Part 2 - The story of the Norwegian SWF and The SWF of China "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu The Norway Story The Sovereign Wealth Fund of Norway is one of the largest and the most talked about. The story of its evolution gives valuable insights on institution building. It wasn’t built in one day as a masterstroke. Rather, processes were put in motion which played out over a couple of decades. It continues to evolve and has a high level of stakeholder participation. When oil production started in Norway in the early 1970s, the government there was aware of the risks to the domestic economy. The oil shock of the seventies also occurred then. Unlike the Persian Gulf states, Norway already was a developed economy without oil. It was also known that the oil reserves would not last more than 50 years. Therefore, from an early stage, the government w...