Economic History and Reforms in New Zealand

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These flashcards cover key concepts discussed in the lecture notes about economic history and reforms within New Zealand and their global context.

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10 Terms

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Bretton Woods Conference

A 1944 meeting that established the International Bank for Reconstruction and Development and the International Monetary Fund.

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Milton Friedman

An influential economist known for his critiques of government fiscal policy and advocacy for monetarism.

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1984 Economic Reforms

A series of reforms in New Zealand aimed at liberalizing the economy by removing subsidies and market controls.

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Great Depression

A major worldwide economic downturn in the 1930s that significantly affected global economies.

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NZ dollar float

The decision in 1985 to allow the New Zealand dollar's value to be determined by the market without government intervention.

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Keynesian Economics

An economic theory that advocates for government intervention to manage economic cycles, criticized by Friedman.

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Neo-classical Economics

An economic approach emphasizing the importance of free markets and limited government intervention.

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Inflation Control Policy

Implemented through the Reserve Bank Act to manage monetary supply and stabilize prices.

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State Owned Enterprises (SOEs)

Government-owned corporations that were part of the reforms for efficiency and to decrease government expenditure.

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Compulsory Union Membership

A labor policy abolished in 1990 to introduce flexibility in the labor market.