In the 1990 election National defeated Labour in an electoral landslide and formed a new government under Jim Bolger. However, the party lost some support from Muldoon era policy based conservatives when it continued the economic reforms which had ultimately led to the defeat of the previous Labour government—these policies, started by Labour Party Finance Minister Roger Douglas and popularly known as Rogernomics, centred on the privatisation of state assets and on the removal of tariffs and subsidies. These policies alienated traditional Labour supporters, who saw them as a betrayal of the party's social service based character, but did not appear to appease the membership base of the non-parliamentary party either, which still had a significant supporter base for the statist intervention style policies of the Muldoon Government.