NYC Gazette

Norway's Finance Minister, Trygve Slagsvold Vedum, recently delivered the keynote address at St. John's University's Henry George Lecture Series. The event was hosted by The Peter J. Tobin College of Business in collaboration with the Norwegian Consulate General of New York.

Vedum, a prominent figure in Norwegian politics and leader of the Centre Party, has been serving as Norway's Finance Minister since 2021. His previous roles include Minister of Agriculture and Food from 2012 to 2013.

During his speech on October 23, Vedum highlighted Norway's approach to utilizing its natural resources for public benefit, aligning with the principles advocated by Henry George, a 19th-century American political economist. "Henry George inspired a group of thinkers, intellectuals, and cultural leaders in Norwegian society in the beginning of the 20th century," he said. "These thinkers became revolutionary, and their impact on the debate about natural resources later went on to shape my country’s history."

The lecture took place at St. John's Manhattan campus and was streamed live to an audience that included students, faculty, representatives from Georgist organizations, and members of New York's diplomatic community. Vedum echoed George's belief that land and natural resource value should be shared among all citizens.

Norway's wealth stems from abundant resources like hydropower waterfalls, North Sea oil and gas, seafood, and coal. After gaining independence from Sweden in 1905, Norway debated how best to manage these resources for its population rather than private interests. "It is a question that has been repeatedly asked through Norwegian history," Vedum noted.

The decision to nationalize these resources resulted in benefits such as government-funded healthcare and education for Norwegians today. Additionally, Norway’s Sovereign Wealth Fund is now the world's largest with assets exceeding $1.7 trillion.

The lecture attracted students interested in understanding Norway's economic model. Kasey Benneche expressed interest in learning how other countries utilize their resources while Kristian Ago suggested it could serve as a template for nations aiming to capitalize on their own natural assets.

Questions arose about whether reliance on oil revenues might hinder renewable energy development in Norway. Vedum acknowledged this ongoing debate but emphasized efforts to make alternatives like offshore wind more profitable.

Gohar Aznauryan queried if Norway’s model could inspire developing countries seeking prosperity through resource management. Vedum encouraged long-term strategic thinking for successful development outcomes.

Maciek Nowak underscored the significance of the Henry George Lectures at Tobin College: “This series consistently presents students and faculty with valuable opportunities to meet and discuss topical issues with leading policymakers from around the world,” he stated.

Since its inception in 1981, the lecture series has featured notable economists including Nobel laureates exploring critical economic topics aligned with Henry George’s philosophy—currently represented by Aleksandr V. Gevorkyan holding an endowed chair position established through Robert Schalkenbach Foundation support.

In his introduction welcoming Vedum as one who drives sustainable growth policies within complex economies like Norway’s; Dr Gevorkyan remarked: “Despite Norway’s heavy dependence on primary commodities exports…the country boasts…low economic inequality…and high human development indicators.”