At the time of the New Zealand Party's foundation in 1983, the Prime Minister was Robert Muldoon. Muldoon was a social conservative but also a strong believer in the need for state intervention in the economy, claiming that only with government involvement could New Zealand be prosperous. In accordance with his economic theories, Muldoon introduced the so-called "Think Big" program, which saw massive overseas borrowing to finance large government construction projects. Later, as New Zealand's economy declined and its deficit increased, Muldoon introduced wage and price controls.