Norway kind of proves it is possible to make it work without the corruption. But Norway also proves that you need to lay the groundwork for that, before you lay any actual groundwork. I am not sure if these other oil producing states could reach a level of stability as Norway.
Norway used to be a relatively poor country by Western European standards but had a functional economy before oil. Homogeneity, a staunchly hard-working and independent population, being surrounded by lutheran economies, and "bondevett", is why Norway turned out well.
That's not really true, Norway was one of the richest countries in the world long before the oil boom. In Europe it was only behind Luxembourg, Switzerland and Sweden by GDP per capita in 1960.
You're right. I've lived in Norway and was repeatedly told by Norwegians the country used to be poor, something I believed (there isn't much in Norway that reminds of a wealthy past). Apparently it's just a myth [1][2].
Norway proves it's possible. However, without a second clear example it's difficult to prove exactly what it is about Norway that makes it possible. Is it culture? Wealth? The timing? Sheer good luck in governance? A combination? It's hard to tell.
The far right frequently claim it's something to do with a lack of colored immigrants, for instance.
I am not sure Francisco de Miranda and Simón Bolivar had oil on their minds when they effectively established Venezuela as an independent state from Spain.
Norway has almost no industry other than oil. If oil shut down tomorrow their sovereign fund could keep the country running for about 10 years.
10 years isn't really long enough to transition to other industries. It's barely long enough to educate the next generation in new technology.
(Source: Norway's imports per capita were $16.9k, and its fund is $195K per capita.)
Norway is hoping that oil will shut down slowly, giving them time to transition, using the fund as a cushion. But historically industries tend to shut down "slowly, then all at once".
Edit: I didn't see you wrote "work without the corruption". My reply is misdirected, my reply is about the economy. In regards to corruption I agree with you.
