Microeconomic reform
Microeconomic reform (or often just economic reform) comprises policies directed to achieve improvements in
"Economic reform" usually refers to
Microeconomic reform in Australia
Microeconomic reform dominated Australian economic policy from the early 1980s until the end of the 20th century. The beginning of microeconomic reform is commonly[
There were, however, some instances of microeconomic reform before the 1980s, notably including the Whitlam government’s 25 percent tariff cut. Similarly, the consequences of some microeconomic reforms initiated in the 1990s, such as National Competition Policy are still being worked through.[clarification needed]
The policy agenda associated with microeconomic reform included:[citation needed]
- reductions in and eventual removal of tariff protection
- government business enterprises
- deregulation of industries including airlines
- new forms of regulation in industries subject to privatisation and corporatisation
- tax reform
Microeconomic reform in the People's Republic of China
The Chinese economic reform (
Microeconomic reform in India
The
The effect of these reforms has been positive, and since 1990, India has had high growth rates and has emerged as one of the wealthiest economies in the developing world. During this period, the economy has grown constantly with only a few major setbacks. This has been accompanied by increases in life expectancy, literacy rates, and food security since then.
Economic Reform in Iran
Economic reform in New Zealand
After the
The policies included cutting
The reforms created a very business-friendly regulatory framework. A 2008 study ranked
Economic reform in the USSR and Russia
Economic reforms began in the Soviet Union when Perestroika was introduced in June 1985 by the then Soviet leader Mikhail Gorbachev. Its literal meaning is "restructuring", referring to the restructuring of the Soviet economy.
During the initial period (1985–1987) of Mikhail Gorbachev's time in power, he talked about modifying
Economic reform in Africa
Economic reform began in Africa throughout Africa in the mid-1990s. Before that, the two decades of donor-sponsored reform efforts to Africa failed to help most sub-Saharan economies to overcome the fiscal and balance of payments deficits. During the mid-1990s, several civil wars ended and a wave of democratization started. The growth rate reached 1.2 percent a year between 1994 and 1997 which is the highest rate during that generation. However, the growth is a result of a donor-led process of structural adjustment as compatible with the survival of the status quo. The growth rate started to decline after 1998 and civil wars reactivated again by then. The two-decade failure reform leaves many African countries incapable of leading another economic reform.[5]
Economic reform in North Korea
This section needs additional citations for verification. (September 2019) |
North Korea is a communist country with the central economic planning system. With the ongoing nuclear issue, North Korea is politically and economically isolated from other countries. Therefore, several tries for economic reforms did not appear to be successful.[original research?]
Its economy relied heavily on the defense industry and the consumer goods industry had been overlooked according to the juche policy. Under the Third Seven-Year Economic Plan (1987–93), DPRK aimed to focus on technology-based industry and to solve their scarcity of electricity.[6] Nevertheless, it did not give a satisfiable result. One of the causes was its relationship with trading partners and losing supportive allies. In response, North Korea tried to attract foreign investors by endorsing joint venture and opening some free-trade zones. Unluckily, with other factors, this policy was not practical. In addition, it also had to encounter a massive military expenditure to secure its leader with both internal and external threat.[7]
Later in 2002, there was another attempt to make a market liberalization reform, which the government tries to let the demand and supply determine the price level, which used to be controlled by the central government. It also gave some authority to local producers to make some economic decisions by themselves. Other than the decentralization policy, North Korea also kept trying to induce foreign investors in several ways, including depreciation of its currency and the initiation of Sinuiju Special Administrative District.[8]
Still, its solution to successfully reform its economy appears to be contradicting with its leader security regimes. Kim Jong-il's goal, “kangsong taeguk” or “rich nation/strong army,” appears to be unachievable. It caused him facing a reform dilemma. Opening up the country likely to facilitate the reform to be successful, while it would also make its dictatorship insecure. [original research?]
See also
- Monetary reform
- New public management
- Tax choice
Notes
- ^ Fighting Poverty: Findings and Lessons from China’s Success Archived 2013-09-22 at the Wayback Machine (World Bank). Retrieved August 10, 2006.
- ^ Panagariya, Arvind (2004). "India in the 1980s and 1990s: A Triumph of Reforms".
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(help) - ^ "That old Gandhi magic". The Economist. November 27, 1997.[dead link]
- ^ "Survey ranks NZ in top six for economic freedom". The New Zealand Herald. 16 January 2008. Retrieved 25 October 2011.
- ^ Van de Walle, Nicolas. 2004. “Economic Reform: Patterns and Constraints”.
- JSTOR 2643049.
- JSTOR 2645234.
- ^ "DPRK Briefing Book: North Korea's Economic Reforms and Security Intentions". Nautilus Institute for Security and Sustainability. 2011-12-19. Retrieved 2019-09-24.