Winston Peters believes now’s the right time to reduce economic dependence on globalisation.

The New Zealand First leader says our economy must be rebuilt with the aim of being more autonomous.

He argues if products can be manufactured locally within 15 percent of the global price, they have to be made here.

Peters told Mike Hosking opening up to free markets over time and shutting down local manufacturing has created a welfare legacy.

"As it started to unravel, we brought in the biggest welfare support system to try and disguise it, called family support .

"It’s better if we stick to our knitting like Singapore and the Scandinavian countries."

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