As England and Norway battle it out in the World Cup on Saturday evening, it is worth focusing on one economic story that sums up the different philosophies of both countries.

In the late 1960s, both Norway and Britain found large quantities of oil in the North Sea. By the late 1970s, the spigots were gushing. Britain – in effect England – decided to blow the windfall; Norway decided to invest for future generations. Today, the oil bonanza has increased the wealth of every Norwegian citizen by $370,000 (€323,000) and it is still generating cash. Norway’s coffers are full and it is still squirrelling away billions every year for its people. In contrast, today England has nothing to show for its oil wealth and the government in Westminster has run out of money.

It is a story of Britain’s class politics, pump-priming economics and short-termism, as well as greed, cronyism and economic mismanagement. Norway’s tale is about crystal-clear economic thinking, long-term planning and a mature political system that puts the interests of the citizens above the interests of insiders.

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Most of us know the story of the UK economy in the 20th century but maybe not Norway’s. Norway was in a personal union with Sweden, only declaring independence from Stockholm in 1905. Its........

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