Editing Rogernomics (section)

==Immediate results==
New Zealand's leap into the neoliberal [[economic globalisation|global economy]] exposed both businesses and the wider workforce to the unregulated practices of private capital – this led to a decade of insignificant (and sometimes negative) growth with the "economic miracle" being experienced by only a relatively small proportion of the population.<ref>{{cite news|url=http://keithrankin.co.nz/krnknMiracle.html|title=New Zealand 1995: a Miracle Economy?|date=September 1995|publisher=Policy Discussion Paper No.19, Department of Economics, University of Auckland}}</ref> With no restrictions on overseas money coming into the country the focus in the economy shifted from the productive sector to finance.<ref>[[Bruce Jesson]], "The Changing Face of New Zealand Capitalism" in ''To Build a Nation'' ibid., pp. 177–178.</ref> Finance capital outstripped industrial capital<ref name="smith"/> and redundancies occurred in manufacturing industry; approximately 76,000 manufacturing jobs were lost between 1987 and 1992.<ref name="bell"/> The new state-owned enterprises created from 1 April 1987 began to shed thousands of jobs adding to unemployment: 
{| class="wikitable"
|+Redundancies by SOE <ref name=":0" />
!State-Owned Enterprise
!Redundancies
|-
|Electricity Corporation
|3,000
|-
|Coal Corporation
|4,000
|-
|Forestry Corporation
|5,000
|-
|New Zealand Post
|8,000
|}
The newly unfettered business environment created by the deregulation of the financial sector, David Grant writes, left New Zealanders "easy targets for speculators and their agents",<ref>{{cite book|last1=Grant|first1=David Malcolm|title=Bulls, Bears and Elephants: A History of the New Zealand Stock Exchange|date=1997|publisher=Victoria University Press|location=Wellington|isbn=0-86473-308-9|page=328|url=https://books.google.com/books?id=GljzNcev1AEC&pg=PP1|access-date=18 July 2016}}</ref> exacerbating the effects of the [[Black Monday (1987)#New Zealand|October 1987 stock market crash]].

During wage bargaining in 1986 and 1987, employers started to bargain harder. [[Lockout (industry)|Lock-out]]s were not uncommon; the most spectacular occurred at a pulp and paper mill owned by [[Fletcher Challenge]] and led to changes to work practices and a no-strike commitment from the union. Later settlements drew further concessions from unions, including below-inflation wage increases, and an effective real wage cut.<ref name=":0">[[Colin James (journalist)|Colin James]], ''The Quiet Revolution'', Allen & Unwin New Zealand Ltd in association with Port Nicholson Press, Wellington: 1986, p. 166.</ref> There was a structural change in the economy from industry to services, which, along with the arrival of trans-Tasman retail chains and an increasingly cosmopolitan hospitality industry, led to a new ‘café culture’ enjoyed by more affluent New Zealanders. Some argue that for the rest of the population, Rogernomics failed to deliver the higher standard of living promised by its advocates.<ref name="smith" /><ref>{{cite web|url=http://pub.maastrichtuniversity.nl/972e238b-20c5-4b28-9469-43a76ea3a76a?fid=592 |title=The future of the welfare state: reflections on Rogernomics|publisher=[[Maastricht University]] |date=1997 |access-date=18 August 2017}}</ref>

Over 15 years, New Zealand's economy and social capital faced serious problems: the proliferation of food banks increased dramatically to an estimated 365 in 1994;<ref>{{cite report |last=Ballard |first=Keith |title=Inclusion, exclusion, poverty, racism and education: An outline of some present issues |date=14 October 2003 |url=http://www.ihc.org.nz/LinkClick.aspx?fileticket=I0%2BuArQ9M8w%3D&tabid=1474&mid=2384 |format=DOC |archive-url=https://web.archive.org/web/20100522225304/http://www.ihc.org.nz/LinkClick.aspx?fileticket=I0%2buArQ9M8w%3d&tabid=1474&mid=2384 |archive-date=22 May 2010 |url-status=dead |df=dmy-all }}</ref> the number of New Zealanders estimated to be living in poverty grew by at least 35% between 1989 and 1992 while [[child poverty]] doubled from 14% in 1982 to 29% in 1994.<ref name=":02">{{cite journal |last1=Boston |first1=Jonathan |title=Child Poverty in New Zealand: Why it matters and how it can be reduced |journal=Educational Philosophy and Theory |date=2014 |volume=46 |issue=9 |pages=962–988 |doi=10.1080/00131857.2014.931002 |s2cid=143895256 }}</ref> Those on low incomes failed to return to the 1984 standard of living until 1996; the lowest 30% did not recover their own 1980s living standards for twenty years.<ref>{{cite web |url= http://www.eastonbh.ac.nz/2019/06/what-happened-to-egalitarian-new-zealand/ |title= What Happened to Egalitarian New Zealand? |author = Brian Easton |date = 25 June 2019}}</ref> The health of the New Zealand population was also especially hard-hit, leading to a significant deterioration in health standards among working and middle-class people.<ref>{{cite web |url=http://www.pnhp.org/news/2003/january/the_new_zealand_heal.php |title=The New Zealand Health Care System |author=Bramhall, Stuart MD |date=9 January 2003 |publisher=[[Physicians for a National Health Program]] }}</ref> In addition, many of the promised economic benefits of the experiment never materialised.<ref>{{cite news |first=Murray |last=Dobbin |title=New Zealand's Vaunted Privatization Push Devastated The Country, Rather Than Saving It |url=http://www.commondreams.org/views/081500-106.htm |work=[[The National Post (Canada)]] |date=15 August 2000 |url-status=dead |archive-url=https://web.archive.org/web/20130324004056/http://www.commondreams.org/views/081500-106.htm |archive-date=24 March 2013 |df=dmy-all }}</ref> Between 1985 and 1992, New Zealand's economy grew by 4.7% during the same period in which the average [[Organisation for Economic Co-operation and Development|OECD]] nation grew by 28.2%.<ref>{{cite web|url=http://stats.oecd.org/Index.aspx?DatasetCode=SNA_TABLE1 |title= Gross domestic product|publisher=[[OECD Statistics]] |access-date=12 June 2015}}</ref>{{failed verification|date=August 2017}} From 1984 to 1993 inflation averaged 9% per year and New Zealand's credit rating dropped twice.<ref name="Kelsey, Jane">{{cite web |url=http://www.converge.org.nz/pma/apfail.htm |title=LIFE IN THE ECONOMIC TEST-TUBE: New Zealand "experiment" a colossal failure |author=Kelsey, Jane |author-link=Kelsey, Jane |date=9 July 1999 }}</ref> Between 1986 and 1992, the unemployment rate rose from 3.6% to 11%.<ref>{{cite web|url=http://stats.oecd.org/Index.aspx?DatasetCode=LFS_SEXAGE_I_R |title=LFS by sex and age – indicators |publisher=Stats.oecd.org |access-date=12 June 2015}}</ref>

Rogernomics, however, has been credited with a number of other positive impacts on the New Zealand economy:<ref name="auto">{{cite web|url=https://static1.squarespace.com/static/56eddde762cd9413e151ac92/t/5a958e400d9297ab984bd57d/1519750721264/kiwi-effect.pdf |title=THE KIWI EFFECT |publisher=static1.squarespace.com |date=1996 |access-date=2021-01-28}}</ref> inflation, which had reached a high of 17.15% in 1980, has been in single digits every year since the end of Douglas' tenure as finance minister;<ref>{{cite web|url=https://www.macrotrends.net/countries/NZL/new-zealand/inflation-rate-cpi|title=New Zealand Inflation Rate 1960–2021|website=www.macrotrends.net}}</ref> and income tax rates were halved,<ref name="auto"/> while gross national income per capita almost doubled, from $6,950 USD in 1984 to $13,640 USD in 1990.<ref>{{cite web|url=https://www.macrotrends.net/countries/NZL/new-zealand/gni-per-capita|title=New Zealand GNI Per Capita 1972–2021|website=www.macrotrends.net}}</ref> Other supporters of Rogernomics have argued that many statistics do not take into account the improvements in consumer goods it brought,<ref>{{cite news|url=https://www.economist.com/business-special/2000/11/30/can-the-kiwi-economy-fly|title=Can the Kiwi economy fly?|date=30 November 2000|newspaper=The Economist}}</ref> transforming New Zealand from a country where permits were needed to buy overseas magazines, and where prices were high and choice was limited, into a country with a range of consumer goods available similar to those enjoyed by other western democracies.<ref>{{cite web|url=https://www.youtube.com/watch?v=JZXpeUQ0tD8&t=1930s | archive-url=https://ghostarchive.org/varchive/youtube/20211211/JZXpeUQ0tD8| archive-date=2021-12-11 | url-status=live|title=Revolution (part one) – Fortress New Zealand |publisher=YouTube |date=2012-03-26 |access-date=2021-01-28}}{{cbignore}}</ref> Douglas himself has claimed that the unwillingness of subsequent governments to alter any of his reforms is a testament to their quality.<ref>{{cite web|url=https://www.youtube.com/watch?v=nI1pTBkAcOA | archive-url=https://ghostarchive.org/varchive/youtube/20211211/nI1pTBkAcOA| archive-date=2021-12-11 | url-status=live|title=Q+A with Sir Roger Douglas | date=19 August 2019|publisher=YouTube |access-date=2021-01-28}}{{cbignore}}</ref>