"I don't think anyone expected the fund to ever reach $1 trillion when the first transfer of oil revenue was made in May 1996."
From: https://money.cnn.com/2017/09/19/investing/norway-pension-fu...
http://web.archive.org/web/20100123225932/http://www.ft.com/...
Nowadays everything is “setup” for the cooperation of public and private, but what are the key “ingredients” to make it happen?
The fact that this worked out, is it something unique to that situation, or cannot be duplicated?
The part I find most enticing is this idea of the government shouldering 50% of the risk, and industry only having to do 15%. If anyone could expand on this, I would appreciate it.
Norweigans trust their government, corruption is low, there's strong institutions already in place (a point specifically mentioned by al-Kasim in the Planet Money podcast) to ensure a competent and transparent execution of the plan. There's not many places in the world where all those factors exist sadly.
Although a more accurate formulation seems to be the "sudden resource curse".
E.g. how the discovery that citrus prevents scurvy and the subsequent spike in prices likely led to the emergence of the Sicilian mafia
But the is such huge amount of great mongering about corporate add mineral taxes that no major party will attack it.
The Minerals Council of Australia is incredibly well funded and hugely politically influential.