The Impact of Economic Models on Economic Development: Comparative Analysis of Norway and South Korea

Abstract

In the era of globalization and economic interconnectedness, the economic models adopted by different countries play an essential role in determining their development trajectory and influencing global economic evolution. A comparative analysis of the economic models of different countries can provide valuable insight into how different approaches, policies and priorities can impact economic and social progress. In this context, this article aims to explore and analyze the economic models of Norway and South Korea and their impact on the economic development of each country. Norway stands out for adopting an economic model based on natural resources, especially the oil and natural gas industry. With an impressive sovereign wealth fund, the country uses revenues from oil and gas exports to invest in development projects and its pension fund, thus contributing to its long-term stability and prosperity. On the other hand, South Korea has adopted an economic model focused on industrialization and technology, becoming one of the most important players in the global technology industry. Norway and South Korea are inspirational examples that illustrate how different economic models can be adapted to the specifics of a country and contribute to its prosperity and well-being. CZU: 330.43:338.1(481+519.5); JEL: O11, O47, O57