 The reforms can be summarised as the dismantling of the Australasian orthodoxy of state development that had existed for the previous 90 years, and its replacement by the Anglo-American neo-classical model based on the monetarist policies of Milton Friedman and the Chicago School.The financial market was deregulated and controls on foreign exchange removed.Subsidies to many industries, notably agriculture, were removed or significantly reduced, as was tariff protection.