Economy

For much of its modern history, New Zealand ran on four legs. Sheep paid for the roads, the schools, the hospitals, and the welfare state. They shaped the landscape, the economy, and the country’s sense of itself. At one point, there were more than 70 million sheep in a nation of barely three million people.

For much of the 20th century, New Zealand ran on a simple model. It exported agricultural products — mainly meat, dairy, and wool — mostly to Britain. In return, it protected its domestic economy with subsidies, price controls, tariffs, and tight regulations