Economic liberalization in the post–World War II era

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.

Chronic economic crisis throughout the 1980s and the collapse of the Communist bloc at the end of the 1980s, helped foster political opposition to state interventionism in favor of unregulated market reform policies.

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.

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.

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.

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.

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.

[1] Chronic economic crisis throughout the 1980s and the collapse of the Communist bloc at the end of the 1980s, helped foster political opposition to state interventionism in favor of unregulated market reform policies.

[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.

In addition to the neoliberal agenda, the Liberal government increased taxation through a 10% Goods and Services Tax GST (similar to European VAT).

In Canada, the issues identified with neoliberalism (reducing taxes and welfare spending, minimizing of government and reform of public healthcare and education, among others) are often associated with Brian Mulroney, Jean Chrétien, Paul Martin, Mike Harris, Ralph Klein, Gordon Campbell and Stephen Harper.

Also according to the IMF Chile has the region's highest GDP to popular ratio (at market prices[20] and purchasing power parity)[21] and also has a high degree of income inequality, as measured by the Gini index.

[23][24][25] Milton Friedman described Hong Kong as a laissez-faire state and he credits that policy for the rapid move from poverty to prosperity in 50 years.

Koizumi subsequently won this election, gaining the necessary supermajority and a mandate for reform, and in October 2005, the bill was passed to privatize Japan Post in 2007.

The Mexican government feels that the benefits of liberalism have been slowed due to a lack of implementations of URA policies by developed countries.

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.

[35] The term Rogernomics was created by analogy with Reaganomics to describe the economic policies followed by New Zealand Finance Minister Roger Douglas from his appointment in 1984.

The policies included cutting agricultural subsidies and trade barriers, privatising public assets and the control of inflation through measures rooted in monetarism, and were regarded by many as a betrayal of traditional Labour ideals.

Roger Douglas planned to create a 15% flat tax in New Zealand, and to privatise schools, roads and hospitals, which was moderated by the Labour cabinet at the time,[36] although the resultant reforms were still generally considered radical in a global context.

The Deregulation of government-owned enterprises in the 1980s and 1990s reduced government's role in the economy and permitted the retirement of some public debt, but simultaneously massively increased the necessity for greater welfare spending and has led to considerably higher rates of unemployment than were standard in New Zealand in earlier decades.

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.

[43] Anders Fogh Rasmussen, former Prime Minister of Denmark and leader of Venstre, has written books advocating minimal state influence on market activities.

Denmark has ranked as the world's 11th "most free" economy, of 162 countries, in an index created by The Wall Street Journal and The Heritage Foundation, the Index of Economic Freedom 2008, while keeping at the same time a huge public sector (58.4% of GDP),[44] the highest tax burden among developed countries (48.2% of GDP)[44] and an extremely dense social security net (Flexicurity).

In Sweden, Carl Bildt's government program was one of liberalizing the Swedish economy, privatizing public services and making the country a member of the European Union.

Economic changes were enacted, such as voucher schools, liberalized markets for telecommunications and energy[clarification needed] as well as the privatization of publicly owned companies.[which?]

[51] Coming to power in 1979, Margaret Thatcher's political and economic philosophy emphasised reduced state intervention,[52] freer markets,[53] and more entrepreneurialism.

After the James Callaghan government had concluded that the Keynesian approach to demand-side management failed, Thatcher felt that the economy was not self-righting and that new fiscal judgements had to be made to concentrate on inflation.

[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.

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.

Some, like William Niskanen, would point out two facts in response, the first being that average compensation for workers (that is wages + fringe benefits) went up through the 1980s, and that every quintile of society performed better during the 1980s.