Haakon V Magnusson, king of Norway, abolished the title of baron in 1308 and established a strong central monarchy with Oslo as his capital.

Haakon gave preferential treatment to Hanseatic traders, a policy that led to resentment of English merchants. Haakon was also known as a patron of the arts, but his shift of the centre of government away from the North Sea ports reflected the decline in contacts with Norway's western colonies and marked the end of the 'golden age' of Norway.