The price freeze
Sir,—M. Creel attacks the truth “that capitalism can be made to operate rationally.” Having lived here in the 1960 s when New Zealand paid its way and had the lowest level of unemployment in the world, I know that this is “the truth.” Unfortunately this did not suit our economists who thought we should conform to overseas ideas and who failed to see that those ideas were inappropriate to a small country living far from its markets. They continuously attacked import controls until, as Hugo Steincamp points out, they pressured even that pragmatist, Muldoon, away from commonsense control of our “rapidly-ex-panding overseas debt.” Mr Steincamp talks vaguely of “economic reality” and ignores the plain fact that the wage-price freeze reduced inflation while simultaneously increasing employment and real growth. Labour’s policies, by contrast, will only reduce inflation, if at all, at a high cost in jobs, production and exports. — Yours, MARK D. SADLER. October 9, 1985.
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Press, 11 October 1985, Page 10
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158The price freeze Press, 11 October 1985, Page 10
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