Economic liberalization in the post–World War II era
After
The period directly after the war did not see many, the most notable exception being" West Germany's reforms of 1948, which set the stage for the Wirtschaftswunder in the 1950s and helped inform many of the liberalisations that were to come.
However, it was not until the 1970s that the stagflation of the period forced many countries to look for new economic systems. The emergence of neoliberalism and other associated economically liberal doctrines saw a wave of economic liberalisations sweeping the globe.
Starting with Chile in 1975, various governments adopted and implemented liberal policy. The most important of these were Ronald Reagan and Margaret Thatcher, who developed the initial wave of neoliberal thought in practise.
Chronic economic crisis throughout the 1980s and the collapse of the
In the 1990s, a second more socially-liberal wave of liberalisation swept the world under Bill Clinton and Tony Blair.[1]
Post-WWII economic liberalism
West Germany
Background
Germany ended the European theatre of World War II with its unconditional surrender on 8 May 1945. It faced war damage to its economy and the problems of mass migration due to the expulsion of ethnic Germans from areas east of the Oder–Neisse line.
April 1945 to July 1947 saw the Allied occupation of Germany implement
It soon became obvious that this policy was not sustainable. Germany could not grow enough food for itself and malnutrition was becoming increasingly common. The European post-war economic recovery did not materialise and it became increasingly obvious that the European economy had depended on German industry.[2]
In July 1947, President Harry S. Truman rescinded on "national security grounds" the punitive JCS 1067, which had directed the U.S. forces of occupation in Germany to "take no steps looking toward the economic rehabilitation of Germany." It was replaced by JCS 1779, which instead stressed that "[a]n orderly, prosperous Europe requires the economic contributions of a stable and productive Germany."[3]
By 1948, Germany suffered from rampant hyperinflation. The currency of the time (the Reichsmark) had no public confidence, and thanks to that and price controls, black market trading boomed and bartering proliferated. Banks were over their heads in debt and surplus currency abounded.[4]
However, thanks to the introduction of JCS 1779 and the first Allied attempts to set up German governance, something could be done about this. Ludwig Erhard, an economist, who had spent much time working on the problem of post war recovery, had worked his way up the administration created by the occupying American forces until he became the Director of Economics in the Bizonal Economic Council in the joint British and American occupied zones (which would later, with the addition of the French occupied territory become the basis for West Germany). He was placed in charge of currency reform and became a central figure in events that were to follow.
Economic reforms
In spring of 1948, the Allies decided to reform the currency. In preparation for this, a new central bank system was established in West Germany with independent Land Central Banks and the Bank deutscher Lander with headquarters in Frankfurt am Main.
Currency reform took effect on 20 June 1948, through the introduction of the Deutsche Mark to replace the Reichsmark and by transferring to the Bank deutscher Lander the sole right to print money. Each person received a per capita allowance of 60 DM, payable in two instalments (40 DM and 20 DM) and business quota of 60 DM per employee.
Under the German Currency Conversion Law on 27 June, private non-bank credit balances were converted at a rate of 10 RM to 1 DM, with half remaining in a frozen bank account. Although the money stock was very small in terms of national product, the adjustment in the price structure immediately led to sharp price increases, fuelled by the high velocity of money through the system. As a result, on 4 October, the military governments wiped out 70% of the remaining frozen balances, resulting in an effective exchange of 10:0.65. Holders of financial assets (including many small-time savers) were dispossessed and the banks' debt in Reichsmarks was eliminated, transferred instead into claims on the Lander and later the Federal Government. Wages, rents, pensions and other recurring liabilities were transferred at 1:1.
On the day of the currency reform, Ludwig Erhard announced, despite the reservations of the Allies, that rationing would be considerably relaxed and price controls abolished.[4]
Results
In the short term, the currency reforms and abolition of price controls helped end hyperinflation. The new currency enjoyed considerable confidence and was accepted by the public as a medium of payment. The currency reforms had ensured that money was once more scarce, and the relaxation of price controls created incentives for production, sales and earning this money. The removal of price controls also meant shops filled up with goods again, which was a huge psychological factor in the adoption of the new currency.[4]
In the long term, these reforms helped set the stage for the Wirtschaftswunder (German for economic miracle) in the 1950s.
Post-1970s economic liberalism
Neoliberalism ultimately developed through two major phases. The first phase carried out through the help of Ronald Reagan and Margaret Thatcher, and the second phase through Bill Clinton and Tony Blair.[1]
Chronic economic crisis throughout the 1980s and the collapse of the
Changes occurred from the 1970s to the 1980s. Starting off with most of the democratic world, governments focused primarily on the primacy of economic individual rights, the rule of law and the role of governments in moderating relative unregulated trade. It was almost considered national self-determination at the time.[citation needed]
The status of organized labour shifted when the governments of Ronald Reagan and Margaret Thatcher took strong stances to break down trade barriers entirely to reduce government power; thus allowing the market to be more important. Therefore, industries will increasingly shift globally with integrated knowledge boosting the economy.[citation needed]
Australia
In Australia, neoliberal economic policies have been embraced by governments of both the Labor Party and the Liberal Party since 1983. The governments of Bob Hawke and Paul Keating from 1983 to 1996 pursued economic liberalisation and a program of micro-economic reform. These governments privatized government corporations, deregulated factor markets, floated the Australian dollar and reduced trade protection.[5]
In addition to Labor's neoliberal agenda, Keating, as federal treasurer, also implemented a compulsory superannuation guarantee system in 1992 to increase national savings and reduce future government liability for old age pensions.[6] The financing of universities was decentralised, requiring students to contribute to university fees through a repayable loan system known as the Higher Education Contribution Scheme (HECS) and, in the mid-1990s, encouraging universities to increase income by admitting full-fee-paying students, including foreign students.[7] The admitting of domestic full-fee-paying students to public universities was discontinued in 2009 by the Rudd Labor Government.[8]
When the Liberal Party returned to power in March 1996 under prime minister
Canada
In
Under Mike Harris in Ontario during the 1990s, industry and social responsibilities were transferred to the cities. Toronto during this time was forced to amalgamate and enter a period of development. The Amalgamation of Toronto was intended as a cost-saving measure and, in 2000, Michael R. Garrett noted a yearly savings of $136.2 million (CDN)[12] However, in 2007, Barry Hertz reported in the conservative national newspaper National Post that cost savings never materialized. He also noted that government staff had grown, with the city employing 4,015 more people in 2007 than it did in 1998.[13]
Canadian politics were also affected. Trade tariffs were ended, allowing less restrictions on trade. Government sizes were decreased limiting their power towards industries.[14] The federal government rules during that time and municipalities had no power.
Chile
Milton Friedman used the term "Miracle of Chile" in reference to Augusto Pinochet's support for liberal economic changes in Chile carried out by the "Chicago Boys". Their implemented economic model had three main objectives: economic liberalization, privatization of state owned companies, and stabilization of inflation. These market-oriented economic policies were continued and strengthened by successive governments after Pinochet stepped down.[15] At the time, Milton Friedman stated that the Chilean experiment was "comparable to the economic miracle of post-war Germany."[16]
Some of Pinochet's neoliberal policies were continued after the termination of his 17-year-long dictatorship, though with more social policies to counter the great social-economic inequality.[17][18] In 2007, according to The Heritage Foundation and The Wall Street Journal, Chile was the world's 11th "most free" economy, and third-freest in the Americas.
According to the United Nations Development Report of 2009 Chile has high
According to the
The experience of Chile in the 1970s and 1980s, and especially the export of the Chilean pension model by former Labor Minister José Piñera, has influenced the policies of the Chinese Communist Party and has been invoked as a model by economic reformers in other countries, such as Boris Yeltsin in Russia and almost all Eastern European post-Communist societies.[citation needed]
Mining of
China
In China, both top down state led and bottom up economic reforms contributed to economic liberalization in the post-Mao era. The first wave of state led reforms started in 1976 under Hua Guofeng. After 1978 when Deng Xiaoping and Chen Yun came to power a second round of Beijing-led reform involved decentralizing fiscal policy to provinces, decentralization of foreign trade, the creation of Special Economic Zones, and the resumption of private agriculture, which became official policy after 1982. The 1990s saw price reforms, tax reforms, privatization of state owned enterprises and emerging inter-regional competition among provinces and municipalities. Many observers emphasize the role of Deng Xiaoping's southern tour in 1992 in unlocking a second wave of liberalization and activity.[23][24][25]
Hong Kong
A 1994 World Bank report stated that Hong Kong's GDP per capita grew in real terms at an annual rate of 6.5% from 1965 to 1989, a consistent growth percentage over a span of almost 25 years[29] By 1990 Hong Kong's per capita income officially surpassed that of the ruling United Kingdom.[30] In 1960 the average per capita income in Hong Kong was 28% of that in Great Britain; by 1996, it had risen to 137% of that in Britain.[31]
Since 1995, Hong Kong has been ranked as having the world's most liberal capital markets by The Heritage Foundation and The Wall Street Journal.[32] The Fraser Institute concurred in 2007.[33]
Japan
The largest privatization in history was that of Japan Post. It was the nation's largest employer and one third of all Japanese government employees worked for Japan Post.
In September 2003, Koizumi's cabinet proposed splitting Japan Post into four separate companies: a bank, an insurance company, a postal service company, and a fourth company to handle the post offices as retail storefronts of the other three. After privatization was rejected by upper house, Koizumi scheduled
Mexico
Mexico is presently the eighth largest trading nation. Mexico joined GATT, or General Agreement on Tariffs and Trade in 1986 and has been a part of the North America Free Trade Agreement (NAFTA) since 1990. Another trading partnership Mexico entered into was the Uruguay Round (UR).
The reforms brought about by NAFTA resulted in a huge opening of the Mexican economy and "increased the political and economic costs of trade policy reversals and restrained trade policy with other countries to compatibility with (if not subservience to) NAFTA", (Mena, 48). Tariffs were reduced across most sectors of the economy. They also opened the door for factories along the border of the US and Mexico. Maquiladoras account for most of the Mexican export market. A reform of the 1973 Foreign Investment Law, "Foreign Investment is not allowed in oil production or refining." (Mena, p. 49).
Mexico benefited greatly from its relationship with the UR and the WTO. There were low tariffs on Mexican goods and Mexico was not bound to alter its tariffs for UR members. "Mexico's preferences on non-agricultural subsidies were largely borne out in the URAs", (Ortiz Mena, 60). Mexico continues to have restrictions on foreign ownership and has been criticized for not signing the Agreement on Government Procurement. NGOs are also critical of the reforms that had been made.
After joining NAFTA, Mexico entered into over thirty Free Trade Agreements (FTA). Mexico also signed FTAs with the European Union (EU), European Free Trade Agreement (EFTA) and Japan. As a result of these agreements, exports increased, manufactured goods became more important and Mexico became the US's second largest trading partner.
The Mexican government feels that the benefits of liberalism have been slowed due to a lack of implementations of URA policies by developed countries. The government fears that environmental and labor issues might affect the trade agenda. They are looking to the developed nations to help with a clean transition to the post-Doha work program. There are eleven areas that Mexico will focus on in the future: agriculture, export subsidies, TRIM, Service, IPR, dispute settlements, FDI, competition policy, government procurement, industrial goods, and labor and environment. Also, Mexico seeks to improve access for its important exports by complying fully with URAs.[35]
New Zealand
The term
The policies included cutting agricultural subsidies and trade barriers,
Since 1984, government subsidies including those for agriculture have been eliminated; import regulations have been reduced; exchange rates have been floated; controls on
Deregulation created a very business-friendly regulatory framework. A survey 2008 study ranked it 99.9% in "Business freedom", and 80% overall in "Economic freedom", noting amongst other things that it only takes 12 days to establish a business in New Zealand on average, compared with a worldwide average of 43 days. Other indicators measured were property rights, labour market conditions, government controls and corruption, the last being considered "next to non-existent" in The Heritage Foundation and The Wall Street Journal study.[37]
In its Doing Business 2008 survey, the World Bank, which that year rated New Zealand as the second-most business-friendly country worldwide, gave New Zealand rank 13 out of 178 in the business-friendliness of its hiring laws.[38]
New Zealanders have a high level of life satisfaction as measured by international surveys; this is despite lower GDP per-head levels than many other OECD countries. The country was ranked 20th on the 2006
Scandinavian countries have embraced many neoliberal policies.[43]
In Sweden,
South Africa
South Africa's GDP has grown since the beginning of the new government system in 1994, which ended the rule of apartheid in South Africa. While some see the implementation of neoliberal policies inside South Africa as having spurred the country's growth rate, others cite policies such as maintaining high interests rates to quell inflation as actually hurting economic growth. Meanwhile, the implementation of GEAR (Growth Employment and Redistribution Strategy) policies have caused a decline in employment that started after the new government in 1994, which caused an increase in South Africa's poverty level.[51]
United Kingdom
Coming to power in 1979,
Thatcher's political and economic philosophy emphasised reduced state intervention as well as
By January 1982 the inflation rate had fallen to 8.6% from earlier peaks of 18%. By 1983 overall economic growth was stronger, while inflation and mortgage rates were at their lowest levels since 1970.[60] The term "Thatcherism" came to refer to her policies as well as aspects of her ethical outlook and personal style, including moral absolutism, nationalism, focus on individuals rather than society as a whole and an uncompromising approach to achieving political goals.
After the 1983 election, the Conservative majority expanded, Thatcher continued to enact her economic policies.[59] The UK government sold most of the state's large utilities.[59] The policy of privatisation was a main component of Thatcherism. When Thatcher was forced to resign as British Prime Minister in 1990 British economic growth was on average higher than the other large EU economies (Germany, France and Italy).
The price of these economic policies was a temporary and dramatic increase in unemployment that embarrassed the Thatcher government so much[according to whom?] that the definition of unemployment was changed 31 times in order to come up with lower figures.[citation needed] The official rate of unemployment in the United Kingdom increased to 9.1% in the years 1979–89 after it had been 3.4% between 1973 and 1979 and 1.9% between 1960 and 1973.[61][62]
In 2001 Peter Mandelson, a Member of Parliament belonging to the British Labour Party and closely associated with Tony Blair, declared that "we are all Thatcherites now."[63] In reference to contemporary British political culture it could be said that a "post-Thatcherite consensus" exists with regard to economic policy. In the 1980s the now defunct Social Democratic Party adhered to a "tough and tender" approach in which Thatcherite reforms were coupled with extra welfare provision. Neil Kinnock, leader of the Labour Party from 1983 to 1992, initiated Labour's rightward shift across the political spectrum by concurring largely with the economic policies of the Thatcher governments. The New Labour government of Tony Blair has been described as "neo-Thatcherite" by some since many of their economic policies mimicked those of Thatcher.[64][65]
The coalition government of Cameron and Clegg, that came into office in 2010 has been described as Neoliberal, with neoliberal "
United States
The Administration of Ronald Reagan, from 1981 to 1989, made a range of decisions that served to liberalize (in contemporary US terminology, this is more likely to be described as conservative economics rather than liberal; in the sense of this article, liberalize refers to an economic system involving few regulations) the American economy.[67][68] These policies are often described as Reaganomics, and are often associated with supply-side economics (the notion that, in order to lower prices and cultivate economic prosperity, policies should appeal to producers rather than consumers).
During Reagan's tenure, GDP grew at an annual rate of 2.7% per year.
Peter Gowan has argued that the United States has been the main force behind the adoption of neoliberal policies in the rest of the world. The basic argument is that since the dollar is the international reserve currency, American banks are at a competitive advantage with respect to non-American banks, which cannot directly lend in dollars, so that their operations involve more foreign exchange risk. (Since the dollar is the international exchange currency, most international reserves are held as dollars, and the price of commodities such as oil are set in dollars, it is in general less risky to hold dollars than to hold other currencies, in the short term, at least.) Thus, once the United States liberalized its financial markets and controls over its banking industry, other countries were forced to follow suit.[76]
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