Part 6/9:
Historically, New Zealand's agricultural economy was heavily subsidized until the 1980s. However, after a series of economic crises, including plummeting wool prices and global inflation, the government reformed its policies radically. It stripped away agricultural benefits and adopted a free-market approach, which allowed farmers to adapt to market demands rather than rely on government incentives. This deregulation paved the way for farmers to become more adaptive and resource-efficient, enhancing overall productivity.