New Zealand Economy - Essay Example

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New Zealand is an island nation in the southern Hemisphere. It is an isolated island with many islands around; it has unique plants and animals (Britton 4). The Polynesians were the first people to settle in New Zealand. …
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New Zealand Economy
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Download file to see previous pages The intermingled culture was a blend of their traditions to create a rich cultural mix; with the blend it threated the survival of the Maori people. The New Zealand`s Government is working to promote the growth of its people, as it tries to preserve its culture. The New Zealand people are working together with the government to promote the country so as to make it a better place to live for its people (Britton 4).
The country was discovered in December 1642, by Tasman (Britton 4). It has an ocean environment that keeps the climate mild with the prevailing westerly winds; this causes fluctuation of temperatures and rainfalls from East to West. New Zealand experiences the four seasons of winter, spring, summer, and autumn (Smelt 13). It is a rich and complex economy, with a unique society. The economy of New Zealand has been built for over a hundred and fifty years; some of the economic aspects were gotten from the Polynesian heritage, as well as the European culture (Hawke 1). The main economic activities of New Zealand were dependent on the success of wool, dairy, and meat export (Rewi 21). Like many other countries, New Zealand is in search of ways to boost its economic activity. New Zealand economic growth continued until the First World War, but there were economic interruptions. During the 1920s, the nation was marked with economic uncertainties, and in 1930s it experienced a great depression. New Zealand saw its exports restrained by limited growth of demand for meat, wool, and dairy products in 1920s, and was affected by the falling prices of these products in the 1930s. Hawke points out that “The depression of the 1930s was a major social political event in New Zealand’s history, even if the experience of poverty and unemployment was not great by international standards” (6). Export prices guided the recovery from the depression, while in the meantime, North American and European economies also recovered. The depression in New Zealand brought to power a Labor government, and when this government came across economic problems, it chose to use the unorthodox policies. The depression was combined with the efforts to protect the economy of New Zealand from international events. New Zealand’s economy changed during the 1930s with the regulation of imports and exchange controls, which linked to aspects of a reserved and secured economy (Hawke 6).New Zealand is a small open economy that relies on trade and financial markets trends to ensure output performance, and its vaporization linked to development in the rest of the world. The dependence on New Zealand’s growth leaves it vulnerable to economic performance in the market. Financial markets are an important passage way in which New Zealand’s business cycle is influenced by the United States economies (IMF 3). Robert Reich of Labor Party brought New Zealand to foresee the twenty-first century deficit of national products, corporations and industries. For many years, New Zealand`s economy was built on “free markets” and “free trade”, and investment seemed invincible (Kelsey 1).The enthusiasts wanted to advance the process more swiftly, but critics came up with ways to mitigate the unfavorable effects of globalization, particularly on the environment and labor. The “‘unrealistic critics’ denounced the growing inequalities and poverty and warned of erosion of democracy and the potential for unregulated capitalism to implode” (Kelsey 1). After many years of fundamental theory-driven transition, it was surprising that the people of New Zealand of 1990 began to acknowledge the importance of their political and social world in Government ...Download file to see next pagesRead More
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