Christian Venneslan, “Norway’s recovery from the Great Depression – an act of balancing?” Scandinavian Economic History Review, Volume 58, Issue 2, June 2010


“This paper addresses the question of how Norway recovered from the Great Depression and tries to show that a monocausal Schumpeterian explanation is flawed. Three elements of such an explanation are being discussed and dismissed: the shift in employment structure; the spread of electric power; and the changes in household consumption. The paper comes to a more balanced conclusion. Mainly for chronological reasons, supply-side factors can’t independently explain the recovery. Not before 1934-35, when recovery had been underway for roughly two years, did supply-side factors start to have a real impact. Only by viewing these forces in interaction with the demand side, in particular export demand generating an investment boom, can a more plausible explanation of Norway’s recovery from the Great Depression be presented.”

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