113(19) Lecture 4SK.pptx - BSNS113 Lecture 4(16 July Today Some brief New Zealand economic history Reading Fortress NZ TV series(on blackboard Learning

113(19) Lecture 4SK.pptx - BSNS113 Lecture 4(16 July Today...

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BSNS113 Lecture 4 (16 July) Today Some brief New Zealand economic history Reading Fortress NZ TV series (on blackboard) Learning objectives To understand how the degree of government intervention in the NZ economy has changed over time To begin to understand how a market economy works 1
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Some New Zealand Economic History 1882: first refrigerated meat shipment sent from NZ to London NZ’s export orientation was to send animal products to one market (Britain) Prices of these exports were set by inter-government agreement In the 1950s NZ had the 3 rd highest living standards in the world; by 1978 had slipped to 22 nd ; what happened? 1955 British guaranteed export prices came to an end, as Britain drew closer to Europe 1973 Britain joined the EEC NZ’s exports plummeted Oil shocks in 1974 and 1979 2
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By the early 1980s NZ had one of the most regulated economies in the developed world 3
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The New Zealand Economic Reforms The Fourth Labour government (elected in 1984) introduced a number of economic reforms, and these were continued by the National government elected in 1990. Key reforms included Removing barriers to trade Removing many price controls (e.g. the exchange rate was “floated”; agricultural subsidies removed) and regulations removed, representing a move towards a more market oriented economy 4
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