<P> However, Muldoon's government was not entirely backward looking . Some innovations did take place, for example the Closer Economic Relations (CER) free - trade programme with Australia to liberalise trade, starting in 1982 . The aim of total free trade between the two countries was achieved in 1990, five years ahead of schedule . </P> <P> In 1984, the Fourth Labour Government, led by David Lange, was elected amid a constitutional and economic crisis . The crisis led the incoming government to review New Zealand's constitutional structures, which resulted in the Constitution Act 1986 . In power from 1984 to 1990, the Labour government launched a major policy of restructuring the economy, radically reducing the role of government . A political scientist reports: </P> <P> "Between 1984 and 1993, New Zealand underwent radical economic reform, moving from what had probably been the most protected, regulated and state - dominated system of any capitalist democracy to an extreme position at the open, competitive, free - market end of the spectrum ." </P> <P> The economic reforms were led by finance minister Roger Douglas (1984--1988). Dubbed Rogernomics, it was a rapid programme of deregulation and public - asset sales . Subsidies were phased out to farmers and consumers . High finance was partly deregulated . Restrictions on foreign exchange were relaxed and the dollar was allowed to float and seek its natural level on the world market . The tax on high incomes was cut in half from 65% to 33% . The shares exchange entered a bubble, which then burst . Shares had a total value of $50 billion in 1987 and only $15 billion in 1991; at one point the crash was "the worst in world ." Overall the economic growth fell from 2% a year to 1% . Douglas's reforms resembled the contemporaneous policies of Margaret Thatcher in Britain and Ronald Reagan in the United States . </P>

Who were the various individuals that settled in the new world