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    The pastoral boom, the rural land market, and long swings in New Zealand economic growth, 1873-1939

    Access Status
    Fulltext not available
    Authors
    Greasley, D.
    Oxley, Leslie
    Date
    2009
    Type
    Journal Article
    
    Metadata
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    Citation
    Greasley, D. and Oxley, L. 2009. The pastoral boom, the rural land market, and long swings in New Zealand economic growth, 1873-1939. Economic History Review. 62 (2): pp. 324-349.
    Source Title
    Economic History Review
    DOI
    10.1111/j.1468-0289.2008.00440.x
    ISSN
    0013-0117
    School
    School of Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/35413
    Collection
    • Curtin Research Publications
    Abstract

    Higher farm and manufacturing productivity associated with refrigerated exports led to New Zealand's attainment of the world's highest Human Development Index in 1913. Local responses to export opportunities increased the social depth of land ownership and fostered intensive growth. Closer settlement meant that land-related income gains spread widely, but land market volatility also created instability. New Zealand had the world's highest GDP per capita in 1938, but it experienced long swings in its growth rates. Dramatic swings in rural land market activity engendered by the pastoral boom contributed greatly to a long depression in the 1920s; subsequently a new monetary regime facilitated fast recovery. © 2009 Economic History Society.

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