We have to grapple with such things as property rights, law and order, the ability to contract into the future with confidence, culture and values, an openness to innovation, social cohesion, public infrastructure, fair and efficient taxes, and sound money. Before anyone objects, let me volunteer immediately that that list is neither comprehensive nor ranked in order of importance.
But whatever the full story, we quickly find two themes emerging: sustained growth and prosperity required an openness to change, and both vigorous markets and good government had important roles to play. In short, markets and governments needed each other. What about the future? Well, all that is interesting history, but what does it mean for 21st century New Zealand?