"When capitalism seemed on the verge of collapse last fall, Kristin Halvorsen, Norway’s Socialist finance minister and a longtime free market skeptic, did more than crow."Apparently, based upon this breathless prose, something about socialism in Norway was far superior to us free market types and preserved their economy. What did they do? They invested and saved their North Sea oil money. Did they expand socialism? No. Since 2003, "public spending in Norway fell to 40 percent from 48 percent of G.D.P". They were frugal. "We cannot spend this money now; it would be stealing from future generations.” They ended up with healthy cash reserves that they could invest when the market was near bottom.
So, the New York Time's lead paragraph in praise of Socialism is poppycock. Based on the information presented in their own article, it isn't socialism making the Norwegian economy look good, it is the old fashioned virtues of thrift and saving.
"But in Norway, there is instead a sense of virtue."
The article does mention tight bank regulations, which one could argue are socialism. But that's about it for the plus side of socialism.
It finishes by praising their welfare system that provides for a 32 year old drug addict who has never had a job and will never look for one. Whether this is a good thing or not, it is a lesson in social justice and welfare. It is not a positive example for Norwegian economics, since the result is one person who will never perform any productive work.
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