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the CBS I in the world. I'm John Bachelor visiting with Professor Richard Epstein of the Hoover Institution teaches law at NYU and the University of Chicago.

We turn to the matter of regulation and deregulation.

Always a debate in the United States.

It is a joy, however, to consider it in another country.

And in this instance, New Zealand, the late 20th century,

way, way many decades before the pandemic

that has with agricultural products and Richard has experience 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 tasks, 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 either he had to do something or the country would go 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

...