Editing Neoliberalism (section)

=== Asia-Pacific ===
Scholars who emphasized the key role of the developmental state in the early period of fast industrialization in East Asia in the late 19th century now argue that South Korea, Taiwan and Singapore have transformed from developmental to close-to-neoliberal states. Their arguments are matter of scholarly debate.<ref>{{cite journal |last1=Wade |first1=Robert H. |year=2018 |title=The developmental state: dead or alive?. |url=http://eprints.lse.ac.uk/87356/ |journal=[[Development and Change]] |volume=49 |issue=2 |pages=518–546 |doi=10.1111/dech.12381}}</ref>

==== China ====
{{See also|Chinese economic reform}}
Following the death of [[Mao Zedong]] in 1976, [[Deng Xiaoping]] led the country through far ranging market-centered reforms, with the slogan of [[Moderately prosperous society|Xiǎokāng]], that combined neoliberalism with centralized [[authoritarianism]]. These focused on agriculture, industry, education and science/defense.{{sfnp|Harvey|2005|p=}}

Experts debate the extent to which traditional Maoist communist doctrines have been transformed to incorporate the new neoliberal ideas. In any case, the Chinese Communist Party remains a dominant force in setting economic and business policies.<ref>{{cite journal |first1=Niv |last1=Horesh |first2=Kean Fan |last2=Lim |title=China: an East Asian alternative to neoliberalism? |journal=[[The Pacific Review|Pacific Review]] |volume=30 |number=4 |date=2017 |pages=425–442 |doi=10.1080/09512748.2016.1264459 |s2cid=157838428 |url=http://dro.dur.ac.uk/25972/1/25972.pdf |archive-url=https://web.archive.org/web/20190427115432/http://dro.dur.ac.uk/25972/1/25972.pdf |archive-date=2019-04-27 |url-status=live}}</ref><ref>{{cite journal |last1=Zhou |first1=Yu |last2=Lin |first2=George C.S. |last3=Zhang |first3=Jun |year=2019 |title=Urban China through the lens of neoliberalism: Is a conceptual twist enough?. |journal=[[Urban Studies (journal)|Urban Studies]] |volume=56 |issue=1 |pages=33–43 |doi=10.1177/0042098018775367 |bibcode=2019UrbSt..56...33Z |s2cid=158354394}}</ref> Throughout the 20th century, Hong Kong was the outstanding neoliberal exemplar inside China.<ref>{{cite journal |last1=Tang |first1=Gary |last2=Hau-yin Yuen |first2=Raymond |year=2016 |title=Hong Kong as the 'neoliberal exception'of China: Transformation of Hong Kong citizenship before and after the transfer of sovereignty |journal=[[Journal of Chinese Political Science]] |volume=21 |issue=4 |pages=469–484 |doi=10.1007/s11366-016-9438-7 |s2cid=157215962}}</ref>

==== Taiwan ====
Taiwan exemplifies the impact of neoliberal ideas. The policies were pushed by the United States but were not implemented in response to a failure of the national economy, as in numerous other countries.<ref>{{cite journal |last1=Tsai |first1=Ming-Chang |year=2001 |title=Dependency, the state and class in the neoliberal transition of Taiwan |journal=[[Third World Quarterly]] |volume=22 |issue=3 |pages=359–379 |doi=10.1080/01436590120061651 |s2cid=154037027}}</ref>

==== Japan ====
{{See also|Developmental state}}
Neoliberal policies were at the core of the leading party in Japan, the [[Liberal Democratic Party (Japan)|Liberal Democratic Party]] (LDP), after 1980. These policies had the effect of abandoning the traditional rural base and emphasizing the central importance of the Tokyo industrial-economic region.<ref>{{cite journal |last1=Tsukamoto |first1=Takashi |year=2012 |title=Neoliberalization of the developmental state: Tokyo's bottom-up politics and state rescaling in Japan |journal=[[International Journal of Urban and Regional Research]] |volume=36 |issue=1 |pages=71–89 |doi=10.1111/j.1468-2427.2011.01057.x}}</ref> Neoliberal proposals for Japan's agricultural sector called for reducing state intervention, ending the protection of high prices for rice and other farm products, and exposing farmers to the global market. The 1993 [[Uruguay Round]] of the [[General Agreement on Tariffs and Trade]] negotiations opened up the rice market. Neoconservative leaders called for the enlargement, diversification, intensification, and corporatization of the farms receiving government subsidies. In 2006, the ruling LDP decided to no longer protect small farmers with subsidies. Small operators saw this as favoritism towards big corporate agriculture and reacted politically by supporting the [[Democratic Party of Japan]] (DPJ), helping to defeat the LDP in nationwide elections.<ref>{{cite journal |last1=Miyake |first1=Yoshitaka |year=2016 |title=Neoliberal Agricultural Policies and Farmers' Political Power in Japan |journal=Yearbook of the Association of Pacific Coast Geographers |volume=78 |issue=1 |pages=216–239 |doi=10.1353/pcg.2016.0012 |s2cid=157682364}}</ref>

==== South Korea ====
In South Korea, neoliberalism had the effect of strengthening the national government's control over economic policies. These policies were popular to the extent that they weakened the historically very powerful [[chaebol]] family-owned conglomerates.<ref>{{cite journal |first=David |last=Hundt |title=Neoliberalism, the developmental state and civil society in Korea |journal=[[Asian Studies Review]] |volume=39 |number=3 |date=2015 |pages=466–482 |doi=10.1080/10357823.2015.1052339 |s2cid=153689882 |url=https://www.researchgate.net/publication/279860946}}</ref>

==== India ====
In India, Prime Minister [[Narendra Modi]] took office in 2014 with a commitment to implement neoliberal economic policies. This commitment would shape national politics and foreign affairs and put India in a race with China and Japan for economic supremacy in East Asia.<ref>{{cite journal |last1=Rej |first1=Abhijnan |year=2017 |title=Beyond India's Quest for a Neoliberal Order |journal=[[The Washington Quarterly]] |volume=40 |issue=2 |pages=145–161 |doi=10.1080/0163660X.2017.1328930 |s2cid=157335443}}</ref><ref>{{cite book |first=N. S. |last=Sisodia |chapter=Economic Modernisation and the Growing Influence of Neoliberalism on India's Strategic Thought |title=Indian Grand Strategy: History, Theory, Cases |editor1-first=Kanti |editor1-last=Bajpai |editor2-first=Saira |editor2-last=Basit |editor3-first=V. |editor3-last=Krishnappa |publisher=[[Routledge]] |location=New Delhi |date=2014 |pages=176–199}}</ref>

==== Australia ====
In Australia, neoliberal economic policies (known at the time as "[[economic rationalism]]"<ref>{{cite book |last=Pusey |first=M. |date=2003 |title=Economic rationalism in Canberra: A nation-building state changes its mind |publisher=[[Cambridge University Press]]}}</ref> or "economic fundamentalism") have been embraced by governments of both the [[Australian Labor Party|Labor Party]] and the [[Liberal Party of Australia|Liberal Party]] since the 1980s. The Labor governments of [[Bob Hawke]] and [[Paul Keating]] from 1983 to 1996 pursued a program of economic reform focused on [[economic liberalisation]]. These governments privatised government corporations, deregulated factor markets, floated the [[Australian dollar]] and reduced trade protections.<ref>{{cite web |last=Cameron |first=Clyde R. |url=http://www.historycooperative.org/journals/lab/86/cameron.html |title=How the Federal Parliamentary Labor Party Lost Its Way |archive-url=https://archive.today/20120803004406/http://www.historycooperative.org/journals/lab/86/cameron.html |archive-date=August 3, 2012}}</ref> Another key policy was [[Prices and Incomes Accord|the accords]] which was an agreement with unions to agree to a reduction in strikes, wage demands and a real wage cut in exchange for the implementation of social policies, such as [[Medicare (Australia)|Medicare]] and [[Superannuation in Australia|superannuation]].<ref>{{cite web |last1=Forsyth |first1=Anthony |last2=Holbrook |first2=Carolyn |title=Australian politics explainer: the Prices and Incomes Accord |url=https://theconversation.com/australian-politics-explainer-the-prices-and-incomes-accord-75622 |website=The Conversation |date=24 April 2017 |publisher=The Conversation Media Group |access-date=November 9, 2022}}</ref> The [[Howard government]] continued these policies, whilst also acting to reduce union power, cut welfare and reduce government spending.<ref>{{cite web |last1=Duncan |first1=Alan |last2=Cassells |first2=Rebecca |title=Government spending explained in 10 charts; from Howard to Turnbull |url=https://theconversation.com/government-spending-explained-in-10-charts-from-howard-to-turnbull-77158 |website=[[The Conversation (website)|The Conversation]] |date=8 May 2017 |publisher=The Conversation Media Group |access-date=November 9, 2022}}</ref>

Keating, building on policies he had introduced while federal treasurer, implemented a compulsory [[Superannuation in Australia|superannuation guarantee]] system in 1992 to increase [[national savings]] and reduce future government liability for old age pensions.<ref>{{Cite web |last1=Neilson |first1=L. |last2=Harris |first2=B. |url=http://www.aph.gov.au/Library/pubs/BN/2008-09/Chron_Superannuation.htm |title=Chronology of superannuation and retirement income in Australia |archive-url=https://web.archive.org/web/20110909175528/http://www.aph.gov.au/Library/pubs/BN/2008-09/Chron_Superannuation.htm |archive-date=September 9, 2011 |website=Parliamentary Library |location=Canberra |date=July 2008}}</ref> The financing of universities was deregulated, requiring students to contribute to [[Tertiary education fees in Australia|university fees]] through a repayable loan system known as the [[Higher Education Contribution Scheme]] (HECS) and encouraging universities to increase income by admitting full-fee-paying students, including foreign students.<ref>[[Simon Marginson|Marginson S]] ''[http://www.onlineopinion.com.au/view.asp?article=3310 Tertiary Education: A revolution to what end?]'' Online Opinion, 5 April 2005</ref> The admission of domestic full-fee-paying students to public universities was abolished in 2009 by the [[Rudd Government (2007–10)|Rudd Labor government]].<ref name="Ministers Media Centre, Australian Government 2008">{{cite web |title=Government Delivers on Promise to Phase Out Full Fee Degrees |website=Ministers' Media Centre, Australian Government |date=October 29, 2008 |url=https://ministers.jobs.gov.au/gillard/government-delivers-promise-phase-out-full-fee-degrees |access-date=July 10, 2018 |archive-date=April 21, 2019 |archive-url=https://web.archive.org/web/20190421041353/https://ministers.jobs.gov.au/gillard/government-delivers-promise-phase-out-full-fee-degrees |url-status=dead}}</ref>

Immigration to the mainland capitals by refugees have seen capital flows follow soon after, such as from war-torn [[Lebanon]] and [[Vietnam]]. Later economic migrants from mainland [[China]] also, up to recent restrictions, had invested significantly in the property markets.<ref>{{cite news |title=Diversity helped Australia weather the resources bust |url=https://www.economist.com/special-report/2018/10/25/diversity-helped-australia-weather-the-resources-bust |access-date=July 5, 2019 |publisher=[[The Economist]] |date=October 25, 2018 |quote=Building work had reached a nadir in the first quarter of 2012, when construction firms completed projects worth A$20bn. In the last quarter of 2017, that reached A$29bn. Foreigners accounted for a good share of their custom: the Foreign Investment Review Board approved A$72bn-worth of residential-property purchases in 2016, up from A$20bn in 2011. At its peak, foreign buying accounted for a quarter of residential-property sales in the two big cities.}}</ref>{{citation needed|reason=Economist article only mentions foreign investment generally, and not Chinese investment specifically|date=July 2019}}

==== New Zealand ====
{{See also|Rogernomics}}
In New Zealand, neoliberal economic policies were implemented under the [[Fourth Labour Government of New Zealand|Fourth Labour Government]] led by Prime Minister [[David Lange]]. These neoliberal policies are commonly referred to as [[Rogernomics]], a portmanteau of "Roger" and "economics", after Lange appointed [[Roger Douglas]] minister of finance in 1984.<ref>{{Cite book |title=My Life |last=Lange |first=David |author-link=David Lange |publisher=Viking |year=2005 |isbn=978-0-670-04556-3 |pages=143}}</ref>

Lange's government had inherited a severe balance of payments crisis as a result of the deficits from the previously implemented two-year freeze on wages and prices by preceding Prime Minister [[Robert Muldoon]], who had also maintained an [[exchange rate]] many economists now believe was unsustainable.<ref>{{Cite book |title=When Schools Compete: A Cautionary Tale |last1=Fiske |first1=Edward B. |last2=Ladd |first2=Helen F. |publisher=[[Brookings Institution Press]] |year=2000 |isbn=978-0-8157-2835-1 |location=Washington, D.C. |pages=[https://archive.org/details/isbn_5458999018950/page/27 27] |url=https://archive.org/details/isbn_5458999018950/page/27}}</ref> The inherited economic conditions lead Lange to remark "We ended up being run very similarly to a Polish shipyard."<ref>{{Cite news |url=https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10340844 |title=David Lange, in his own words |date=August 15, 2005 |work=[[The New Zealand Herald]]}}</ref> On 14 September 1984, Lange's government held an Economic Summit to discuss the underlying problems with [[Economy of New Zealand|New Zealand's economy]], which lead to calls for dramatic economic reforms previously proposed by the [[New Zealand Treasury|Treasury Department]].<ref>{{Cite book |title=Revolution: New Zealand from Fortress to Free Market |last=Russell |first=Marcia |publisher=[[Hodder Moa Beckett]] |year=1996 |isbn=978-1869584283 |pages=75}}</ref>

A reform program consisting of [[deregulation]] and the removal of [[tariffs]] and [[subsidies]] was put in place. This had an immediate effect on [[New Zealand's agricultural community]], who were hit hard by the loss of subsidies to farmers.<ref name="Russell-1996">{{Cite book |title=Revolution: New Zealand from Fortress to Free Market |last=Russell |first=Marcia |publisher=[[Hodder Moa Beckett]] |year=1996|isbn=978-1869584283 |pages=80}}</ref> A superannuation surcharge was introduced, despite having promised not to reduce [[superannuation]], resulting in [[Labour Party (New Zealand)|Labour]] losing support from the elderly. The financial markets were also deregulated, removing restrictions on [[interest rate|interests rates]], lending and foreign exchange. In March 1985, the New Zealand dollar was [[Floating exchange rate|floated]].<ref>{{Cite web |url=http://www.TeAra.govt.nz/en/cartoon/33456/floating-the-new-zealand-dollar |title=Reserve Bank – Reserve Bank, 1936 to 1984 |last=Singleton |first=John |date=June 20, 2012 |website=Te Ara Encyclopedia}}</ref> Additionally, a number of government departments were converted into state-owned enterprises, which lead to significant job losses: 3,000 within the Electricity Corporation; 4,000 within the Coal Corporation; 5,000 within the Forestry Corporation; and 8,000 within the New Zealand Post.<ref name="Russell-1996" />

New Zealand became a part of the global economy. The focus in the economy shifted from the productive sector to finance as a result of zero restrictions on overseas money coming into the country. Finance capital outstripped industrial capital and the manufacturing industry suffered approximately 76,000 job losses.<ref>{{Cite book |title=I See Red |last=Bell |first=Judith |publisher=[[Awa Press]] |year=2006 |location=Wellington |pages=22–56}}</ref>