PEF home page and weblog
For years, we’ve been told the dictates of globalization, and the intrusive and prescriptive terms of free trade agreements in particular, are immutable, natural, and unquestionable.
My friend and fellow #cdnecon tweeter Mike Moffatt has published a thought-provoking commentary regarding the impact of the proposed Trans Pacific Partnership (TPP) on Canada’s auto industry. Specifically, Mike engages critically with previous arguments I have made (on this site and elsewhere) that the TPP, as currently negotiated, could result in the ultimate loss of […]
It started with a car accident in February, and the total loss of our 2004 Prius, which had only been ours for less than a year. We were quickly compensated for its market value and were in a position to buy another car, but we held off due to a looming sabbatical that would take […]
I am now finally emerging from the mental fog induced by the 24-7 triennial marathon otherwise known as â€œCAW major auto bargaining.â€ To close the circle, here are my thoughts in retrospect on the bargaining: how the union prepared for it, the issues at stake, the contents of the final deal, and the challenges that […]
The CCPA today released my report: â€œThe Big Banks Big Secretâ€ which provides the first public estimates of the emergency funds taken by Canadian banks.Â The report bases its estimates on publicly available data from CMHC, the Office of the Superintendent of Financial Institutions, US Federal Reserve, the Bank of Canada, as well as quarterly […]
Posted by David Macdonald under asset backed commercial paper, auto industry, Bank of Canada, banks, capitalism, corporate profits, economic crisis, economic risk, financial crisis, financial markets, financial regulation, free markets, global crisis, income distribution, inequality, recession, Role of government, Uncategorized.
April 30th, 2012
I was on a road trip recently, driving through the American south, and ended up coming face to face with the economics of gambling. The friend I was travelling with is a professional poker player, making his living at casinos all across the US. He used to work as an IT consultant in Toronto, helping […]
Canadian free trade negotiators are going all-out to get a deal with the EU on a new free trade agreement. The Harper government wants a deal badly for largely symbolic and ideological purposes, to show that the free trade agenda is back on track under this “stable majority government.”Â Many valid concerns have been raised […]
I was recently invited to speak to the annual management briefing conference sponsored in Michigan by the Center for Automotive Research, a fine outfit which does the best research work in the continent on auto employment, workers, and skills.Â My slides are available here. My panel was addressing the current UAW negotiations with the Detroit […]
Manufacturing jobs have been declinining as a percentage of total jobs in most OECD countries for several decades, with Ontario being especially hard-hit as a jurisdiction. At the end of the Second World War, manufacturing jobs accounted for 26% of all Canadian jobs; by 2007, this figure had dropped to just 12%. And as I’ve […]
Posted by Nick Falvo under auto industry, Conservative government, education, employment, industrial policy, labour market, manufacturing, NAFTA, OECD, Ontario, post-secondary education, R&D, student debt, unemployment, US, wages.
June 26th, 2011
Like most dailies, the Globe and Mail produces a honking big weekly supplement on cars; theirs is called Globe Drive, and comes out every Friday.Â One feature of the section is a mildly amusing column called “My Wheels,” each edition of which features some minor Canadian celebrity discussing their personal choice of vehicle. I recently […]
GM’s $22 billion IPO got off to a roaring start last week. It’s ironic, needless to say, that it was underwritten by some of the same financiers (JP Morgan, Morgan Stanley, Citigroup, and Bank of America) who brought us the global financial crisis — the same crisis that pushed GM over the edge into bankruptcy […]
Here’s an amusing epilogue to my recent CCPA report on the possible economic and employment impacts of a free trade agreement between Canada and the EU.Â (Here is the report; here is my blog on it.) The day after the report came out, reporters asked Trade Minister Peter Van Loan to comment on its predictions […]
Last week’s announcement by GM that is has fully repaid the loans it received from the U.S., Canadian, and Ontario governments (years ahead of schedule, and with interest) was greeted in most circles as another positive sign of the auto industry’s modest recovery.Â Since the dark days of last June (when Chrysler was shut down […]
In all the kerfuffle around Finance Minister Flaherty’s $50 billion deficit projection, the cost of the joint federal-Ontario support for the restructuring of GM and Chrysler has been getting a lot of attention. But while that restructuring support is an important and expensive undertaking, there’s no way it should be fingered as the major cause […]
CCPA Executive Director Bruce Campbell coordinated the following letter, published at rabble.ca, from a number of progressive economists (mostly academic and private sector, not from the trade union sector) about the growing risk of deflation in general and the federal government’s attack on auto workers in particular. Government pressure to cut wages will increase the […]
One enormous myth that has been propagated (sometimes innocently, sometimes not) in recent debates over the future of the auto industry is the false notion that auto workers “make” $75 per hour. Autoworkers don’t remotely make that much money — yet the lie has been repeated often enough, I am amazed at how many people […]