Pop Quiz: Which Country Is This? 

Here’s something I got from Joel Bowman, writing for Bonner Private Research. It’s enlightening.

Can you name this country?

Its government runs a state-funded, universal healthcare system, which provides free care to all nationals (plus a generous public insurance plan to help alleviate healthcare costs for expatriates working inside the country). It also spends considerable sums building and maintaining public hospitals and employing plenty of doctors, nurses, and healthcare professionals to serve all citizens.

All levels of education – from kindergarten to university – are completely free. This country enjoys one of the highest literacy rates in its region.

In addition, the state provides mothers with paid maternity leave and all citizens with unemployment insurance and disability benefits, should they be unfit to work.

The government invests heavily in its national infrastructure, including an extensive public transport system. There is also a state-owned airline and state-owned seaports and airports.

This country has the strongest currency in the world and one of the highest per capita incomes. And it has one of the richest sovereign wealth funds on the planet, which it manages on behalf of its citizens to guarantee retirement pensions for all.

No, it’s not Sweden. Or Norway. Or Finland.

It’s Kuwait.

Kuwait?

As Bowman points out…

Strangely, we seldom hear any of the above social programs as arguments in favor of adopting a Kuwaiti-style theocratic autocracy. Hmm… why don’t we see Bernie supporters waving “Anocracy Now!” placards, wearing “Tribal Monarchy Before Profits!” t-shirts, and ditching their Che Guevara-style berets for Arabic-style ghutras? Curious, no?

Could it be that these nations have something else in common, aside from generous welfare schemes, that lies at the root of their vast fortunes? Indeed, might they be rich despite their spending habits, rather than because of them? Could their enormous sovereign wealth funds (Kuwait: $693 billion; Norway: $1.36 trillion) have originated from something other than their respective styles of “giveaway government?”

Hmm… what else do these tiny nations have in common? If only there was a simple, three letter answer, something rhyming with foil… or turmoil… disembroil. Quick, somebody call Sir Arthur Conan Doyle!