Why Norway isn't a Socialist Country

Taking a look at the world's richest countries - they basically all fit into one of three categories: tax havens, financial capitals or oil autocracies. And then… there’s Norway. This tiny Nordic nation spends more on welfare than almost any other country on Earth—nearly twice as much per person as the UK, Spain or Japan. It is famous for high taxes - 41 of every 100 Krone earned goes straight to the Government. But despite this sizable tax burden, the country is extremely rich. The average Norwegian earns more than $87,000 a year - that's the fourth highest in the world. Today, Norway is hailed as the gold standard of democratic socialism. The “Nordic Model” is held up as proof that big government and high taxes can work. But it wasn’t always like this… TIMESTAMPS: 00:00 - Start 00:45 - How accurate is the socialist idea of Norway? 01:45 - Post war Norway 02:19 - Decline 04:20 - Capitalist reforms 06:08 - Norwegian tax system 08:17 - The Sovereign Wealth Fund 10:51 - The myth of Norwegian socialism 12:36 - End