Economy Of New Zealand Essay

988 words - 4 pages

The United States and New Zealand established close ties in 1942, when the U.S. provided security for New Zealand during World War II, and have remained close ever since. However, in 1984, the Labour party came into power in New Zealand, with intentions to bar nuclear-armed and nuclear-powered warships from New Zealand ports. Implementation of this anti-nuclear policy was incompatible with U.S. policy and disrupted the alliance under the Australian, New Zealand, and United States (ANZUS) security treaty of 1951. After unsuccessful attempts to remedy the issue, the United States suspended its ANZUS security obligation to New Zealand in 1986. Despite the rupture in the ANZUS alliance, New Zealand has maintained close political, economical, and social ties with the United States. In trade, the U.S. is New Zealand second-largest supplier and customer after Australia. Trade between the two countries totaled $3.5 billion (with a $300 million surplus in the favor of the U.S.) in 1996; U.S. merchandise exports were $1.9 billion. U.S. foreign investment in New Zealand that same year totaled $4.8 billion, and was largely concentrated in manufacturing, forestry, telecommunications services, and finance. The two countries have also worked closely together to promote free trade in the World Trade Organization and the Asia-Pacific Economic Cooperation forum. The Labour party had not only changed nuclear policies in 1984, but also introduced a monetarist economic policy in a major effort to reduce the government budget deficit and inflation that resulted largely from an attempt in the 1970s to diversify New Zealand's production. This new plan was executed through seven major alterations: 1) The increase of privatizations through the sale of government-owned enterprises.2) Elimination of Government subsidies.3) Liberalization of import regulations.4) Exchange rates freely floated.5) Removal of controls on interest rates, wages, and prices.6) Reduction of marginal rates of taxation.7) Cutbacks on health, education and social security benefits.This Laissez-Faire attitude did indeed decrease the deficit and lower inflation; it also increased growth, the value of the New Zealand Dollar, and unfortunately unemployment. The economy has improved greatly and with it unemployment has been brought down. Currently New Zealand is finally recovering from the rapid economic growth it experienced in the mid-90s, now that the worst of the Asian financial crisis effects are over. New Zealand lost many export markets in Asia, but looked to the U.S. and European markets to replace the lost customers. The country remains dependent on trade due to its small size and isolation; price and access to foreign markets are a constant concern. U.S. goods and services are increasingly competitive in New Zealand. The market-led economy offers many opportunities for U.S. exporters and investors. A number...

Find Another Essay On Economy of new zealand

The Geography Of New Zealand Essay

1064 words - 4 pages The Geography of New Zealand      The well-known country of New Zealand is a small, resourceful nation located 1,000 miles off Australia's south east coast. New Zealand has an impressive economy that continues to grow, a physical landscape that attracts people from around the globe, and although small, New Zealand is a respected nation for its advanced civilization and stable government. The geography of

The Children of New Zealand Essay

1265 words - 5 pages The Children of New Zealand You can choose your friends, but you can’t choose your relatives. Neither can you choose your parents or your place of birth. If you could any sensible foetus would choose at least twenty other countries to be born in rather then New Zealand. New Zealand's children's needs are being seriously neglected. This essay will challenge New Zealand's performance in child health and welfare. Looking at the

Self-imposed cultural isolation of New Zealand

886 words - 4 pages Due to geographical isolation and sparsely populated factors, New Zealand had been symbolized as the trope of “man alone”. In addition, the harsh life and cruelty of the colony was one factor that created a stubborn culture of self-reliance and individuality. In spite of the rapid development of economy and diplomacy brought a fresh outlook to this country, the fundamental problem of NZ culture still exists. This paper argues that New

The Resource Management Act of New Zealand

1673 words - 7 pages Natural and physical resources are of significant importance to the New Zealand economy and its people. For this reason correct resource management is important to New Zealand. The current system used for resource management in New Zealand is the Resource Management Act (Parliamentary Council Office, 2014). The purpose of this document is to promote sustainable management of resources, both natural and physical, as New Zealand’s primary

New Zealand and the Impact of Fishing

1445 words - 6 pages have an effect on the aquatic environment. New Zealand has done it share to restore populations of fish, by a means of “fish farming”. In fact, this method is so successful that it may someday become a large contributor to the export economy. The fisheries of New Zealand are not just limited to the sea, but to freshwater as well. There may be a diversity of life in the sea, but there is also a diversity of life in the green lakes and fast

The Collapse of New Zealand Society

977 words - 4 pages The Collapse of New Zealand SocietyThe Barney cliché "I love you, you love me" used to describe my homeland New Zealand, but over the past ten years I have witnessed an irrevocable change for the worse. Children no longer share friendship and innocence, they are corrupted by the negative, perpetual grinder New Zealand has become. The days of companionship and neighbourly compassion have crumbled into the dusts of yesterday, and in its

A taste of New Zealand food culture

1223 words - 5 pages In this essay we will explore how food and the environment relate to the sociological imagination and they're dimensions which include historical, cultural and structural. What has control or influence over our eating habits which may be political, historical or economic. This essay in written based on the writings of Carter, I. And Meynard, A. (2001) 'Tell me what you ear ...' in C. Bell (ed) Sociology of Everyday Life in New Zealand.. By the

Telecom Corporation of New Zealand Limited

1223 words - 5 pages Introduction Telecom Corporation of New Zealand Limited (Telecom) was shaped in 1987 out of the information transfers division of the New Zealand Post Office, a legislature office. In 1990 Telecom turned into one of the first telcos on the planet to be completely privatized. On 30 November 2011, Telecom demerged into two totally separate, openly recorded organizations; a retail benefits supplier (Telecom) and a system administrations

The Role And Functions Of New Zealand Government

1663 words - 7 pages The New Zealand Government has made significant changes to the economy throughout the last 15 years. The operation and organisation of business activity in New Zealand has been affected by this changing economy. All aspects of the New Zealand Government have been altered. The reason for this change was to improve the performance by being more efficient. The key reforms are privatisation and corporatisation of State Owned Enterprises (SOEs) and

The Colonization of New Zealand: Before, During, and After

1053 words - 4 pages Back then, much of the world was becoming part of the British Empire. One of the countries that got sucked into the great superpower was New Zealand. New Zealand, a series of islands found in Oceania, was found by many countries, but the British was the one who eventually colonized it, as they found that ruling it would be beneficial. With colonizing this area, there were some ups and downs with the British and the indigenous people. Therefore

Fly to the end of the world: Air New Zealand

2068 words - 8 pages 1. Current BackgroundFacing the increasing fierce competition, airlines make efforts to differentiate themselves from each other in order to obtain the maximum of market share. In some cases, Air New Zealand as a successful example has done a decent job with implementing some successful marketing strategies. Certainly, some potential opportunities and problems that company has ignored existing as well.After years of often ferocious competition

Similar Essays

New Zealand Economy Report

1152 words - 5 pages I have recently come across this marvelous run-down of the two up coming economic giants, which was emailed to me from an anonymous address at the New Zealand Stock Exchange. The economic giant Telecom became a force in 1987 when it took over the telecommunications department of the New Zealand Post Office and became a state-owned operation with a commercial focus. Instead of keeping the enterprise the government sold it to the Bell Atlantic

The Role Of Technology In Transforming The New Zealand Economy

2147 words - 9 pages I have also attached the paper in a word document due to formatting and graph issuesExecutive SummaryThis overview paper proposes an integrated approach for innovation policy, focusing on the particular role of technology, to support the Government's economic goals. It includes a review of the role of technology in the New Zealand economy as a basis for identifying priorities for innovation policy.Compared to our trading partners we have

"How Was The Large Immigration Of Overseas Students Affected New Zealand?" This Essay Is Aimed At How Kiwis See Asian Overseas Students And How They Contributes To The New Zealand Economy

737 words - 3 pages overseas students is under threat. Of all the overseas students in New Zealand over 80% are from Asia, proving that Asian students plays a strong role in our community.The large quantity of overseas students no doubt delivers a considerable of capital into New Zealand's economy. Their families also have a major impact on our country, making finical sacrifices in order for them to come and stay in New Zealand. Money is crucial to the survival of overseas

New Zealand, A Semi In Depth Paper Written About The Economy And Many Other Aspects Including Geographical Aspects

2188 words - 9 pages New Zealand has a rich history even though it is a young nation. Like many other countries around the world, New Zealand went through a fairly significant depression during the Great Depression in the 1930's. As New Zealand grew and became more politically independent it also would become more dependent economically on refrigerated shipping. New Zealand based its entire economy on the export of meat and dairy products to Britain. As a result the