Leading Figure in Norway’s Economic Rise Delivers Henry George Lecture

Norway’s Finance Minister, Trygve Slagsvold Vedum, was the keynote speaker at St. John’s University’s semiannual Henry George Lecture Series hosted by The Peter J. Tobin College of Business in partnership with the Norwegian Consulate General of New York.

A leading figure in Norway’s politics, Mr. Vedum heads the country’s Centre Party and has been a member of its Parliament since 2005. He was named Finance Minister in 2021, after serving as Minister of Agriculture and Food from 2012 to 2013. 

Inspired by the potential to use its vast, abundant natural resources to elevate the standard of living for its citizens, Norway adopted a regulatory model in line with the values of Henry George, the 19th-century American political economist who advocated for progress and social development. 

“Henry George inspired a group of thinkers, intellectuals, and cultural leaders in Norwegian society in the beginning of the 20th century,” Mr. Vedum said at the October 23 lecture. “These thinkers became revolutionary, and their impact on the debate about natural resources later went on to shape my country’s history.”

Mr. Vedum’s remarks were delivered at the University’s Manhattan, NY, campus (and via live stream) to an audience of 150 students, faculty, staff, and guests, including representatives from Georgist organizations and New York’s diplomatic corps. The lecture echoed Mr. George’s belief that the economic value of land and natural resources should belong equally to all members of society.   

Norway is blessed with abundant natural resources, including waterfalls for hydropower; oil and natural gas from the North Sea; seafood; and coal. Upon gaining independence from Sweden in 1905, Norwegian lawmakers debated how those resources could be used to benefit its 5.5 million people and not just a handful of private owners.

“It is a question that has been repeatedly asked through Norwegian history,” Mr. Vedum said. “Some politicians believed Norway needed to get control over its natural resources, and the value generated from using the resources. Others thought it was madness, that it would scare away investors and much-needed capital.” 

The discussions ended with a victory for those who favored nationalizing Norway’s natural resources. Income generated from taxation went to benefit all Norwegians, who today enjoy government-funded health care and education, and retirement security. Norway’s Sovereign Wealth Fund, which invests its surplus oil and gas revenues, is the world’s largest, with assets over $1.7 trillion. 

“Public control does not exclude private stakeholders and private business,” Mr. Vedum explained. “Norway depends on skills and innovation in the private sector. But while the industry needs to make a profit, it must share the income from extracting oil and gas with the Norwegian people—and not just today’s Norwegian people, but also future generations.” 

The Fall 2024 lecture drew a host of students from the Queens, NY, campus to Manhattan, eager to hear how Norway has become one of the wealthiest countries in Europe. Kasey Benneche, a senior Economics major at Tobin, attended because “it is important to learn how other countries’ economies work, and how those countries make use of their natural resources.”

Kristian Ago, a senior studying Economics, suggested that Norway’s model “could serve as a template for other countries, including those in Asia and Africa, looking to become wealthier through their natural resources.”

Later, Kasey asked Mr. Vedum if Norway’s embrace of oil and gas revenues might make it less likely to consider renewable energy options in the future. 

“It is a big debate in Norway,” Mr. Vedum admitted. “The income from offshore wind, for example, is quite low if you compare it to the oil and gas industry, but we are working to make it more profitable.”

Gohar Aznauryan ’20MS, Adjunct Instructor and doctoral candidate in Multi-Sector Communication at The Lesley H. and William L. Collins College of Professional Studies, asked if Mr. Vedum believes Norway’s model can serve as inspiration for developing countries eager to harness their natural resources. He was hopeful, and encouraged such nations to take a longer-term path toward prosperity.

“There are a number of countries around the world with natural resources, but development is not a success,” he said. “Try to think four years or 10 years ahead, and as with any generation, ask what is the main goal of these resources? For us, as a small country, that has been a successful strategy.”

Maciek Nowak, Ph.D., Dean, and Joseph H. and Maria C. Schwartz Distinguished Chair at Tobin, emphasized the importance of the Henry George Lectures to the College in his welcome message. “This series consistently presents students and faculty with valuable opportunities to meet and discuss topical issues with leading policymakers from around the world,” Dean Nowak said. 

Since 1981, the Henry George Lecture series at Tobin has welcomed thought leaders to St. John’s to explore relevant issues in economics and economic policy. Over the years, the series has welcomed 11 Nobel Prize in Economics laureates. The Henry George Chair in Economics is an endowed position at the University launched with a grant from the Robert Schalkenbach Foundation. The position was established to reward, support, and encourage scholarly activities aligned with those of Mr. George. Aleksandr V. Gevorkyan, Ph.D., Professor, Department of Economics and Finance, has held the Henry George Chair since 2019.

In his introductory remarks, Dr. Gevorkyan welcomed Mr. Vedum as one of the leading figures in Norway’s sustainable growth and macroeconomic policy implementation. “Despite Norway’s heavy dependence on primary commodities exports, the country boasts a strong economy with low economic inequality and high human development indicators,” Dr. Gevorkyan said. “Learning from Minister Vedum’s policy experience presents an opportunity for the Tobin community and guests to understand better the nuanced functioning of complex economies and fair societies—something that is very much consistent with Henry George’s vision.”