Economics

Part II: A Generation of Reform

[Part I is here…] The Howard Prosperity (1996–2007) and the Gradual Evaporation of Reforming Zeal During the long Howard prosperity, real per capita GDP grew by 32.4 per cent—on average an impressive 2.4 per cent per annum—and total employment by 27.1 per cent, helped along by favourable terms of international trade. From the outset, the conservative government tried to reform labour markets to do away with central wage fixing, quasi-judicial arbitration and union dominance[1]. One reason for complications in the reform proposals, which the government produced, was the lingering influence of the industrial-relations bureaucracy, but the main reason was that…

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