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Prime Minister Trudeau leads a big entourage to China this week, in hopes of expanding Canada’s foothold in that huge economy. A couple of interesting media stories today set the stage for the visit: an overview of China’s evolving diplomatic and economic strategies by Andy Blatchford of Canadian Press, and a review of China’s growing […]
This guest blog post has been written by Louis-Philippe Rochon. You can follow him on Twitter @Lprochon – Harperâ€™s recent incarnation as an anti-terrorist crusader has caught many Canadians by surprise. Harper is spending considerable political energy beating the drums of war against terrorists, and introducing a far-reaching, and much condemned, bill aimed at restricting […]
Posted by Nick Falvo under Bank of Canada, banks, China, Conservative government, economic crisis, economic growth, employment, exchange rates, financial markets, GDP, global crisis, interest rates, international trade, labour market, macroeconomics, manufacturing, monetary policy, recession, Role of government, unemployment, US.
February 6th, 2015
In a recent CBC blog post, Louis-Philippe Rochon assesses the current state of the Canadian economy. The link to the blog post is here. Follow him on Twitter @Lprochon.
Posted by Nick Falvo under Bank of Canada, budgets, China, Conservative government, deficits, economic crisis, economic growth, employment, exchange rates, federal budget, fiscal policy, global crisis, household debt, IMF, interest rates, labour market, macroeconomics, manufacturing, monetary policy, recession, stimulus, unemployment.
February 5th, 2015
The hype on LNG has grown to staggering proportions. I have not had much time to debunk all of the government’s grotesque exaggerations and outright falsehoods. But Christy Clark’s claim that BC is “doing the world a favour” by exporting LNG to Asia made me write this oped, which gotÂ picked up in today’sÂ Vancouver Sun: Is […]
We continue our special series of commentaries marking the 50th anniversary of the publication of Mel Watkins’ classic article, “A Staple Theory of EconomicÂ Growth,” with the following contribution from Daniel Poon.Â Daniel is one of Canada’s leading experts on the theory and practice of industrial policy, and the successfull industrialization experience of East Asia.Â He is […]
Another year, another dead Canadian tech giant.Â Blackberry was sold yesterday for scrap to the Toronto private equity firm Fairfax.Â The purchase price of $4.7 billion is essentially valued at its cash of $2.6 billion and the value of its patents.Â Blackberryâ€™s active businesses are being valued at essentially nothing.Â If Fairfax can stop the […]
Bill Curry reports in today’s Globe that, at last year’s economic policy retreat, business leaders urged Finance Minister Flaherty to reduce the pay of “overpriced” Canadian workers, including through anti union right to work legislation. Coincidentally, or not, the subsequent 2012 federal Budget introduced new rules which will require most EI claimants to accept jobs […]
The China National Offshore Oil Corporationâ€™s (CNOOC) bid to acquire Nexen is a large and complex proposal. Canadians should call for a more thorough and transparent review than other foreign takeovers have received under the Investment Canada Act. A preliminary outline of possible costs and benefits follows. The Downside: Chinese Consumer Interests A company like […]
Today’s Globe editorial provides further evidence of distorted economic reasoning being rolled out to attack Thomas Mulcair. “Mr. Mulcair seems to long for a golden age of manufacturing and a low dollar, but his longing wonâ€™t take Canada anywhere. Not only the dollar but Asian competition has inflicted damage on Canadian exporters.” The implication seems […]
A few years ago, I wrote an opinion pieceÂ on “pathway colleges”â€”i.e. private companies that recruit students from other countries and then ‘bridge’ them into Canadian universities by providing pre-university courses, including English as a Second Language. A recent CBC News article Â underlines how perilousÂ such recruitment of post-secondary students from abroadÂ can be, andÂ why it is important […]
The Prime Minister’s trip to China last week sparked a flurry of media coverage regarding prospects for “closer” economic ties between Canada and China.Â Some even speculated that another free trade agreement is in the works (as soon as the Harper government inks its planned deals, of course, with the EU, India, Korea, and the […]
With the spotlight on the federal government’s aggressive push to export tar sands bitumen via the Enbridge Northern Gateway Pipeline to Kitimat, and from there by tanker on to China, the BC government reclaimed some attention on the energy file when it released its Natural Gas Strategy last week. With lots of glossy pages, but […]
Here is an interesting piece from the Financial Times on how Chinese companies are rapidly grabbing global market share from Germany of all countries across a swath of technologically sophisticated capital goods industries, from solar, to high speed rail, to the German fortress of mechanical engineering and machine tools. Had China heeded the mainstream view […]
A week ago, the Government of Saskatchewan released the Conference Board of Canadaâ€™s report on the possible Potash Corporation of Saskatchewan (PCS) takeover. It provides 77 pages of useful information, but is disappointingly thin on policy recommendations. The Conference Board downplays concerns about BHP leaving Canpotex after acquiring PCS. It argues that, with or without […]
Concerns about the prospect of BHP Billiton leaving Canpotex have prompted a backlash of hand-wringing about Canpotexâ€™s very existence. For example, The Globe and Mail featured an editorial earlier this month that began by suggesting, â€œCanadian policy-makers should reconsider the status of Canpotex.â€ But it concluded, â€œIn practice, unwinding Canpotex would be no simple matter. […]
When emissions are reported for the US or Canada, there is an accounting convention that restricts the total to emissions released within the borders of that jurisdiction. This means that Canada’s exports of tar sands oil are counted only to the extent that fossil fuels are used in the extraction and processing, not the combustion […]
On the eve of the Beijing Olympics, recognition should certainly go to the scores of workers who toiled to build the stunning spors palaces and who have made China into the economic powerhouse it is today.Â Instead, many have received layoff notices and warnings to leave the Chinese capital, as the New York Times reported […]
Canada’s Environment Minister, John Baird, is in Bali doing his best to undermine any progress towards a new pact on climate change. One of his arguments is that everyone needs to be on board, especially the US and China, the two largest emitters of greenhouse gases. However, it is worth thinking about who is responsible […]
Thomas Palley, formerly of the AFL-CIO, just posted a very good piece on “The New Economics of Trade” that clearly connects the dotsÂ between several themes frequently discussed on this blog.
From the New York Times (thanks to Price Tags for leading me there): The blue and yellow sign along Main Street in Ridgefield looked a lot like a historical marker, but something wasnâ€™t quite right. Rather than commemorate a famous person who had stood there, or an event that had shaped history, the marker honored […]
I overheard on the radio that Mattel has made an apology to the Chinese government for its recall of numerous products â€“ a huge symbol of just how mighty China is. At the time of recall mania there was a lot of China-bashing for its lax regulatory oversight (not so much what it meant for […]
Sachs’ article below suggests that China’s growing influence on the world stage may well signal the end of neoliberalism. That ideological framework of monetarism, liberalization, deregulation and privatization was imposed through structural adjustment programs, mostly in Latin America and Africa, with terrible results. Meanwhile, most Asian countries flouted those policy prescriptions en route to steller […]
Yesterday’s International Merchandise Trade Annual Review from StatsCan confirms the Mel Watkins thesis that Canada is rapidly reverting to its historical role as a commodity producer for the global economy. http://www.statcan.ca/Daily/English/070508/d070508a.htm From 2002, the Canadian dollar began to appreciate rapidly against the US dollar (and Asian currencies tied to the US dollar) in response to […]
For more on the themes highlighted below by Jim, my note on trade balances and jobs is now available through the CCPA.
Well, I finally got my name into the Australian papers.Â So I guess I can come back to Canada now.Â (We’re flying home, sigh, in another few weeks.) I worked with the Australian Manufacturing Workers’ Union (sister union, sectorally and politically, to the CAW) to produce a critique of the proposed Australia-China free trade agreement.Â […]