Norway's Oil industry

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Introduction
The oil industry in Norway has seen enormous success that is virtually unmatched by any other country in the world. Since the discovery of oil on its coast in 1969, the country has experienced steady economic growth. Accordingly, Norway’s massive GDP is a reflection of this growth; as of 2012, it ranked in the top 25 of the world in terms of GDP (World Bank, 2012). The cohesion between oil and economics in Norway has worked for a number of reasons. Firstly, policy making has kept a close eye on how to manage the massive oil reserves. Strict guidelines are implemented so that the reserves will not only last for future generations, but also benefit the economy today. That being said, policies old and new have positive ramifications for both the economy, and for Norwegians. Eliakim Maski, quoted in Africa News (2012), reiterates this: “I never knew that in a country like Norway, they had policies that would first benefit the Norwegians before anyone else.” Secondly, social equality plays a role in the economic growth of the nation. Equality allows for a more available labour force, which in turn boosts the economy. Likewise, strong social unity enables political policy making to include society as a whole. In addition, a larger available labour force will allow the oil industry to expand in the future. The economic success of Norway’s oil industry can be attributed to social and political harmony.

Background
In the late 1960’s, oil was discovered along Norway’s continental shelf. The greatest question was how it would be managed. At the time, a policy was already in place to manage the continental shelf. This policy is still intact, and is now called Noway’s Petroleum Act. According to Hsieh (2012), the Act “includes pr...

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... (2010). As a result, 40% of Norway’s members of parliament are women (Payne, 2012). The underlying message is clear: while the economy in Norway grows, so does social equality, which in turn boosts employment rates.

The Norwegian government has no problem encouraging more women in the workplace, either. Payne reveals:
The government's promotion of women in the workforce with policies such as full paid parental leave for 47 weeks, the right to reduced working hours and exemption from overtime for parents of young children as well as paid leave to care for sick children all helped get more women into the country's workforce at a time when Norway needed more workers to sustain its growing economy. (p. A19)
It seems the government recognized that unless it wanted the economy to stagnate, it needed to promote policies that would encourage more women to work.

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