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  • Essay / The Norwegian Oil Industry - 856

    IntroductionThe Norwegian oil industry has enjoyed enormous success that is virtually unmatched by any other country in the world. Since the discovery of oil on its coasts in 1969, the country has experienced steady economic growth. As a result, Norway's massive GDP is a reflection of this growth; in 2012, it ranked among the top 25 countries in the world in terms of GDP (World Bank, 2012). The cohesion between oil and the economy in Norway has worked for several reasons. First, policymakers have closely monitored how to manage the enormous oil reserves. Strict guidelines are implemented so that the reserves not only endure for future generations, but also benefit today's economy. That being said, both old and new policies have positive ramifications for both the economy and Norwegians. Eliakim Maski, quoted in Africa News (2012), reiterates: “I would never have known that in a country like Norway, they had policies that would benefit Norwegians first before anyone else. » Second, social equality plays a role in the economic growth of the nation. Equality allows for a more available workforce, which stimulates the economy. Likewise, strong social unity allows political policymaking to include society as a whole. Additionally, a larger available workforce will enable the oil industry to grow in the future. The economic success of the Norwegian oil industry can be attributed to social and political harmony.BackgroundIn the late 1960s, oil was discovered along the Norwegian continental shelf. The biggest question was how this would be handled. At the time, a continental shelf management policy was already in place. This policy is still intact and is now called the Noway Oil Law. According to Hsieh (2012), the law “includes the pr...... middle of paper...... (2010). As a result, 40% of Norwegian parliamentarians are women (Payne, 2012). The underlying message is clear: as the Norwegian economy grows, so does social equality, which in turn increases employment rates. The Norwegian government also has no problem encouraging more women in the workplace. Payne reveals: Government's promotion of women in the workforce with policies such as fully paid parental leave for 47 weeks, the right to reduced working hours and overtime exemption for parents of young children as well as paid time off to care for sick children all contributed. bring more women into the workforce at a time when Norway needed more workers to support its growing economy. (p. A19) It appears that the government recognized that unless it wanted the economy to stagnate, it needed to promote policies that would encourage more women to work..