Rogernomics
|
|
The term Rogernomics, a portmanteau of Roger and economics, was created by analogy with Reaganomics to describe the economic policies followed by New Zealand Finance Minister Roger Douglas from his appointment in 1984. In addition to the curtailment of agricultural subsidies and the scaling back of trade barriers, these policies included the control of inflation through measures rooted in monetarism and were therefore regarded in some quarters of Douglas's own New Zealand Labour Party as apostasy. Indeed, the Labour Party subsequently resiled from pure Rogernomics, which became a core doctine of ACT.
The policies of Ruth Richardson, sometimes called "Ruthanasia", are often seen as a continuation of Rogernomics. Richardson was Finance Minister in the National Party government from 1990 to 1993.
Douglas claimed in contemporary interviews that Rogernomics could not be confused with Reaganomics in that he was strictly controlling the New Zealand fiscal deficit while the Reagan administration permitted that of the USA to expand dramatically. Having made this point, Douglas generally escaped having to answer the more difficult question of how Rogernomics could be distinguished from Thatcherism.