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Economic restructuring in New Zealand: A classical account

Economic restructuring in New Zealand: A classical account

Cronin, Bruce ORCID: 0000-0002-3776-8924 (2008) Economic restructuring in New Zealand: A classical account. Critical Perspectives in Accounting, 19 (3). pp. 340-382. ISSN 1045-2354 (doi:

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New Zealand's recent experiment with radical neoliberalism is well rehearsed in international policy circles. Yet, given the economic restructuring premise for the reforms, there has been little assessment of their structural impact.
In this paper I take up this challenge, utilising [Shaikh, A., Tonak, E. Measuring the wealth of nations: the political economy of national accounts. Cambridge: Cambridge University Press; 1994] methodology for deriving classical value categories from official national accounts data but extending this to the industry level. This approach allows changes to the production and appropriation of surplus value in different industries during the period to be identified, underpinning a Marxian interpretation of restructuring.
Beyond the methodology, the research makes four contributions. First, conventional analysis is found limited by its concentration on changes to the distribution of value rather than its creation. Second, land rents are significant. Third, the role of financial capital is found more complex than traditionally argued. Finally, the approach provides a firm grounding for the unfashionable concept of class fraction.

Item Type: Article
Additional Information: [1] First published: April 2008. [2] Published as: Critical Perspectives on Accounting, (2008), Vol. 19, (3), pp. 340–382.
Uncontrolled Keywords: neoliberalism, economic structure, restructuring, national accounts, restructuring, input-output, classical economics, financial capital, New Zealand
Subjects: H Social Sciences > HC Economic History and Conditions
Faculty / School / Research Centre / Research Group: Faculty of Business > Department of International Business & Economics
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Last Modified: 11 Feb 2020 13:00

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