The historical schools of economics have been neglected within the arena of economic theory since the Second World War in favour of the now-dominant classical and neoclassical schools of economic thought. As alternative frameworks re-emerge, this book offers a revaluation of the legal theorist, economist and politician Torkel Aschehoug (1822–1909) and his historical-empirical approach to economics, a highly influential current in Norway during the last decades of the nineteenth century.
How did Norway become a highly successful liberal democracy? Will its prosperity and stability last, or has modern history been an exception? Is the Norwegian experience based on luck, or has a part been played by clever politicians and sound institutions, including a well-functioning rule of law? How does Norway combine social democracy with a market economy, and extensive foreign trade? Since the 1970s, Norway has become an oil-producing giant in Northern Europe--how can that role be reconciled with the realities of climate change, and increasing awareness of that crisis? This highly engaging book introduces Norwegian political and economic history to a broad audience, offering a deeper understanding of a country always looked upon with great interest, but perhaps not profoundly understood. The Norwegian Exception? takes the reader back through 200 years of state-building to explain Norway's current position as a top-ranking nation, and to consider its chances of keeping that status in the twenty-first century. In particular, it unpacks how Norwegian politics and governance have shaped the country's world-famous oil fund and unique relationship with the European Union. Leading historians Mathilde Fasting and Øystein Sørensen skilfully draw back the curtain on the inner workings of the Norwegian 'utopia'.
