An examination of the methods and effects of restricting external trade : with particular reference to the New Zealand experience (1938-68) : presented to the Faculty of Social Science, Massey University in partial fulfilment of requirements for the degree of Doctor of Philosophy
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Date
1974
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Massey University
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Abstract
A notable feature of economic activity since the second world war has been the growth of international trade, which has tended to increase relative dependence on trade, thus placing a larger section of the national economy outside the control of normal monetary and fiscal policy. Thus, between 1960 and 1970, the real G.N.P. of the Industrial Nations of the world increased by just over a half; during the same period the volume of trade of these nations increased by 119%. One of the features of this growth in trade has been an increasing, especially among industrial nations - making exports dependent on a narrower range of goods, more sensitive to market changes. At the same time, a much wider range of importable goods has become available, making a larger section of the internal economy sensitive to the winds of foreign competition. New Zealand has been something of an exception to this rule. Since the war, she has become somewhat less dependent on trade. Her relative dependence, measured as Exports + Imports/Gross Dom. Prod. (current prices, Imports at C.D.V.) was 46.3% in 1950/51, gradually falling to 41.8% in 1960/61, and 36.7% in 1970/71. This is insufficient evidence on which to make too sweeping a generalisation, but it is significant that those nations which had the more liberal trade policies - Japan, Germany, Sweden - experienced pro-trade biased growth, while a country like New Zealand with stringent control policies, had anti-trade biased growth. And economic growth itself was somewhat slower in New Zealand, averaging about 1.5% in real terms during the 1950s, 1.3% in the 1960s.
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International trade, Post-war trade, New Zealand, New Zealand economy, Trade growth, Economic growth, New Zealand, New Zealand economic history, Economic policy, New Zealand