The present paper discusses Norway's way to prosperity during the two last centuries. The main reason for its wealth seems to have been the ability to meet international demand by utilizing its rich natural resources, adopting efficient technology, and draw on a skilled labor force in order to gain high productivity and profitability. Historical national accounts reveal that Norway's wealth was close to the western European average in the early nineteenth century. From the 1840s to the mid 1870s, Norwegian growth rates were very high, due to significant growth in foreign trade. This period was followed by relative stagnation until the 1890s, from when the country saw rapid industrialization on the basis of hydroelectricity. After the two world wars Norway adopted a social democratic rule, with a high degree of economic planning, called the Nordic model. This has contributed to a large public sector and evenly distributed wealth and resources. The discovery of oil and gas on the Norwegian continental shelf marked a new era, when Norway experienced higher growth rates than most western economies. This has made it the country with the highest score in the United Nations Human Development Index (HDI) during the two first decades of the 21 st century.
The paper investigates the offshore crisis 2015–2017 and its impact on central international offshore oil and gas related maritime cluster, the Blue Maritime Cluster, located at the North-Western coast of Norway.This complete maritime cluster, heavily involved in offshore petroleum operations, it experienced an almost devastating blow, as it lost almost one-third of its employees as its value added contracted by 39 percent.When the crises is basically seen as a result of falling of oil prices and lower activity and squeezed profit margins, this paper investigates the crisis in the light of financial instability and reactions down the maritime supply chain. By collecting data from the Blue Maritime Cluster and the Norwegian central company register one is able both to trace the fall in the activity due to the crisis and measures of financial strength. The study approaches the data by using a structural time series analysis in order to map cycles as deviations from polynomial trends.The findings ascertain that financial instability was dominant within the Blue Maritime Cluster during its boom before the crisis. Debt ratios and thereby gearing (leverage) were high. Thus, the companies could not meet their obligations when the crisis hit.The paper also finds that narrow focused supply chain management made the cluster fall deep into the abyss. Companies with a more diversified portfolio were able to meet the hard years better than others.
The present paper deals with Max Webers hypothesis on the linkage between protestant ethics and the development of capitalism and entreprenaurship. It does so by study industrial entrepreneurship the great Norwegian puritan pioneer and leader Hans Nielsen Hauge (1771-1824) was engaged in. Specificially, the paper seeks to map his involvement in starting or restarting businesses and to quantify the volumes of financial activities he was engaged in. The paper concludes that the industrial activities initiated by Hauge was of a substantial size to the Norwegian economy in the 19th century.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.