Generation and Development of the Structural Reform on the Supply Side in the Global Perspective

In the 1970s, the global environmental changed and economic structural troubles brought major economies problems such as the economic stagnation, inflation, financial burden, budget imbalance, low productive efficiency, slow structural adjustment etc., which the Keynesian demand management could no longer handle. Since the late 1970s, with new leaders such as Thatcher, Reagan and Cole, those major economies had started their structural reforms on the supply side, confining the attention to the market and free competition. Economic growth became the primary goal and there were new relationships between the government and the market, the government and the enterprises, the government and the people, capital and labor, and unity and structure as well.