Economic prosperity has been a goal of countless Canadian governments throughout the 2000’s and while there have been moments where it seemed the economy would fail, it would always revive and prosper. According to economist, economic prosperity can be achieved through the economic goals. Each of the three journals that we have done this semester allow for insight within the workings that can be done in order to work towards these goals and ensure the economic prosperity of Canada. A few things that the journals showed that can be done within the Country to ensure economic accomplishment would be the economic development of cities beside Toronto and other big cities, Canada’s continued contribution to the development of jobs and the constant …show more content…
growth of trade. An aspect that Canada should look at is the economic development of cities beside Toronto and other big cities to allow for economic prosperity.
As seen in the journal that discussed the rising house prices of Toronto, as a result of good jobs and wealthy immigrants, the Toronto house market suffered from inflation. By economically developing cities beside Toronto, it would reduce the demand in the Toronto house market, which would alleviate the high prices of homes allowing for Canada to work towards the goal of price stability. Furthermore, if the inflation situation in Toronto, where inflation rises faster than wages, carried on to other big cities, then it would result in the reduction of the purchasing power of Canadians, ultimately stumping economic growth. It could be argued that inflation is beneficial because inflation and unemployment are inversely related, thus causing a decrease in unemployment with the rise of inflation. That being said, this is only temporarily as constant inflation is unsustainable and would eventually result in a far larger crash. As Canada considers the development of more cities, Canada should also contemplate investing with manufacturers and companies to provide …show more content…
jobs. One of the factors that Canada can take part in to ensure economic prosperity would be to continue to contribute money to companies to make factories/stores which will increase jobs and give the government long term tax revenues and benefits. In the journal involving the Oakville plant, the Canadian government contributed funds to Ford for a manufacturing plant which resulted in an increase of 1,000 jobs and an overall increase in total income. This contributed to the economic goal of full employment, full employment being the goal of the Canadian government whose means is provide those who want a job, with a job. The development of the plant also contributed to the economic growth of Canada. This is the result of an increase of income as higher income leads to higher consumption which causes a creation of jobs. Another result of the Canadian government's investment was a small step towards the goal of income equity. As more people are employed, the gap between the rich and the poor is reduced, thus leading to a fairer overall distribution of income within Canada. That being said, while looking within Canada is strong, looking to different countries will help ensure that Canada continue its economic success in the long term. A strong factor that has always been important to Canada is its trade with foreign nations and by increasing trade, it would assist Canada in maintaining its economic prosperity.
The third journal that was done was about how China has shown plans to open up a trading hub for its currency to encourage trade between Canada and China. As a result of this, exports will increase which will allow for companies to grow themselves and this will lead to a creation of more jobs, thus a movement towards the economic goal of full employment.In addition, by encouraging trade between the two countries, both have the opportunity of economic growth. With the increase of the injection known as exports, more money flows into the economy’s income spending stream allowing for economic growth the occur.Another goal that the hub achieves, is the goal of economic efficiency. If China specializes in a certain industry that Canada struggles in, then the trade would allow Canada to instead use those resources in areas that Canada may be better in, for example fishing. This would allow Canada to employ its limited resources in a way to achieve highest
benefit. In conclusion, the journals that were looked at in class showed that economic prosperity can be achieved through the economic development of cities beside Toronto and other big cities, Canada’s continued contribution to the development of jobs and the constant growth of trade. Each of these methods have shown ability to accomplish the economic goals through price stability to economic efficiency. Finally these methods will ensure economic success and ensure better lives for Canadian citizens in the future.
Quebec’s social identity and defining characteristics contradict and conflict with those of rest of Canada. Since the genesis of our country, the political, social disagreements, and tensions between Quebec and the rest of Canada have been unavoidable. Utilizing Hiller’s key contradictions in the analysis of a Canadian society, we will compare and contrast the nature of the societal identity in Quebec compared to that of rest of Canada, emphasising on the major differences and tensions between the province and the rest of the country.
The Great Depression was a devastating event that brought misfortune to many people as a result of the stock market crash on Black Tuesday. This paper will seek to explore the impact and effects on the agriculture industry throughout the province of Prince Edward Island, herein referred to as P.E.I. Furthermore; it will analyze critical events and ask questions as to how people during this era reacted to the change in economic uncertainty.
Topic and Specific Case: The topic that I have chosen is the impact that the shift to neoliberal government policies has had on workers in Canada. I have chosen to explore this topic through looking at the restructuring of unemployment insurance in the 1990’s neoliberal era when it came to be called employment insurance (McBride, 2005, pg. 90).
The housing market is very unique as unlike other goods and services, houses have permanence, it is a fixed location good causing the rules of supply and demand to be taken to new extremes. In the case of the Toronto housing market we can view in almost real time the role supply and demand play on he ever increasing house prices, additionally the fundamental economic issue of scarcity is made extremely apparent by the limited size of the city of Toronto.
Canada suffered its longest and most terrible economic depression in its history between 1929 and 1939. It is now known as the Great Depression. This essay will demonstrate the major causes, political, economic and social consequences, and the government’s solutions from the Great Depression. The Great Depression affected all of Canada and is a key part of our history. It is important that we learn from it so we can prevent it from happening again.
History professor 's Ken Coates and Bill Morrison, in their article, ' 'The uses and abuses of university, ' ' emphasize the mismatch between what students are learning in university, and what the economy truly needs. Coates and Morrison 's purpose is to impress upon readers the idea that post secondary graduates are often bombarded with unexpected difficulties such as struggling to find paid employment, and accepting unskilled, low paying jobs. They adopt a candid approach in order to convey to their readers the idea that our education is not parallel with our ever changing Canadian economy. The article is concluded with an engaging statement addressing the extreme disconnect between what universities are producing, and what the students need in order to bridge the unemployment gap, and that if universities are unable to accept the truth behind why people attend universities, the graduates and the economy will continue to suffer. Through their use of a strong personal story, statistics, and then and now comparisons, they are able to effectively defend their bold thesis.
Newman, Garfield et al. Canada A Nation Unfolding. Toronto: Mc Graw – Hill Ryerson Limited, 2000.
...nguage, and religion all make up Canada’s human face, but also front how the cultural accommodation will continue with the risk of losing Canada’s main traditions. Faultlines again come into perspective within demographic issues, especially with newcomers/old-timers, aboriginal population expansions, and French/English language. The core/periphery model is also represented. The end of the chapter places a focus on Canada’s economic face as well, dealing with stresses inside the global economy as well as its strong dependency on the U.S markets (Bone, 169) especially with the stimulating global recession. Canada’s economic structure leans on the relative share of activity in the primary (natural resource extraction), secondary (raw material assembly), tertiary (sale/exchange of goods and services), and quaternary (decision-making) sectors of the economy (Bone, 166).
The Great Depression was not just a little event in history, hence the word “great”, but a major economical setback that would change Canada, and the world, forever. The word “great” may not mean the same thing it does now; an example of this is the ‘Great’ War. These events were not ‘good’ or ‘accomplishing’ in any way, quite the opposite, but in those times it most likely meant ‘big’. What made it big are many factors, both in the 20’s and 30’s, which can be categorized into three main points: economics, politics and society. With all these events, compressed into ten years, this period of economic hardship of the 1930’s truly deserves the title the “Great Depression”.
In my opinion, social programs are essential to the economic health of both citizens and the country as a whole. Programs such as public education and income support (ex. The GST/HST tax credit for low-income earners) serve as financial equalizers which allow for improved standards of living, and, as a result, increased economic activity. The reasoning behind this is that a more even distribution of wealth results in more consumer spending because money that would otherwise be held in the brokerage accounts of the upper class, for example, are instead used to fulfill the basic needs of the lower class. Additionally, programs such as public healthcare and employment insurance provide financial and psychological stability to citizens and helps to maintain a healthy economy. Although the system can be abused, it does not occur in a majority of cases and I would argue that the benefits outweigh the disadvantages.
People outside of Canada are baffled at how Canada ended up in such a state of affairs. Canada as a country has a lot going for it. A high GNP, and high per capita income in international terms. It is ranked at the top of the...
Canadian Centre for Policy Alternatives, Alternative Federal Budget 2011, Report: Rethink, Rebuild, Renew (pg. 69, 70, 72, 75) Retrieved from: http://www.policyalternatives.ca/AFB2011
To conclude, in the present Canadians are seeing change in PSE funding policies begin to come from the provinces. Due to the fact that “when Ottawa went against the grain and launched the Millennium Scholarship programs, provincial feathers, especially Quebec’s, were immediately ruffled,” provinces such as Quebec and British Columbia, among others, were motivated to “set up their own research funding agencies with the view to [maximize] the likelihood of obtaining funds from Ottawa,” (Bakvis 216). As for the legitimacy of cooperative federalism in Canada today, it seems as though executive federalism itself is turning largely paternalistic – at least in the sense of PSE. More often than not, in PSE funding, the federal government has taken the initiative while “one set of executives – those from provincial governments – was largely absent,” (Bakvis 218).
The shortage of skilled workers in the coming decade poses a serious threat to all aspects of the Canadian economy. Like all others, our economy is comprised of three major elements: primary products, secondary goods and services. My research indicates that primary products constitute just over 7% of Canada's GDP, secondary goods account for 21%, and the services comprise 72%. This distribution although heavily in favor of the service industry still shows the importance of the secondary/manufacturing industry in Canada's modern day economy. Taking into fact that since the late nineteenth century, Canada's centre of manufacturing is focused in two provinces, Ontario and Quebec. Consistently, year after year, Ontario contributes about 50% of the Canadian total of manufactured goods produced, measured by value, and Quebec 25%.
Many economists argue that market solutions are more efficient than government agencies in providing services even when it comes to “merit goods”. In the discussion of housing problem, I would disagree with the economist’s view. Housing is a very complicate issue that I believe it will work the best by the cooperation of market and government agencies. The Canadian government has worked for many years on the housing issue, but does not seem to have any adequate solutions to solve the problem. The housing market, unlike other industry, has a dominant feature of inelastic short-run supply. This characteristic of the housing market has made a great obstacle in coping with the problem. In fact, we may look at other countries’ experiences and learn how to deal with the problem effectively. Canadian government’s housing policy is based on the idea that everyone is entitled to decent and affordable housing. Housing is a necessity and everyone needs a place to live. It is for this reason that government set its goal to ensure everyone is living in housing of adequate quality at a price they can afford. However, the government has turned into wrong definition of decency and affordability. Firstly, decency is subjective according to different cultures. I think that the Canadian government is setting a very high value on living environment, and such a high standard may cause more difficulties in solving the problem. Secondly, Canadian government has continuously reduced its standard in defining affordability. It was consider affordable if housing cost no more than 20% of your income.