Norway, an Anomaly among Nations

Norway, a northern European country roughly the size of Montana, has become somewhat of an anomaly in the world of modern day economics. With a little over 5 million people, Norway boasts some staggering statistics; consistently ranking within the top ten countries in the world when it comes to GDP per capita, healthcare, education, freedom of press, and corruption transparency, it is no wonder the small Northern European nation ranks second in the UN’s ‘World Happiness Report’ .

This was not always the case, however. A relatively modest nation only 100 years ago, Norway’s economic boom has not only been remarkable, but has given rise to an entirely new mode of economic thought. Termed the “Third Way” and the “Nordic Model”, Norway created an original economic system that broke the boundaries of the two former traditional schools of thought, capitalism and communism. This groundbreaking and innovative model not only revealed an alternative to the two aforementioned opposing ideologies, Norway’s implementation of the Third Way surpassed the world’s expectations both economically and socially.

By examining the history of Norway’s economy, this paper will attempt to shed light on the origins of the Third Way and what the implications of instilling such an experimental Nordic Model on the small European nation have been. Investigating aspects such as geography, natural resources, government, society, and the institutions within, will elucidate exactly why Norway, and Scandinavia as a whole, has been so successful in creating a unique system admired across the globe.

Historically Norway has a rich past, but had never truly been a self-governing entity until gaining independence from Sweden in 1905. Prior to independence, Norway was...

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...eated an innovative and unique hybrid model utilizing the top facets of each philosophy. With a Nordic twist, each Scandinavian nation placed a huge emphasis on human rights and progressive social issues.

The Third Way and Nordic Model have broken the ideological and close-minded shibboleths of both communism and capitalism by setting an example for the world to admire. Encouraging a fairly free market with some government regulations, a mixed economy created a strong Scandinavia that has been able to withstand the ups and downs of capitalism. Strong, reliable, and efficient institutions must be in control of this system, and when they are, the model can work impressively well.

The proof is in the statistics, and consistently ranking highest in the world on a plethora of social and economic issues, Scandinavia has proven to the world there is indeed a, “Third Way