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Could We Learn Something From This?

By Beverly Burmeister

Good government, common sense, and self-restraint often appear to be in short supply. However, an article in the November 11, 2007, Chicago Tribune counteracts that observation and is worth reading. From Pool of Cash, Good Fortune Flows by Tribune foreign correspondent Tom Hundley explains how Norway learned from past "oil addiction" in the 1970's and has now developed a strategy that benefits all its citizens. Norway has barely touched the money from its vast oil reserves, and has placed more than $350 billion into an investment fund for future generations.

Although other nations -- including the United States -- have concerns about countries having funds of this size, Norway's fund is apparently transparent and well managed, with clearly defined parameters and ethical guidelines. The citizens of Norway trust their institutions based on history of very little corruption. These hyperlinks provide additional information about Norway's Government Pension Fund and the Fund's Ethical Guidelines.

Unlike the United States' current practice of accumulating billions of dollars in debt for future generations to pay, Norway's approach will likely benefit their future generations.

Full post as published by V.U.Lawcity - The Valpo Law Blawg on November 12, 2007 (boomark / email).