Both as an educationist and as a politician, Steen made key contributions to the creation of the Norwegian comprehensive school. Source: Store Norske Leksikon, http://nbl.snl.no/Johannes_Steen/ utdypning. Internationally, the Society of Jesus is known as the founder of the modern school system, with a curriculum tailored to the child’s age and previous knowledge and schooling characterised by systematic progression. These pedagogical principles evolved gradually through the second half of the 1500s, culminating in 1598 with Ratio Studiorum, the official plan for Jesuit education (see O’Malley, J. W. (1993): The First Jesuits, Harvard University Press, Cambridge, Massachusetts). BIS central bankers’ speeches  3  1889. The result was a comprehensive school system that strengthened our collective identity.12 For Norwegians, it is easy to take inclusive institutions for granted. Throughout human history, however, it is extractive institutions that have been the norm. There were attempts to achieve a balance of power in regimes as disparate as ancient Rome, China and Venice. But they remained attempts. The inclusive institutions were replaced by nepotism and abuse of power. The economists Acemoglu and Robinson point to the Glorious Revolution as a turning point in history.13 The British Parliament permanently curtailed the power of the Crown. The UK did not become a democracy in the modern sense overnight, but checks and balances were introduced. The development of written laws and a judicial system featuring independent courts started. Patent laws were adopted and limited companies saw the light of day.
There is a growing tendency towards mortgage payment problems for households with low debt-servicing capacity and creditworthiness. But so far the decline in the housing market has not had major spillover effects on either the wider US economy or the global economy. Developments in international financial markets were marked by unrest during the winter months. Equity prices fell markedly, but are now close to the levels prevailing in February. Short-term interest rates in the US are now expected to remain unchanged in the period to summer, but to fall somewhat during the latter part of autumn. In the euro area, there are prospects that interest rates will stabilise at around 4 per cent. Interest rates are expected to rise gradually in Sweden and to peak in the UK in the course of summer. Buoyant growth in the global economy has contributed to very high prices for oil, gas and other commodities. Oil prices have averaged USD 59 per barrel so far this year, or close to USD 6 lower than the average in 2006. In the past week in particular, oil prices have increased markedly owing to the uncertainty surrounding the situation in the Middle East. Global demand for oil continues to grow, while production growth forecasts in non-OPEC countries have been revised downwards recently. Oil futures prices one to two years ahead are just below USD 70 per barrel. Commodity prices rose sharply in the first six months of 2006 and have since remained at a high level.