs under including the workers and management has to be run correctly and efficiently by skilled and knowledgeable people regardless of the political persuasion or ideologies the rulers in charge espouse,

the Norwegians understand this, Hugo Chavez and his cronies/succesors in charge of Venezuala didn't that is why one oil rich country is awash in wealth and the other is starving and broke outside the immediate leadership.

Norway's oil industry uses private/public partnership

https://www.norskpetroleum.no/en/framework/norways-petroleum-history/



Contrast that with Hugo Chavez ideology/loyalty first belief in running the once mighty Venezuelan oil industry.

https://www.forbes.com/sites/thebak...f-anything-can-be-done-about-it/#645607b47e60

The difference between Norway and Venezuela is that Venezuela is a dictatorship while Norway is a democracy. It's 2 very different types of socialist systems, politically and economically. The right likes to strawman the left by claiming that the left wants Venezuela when most of us want a Norway type system. Besides that, i concede that one of the reasons why Venezuela is failing is because of price controls, whereas Norway doesn't have them, but they DO have public ownership of the means of production.