This meant that much of what the government wanted to do reform Australia's archaic system of industrial relations, privatise Telstra, its telecoms monopolist, change its media laws was blocked, abandoned or never even started.

ECONOMIST: Has he got the ticker? | The

The new deal would also include a review of AWE's pay system and a promise to address industrial relations issues.

BBC: AWE nuclear staff urged to accept new 2.5% pay deal

The early fruit was the Bretton Woods monetary system, which established the rules governing commercial relations between the big industrial nations.

ECONOMIST: A history of power