In 1984, New Zealand voters booted a left-leaning conservative government and brought in a free-market-oriented labour government. Immediately, finance minister Sir Roger Douglas began to implement some of the most important reforms in any country of the 20th century.
Sir Roger floated the currency, revoked all farm subsidies, abolished all import tariffs, and privatized 60% of state-owned companies. He also fired 55% of the government workforce and placed the central bank chairman on a performance contract, revoked capital gains and inheritance taxes, and refused to print money to save reckless banks and inefficient companies from bankruptcy.
The results have been simply astounding. New Zealand now has one of the lowest inflation rates in the world, nine consecutive years of budget surpluses, unemployment rates cut in half, and a resilient, entrepreneurial economy that soared 5.8% in 2002.
What are the lessons that we could take from this example and apply to BC, not to mention the rest of Canada? Hear intelligent Guest Speakers in person.
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