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Way, way many decades before the pandemic that is now reigned a poll over the Southern New

Zealand. But once upon a time, New Zealand was regulated, especially with agricultural

products. And Richard has experienced with what happened when Sir Roger Douglas and

Roger Kerr, both New Zealanders, started deregulation and lessons learned. How so, Richard?

Well, it was an amazing experiment. New Zealand was the most prosperous, second most prosperous

country in the world in 1900. But it had very strong labor regulations, very strong subsidies,

very strong tariffs. And it was on the edge of bankruptcy by 1986. And Sir Roger Douglas,

his chief aide, was my good friend, Roger Kerr, was made the charge of the Treasury. And

he realized that he had to do something of the country with a bankrupt. So the first thing

he did was to get rid of all import barriers on the one hand and all export subsidies on

the other. So industries like, for example, the New Zealand automotive industry immediately

collapsed because they couldn't sell anything out of profit. The question was how you could

sustain this? In 1990, I was invited to New Zealand in order to reform the labor law. They

had just passed what we would call in this country, comparable with statute when they were

called the pay equity statute, which meant that we know so much about these markets work.

And that we're going to set the salaries for nurses in this state with references to

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