University of Alberta the Political Economy of Canadian Oil Export

Total Page:16

File Type:pdf, Size:1020Kb

University of Alberta the Political Economy of Canadian Oil Export University of Alberta The Political Economy of Canadian Oil Export Policy, 1949-2002 by Tanya Whyte A thesis submitted to the Faculty of Graduate Studies and Research in partial fulfillment of the requirements for the degree of Master of Arts Political Science ©Tanya Whyte Spring 2010 Edmonton, Alberta Permission is hereby granted to the University of Alberta Libraries to reproduce single copies of this thesis and to lend or sell such copies for private, scholarly or scientific research purposes only. Where the thesis is converted to, or otherwise made available in digital form, the University of Alberta will advise potential users of the thesis of these terms. The author reserves all other publication and other rights in association with the copyright in the thesis and, except as herein before provided, neither the thesis nor any substantial portion thereof may be printed or otherwise reproduced in any material form whatsoever without the author's prior written permission. Examining Committee Dr. Ian Urquhart, Political Science Dr. Gordon Laxer, Sociology Dr. Rob Aitken, Political Science Abstract This thesis uses a staples-based political economy approach, supplemented with regulation theory, to investigate why Canadian governments pursued interventionist or non-interventionist approaches to oil export policies over the years 1949-2002. Three distinct paradigms over this time period are identified and examined at multiple levels of analysis, with a focus on power relations as causal factors. Structural biases of the Canadian economy, namely staples dependence and continentalism, combined with entrenched political cleavages of national identity and federalism to influence the success or failure of paradigms of oil export policy. External crises and power shifts precipitated the creation and destruction of these paradigms. In between these transformations, hegemonies formed based upon social, political, and economic arrangements that mutually supported the negotiation of major structural cleavages. Finally, conclusions are drawn about the role of labour as a catalyst for the development of a new interventionist, anti-continentalist paradigm in oil policy. Table of Contents Chapter 1: Introduction 1 Theoretical Discussion 3 Organization: Simeon’s Funnel of Causality Framework 5 Foundations: Canadian Political Economy 6 Change: Regulation Theory 9 Institutions: Accounting for the Unique Role of the NEB 12 A Plan of the Thesis 13 Chapter 2: 1949-1969 15 Historical Overview 15 Analysis 19 Environment 19 Power 24 Ideas 31 Institutions 37 Trends and Conclusions 42 Chapter 3: 1970-1983 44 Historical Overview 44 Analysis 52 Environment 52 Power 58 Ideas 71 Institutions 77 Trends and Conclusions 84 Chapter 4: 1984-2002 89 Historical Overview 89 Analysis 100 Environment 100 Power 109 Ideas 128 Institutions 135 Trends and Conclusions 141 Chapter 5: Conclusions and Future Directions 148 Bibliography 159 Chapter 1: Introduction An understanding of modern capitalism and its social and political support structures is, in many ways, tied to the business of oil. As Daniel Yergin points out in his seminal history of the industry, The Prize, oil has shaped history in three significant ways. As a commodity, oil has spawned the largest and most successful capitalist corporations on the planet, and generates massive amounts of wealth for businesses capable of handling the risk. As a strategic resource, oil shapes international politics through its necessity to modern warfare, its role in national development, and the power and influence that flows from controlling its value. Finally, as a social need, oil is a fundamental of modern life. Not just luxuries like car transportation and plastic consumer goods, but necessities like the transportation of food and the construction of houses, are dependent upon hydrocarbon products.1 The ability to supplant human labour with chemical energy has been fundamental to the global political economy. Closer to home, Canada’s economic and political development has been tied in unique ways to basic commodity extraction. The dependence of Canada’s economy throughout history of the export of basic “staple” products—furs, fish, lumber, wheat, and oil and gas—has spurred the development of a Canadian tradition of political economy, beginning with Harold Innis’ 1930 study, The Fur Trade in Canada: An Introduction to Canadian Economic History. Innis’ work also questioned the power relationships maintained through these dependency relationships, first with Britain, then later the United States. These kinds of questions, further pursued by Canadian political economists in the 1970s-80s, remain extremely relevant today. Canada’s trade surplus has been single- handedly carried by the energy sector in recent years, accounting for $90 billion in exports in 2007 (crude oil alone made up $41.8 billion, representing almost a four-fold increase over the last decade).2 99% of Canada’s energy exports go to the United States. Considering the political importance of oil—and the legacies of Canadian development that oil exports transform or perpetuate—these economic facts and their implications for Canada’s future are worth careful analysis. 1 Daniel Yergin, The Prize: The Epic Quest for Oil, Money, and Power (New York: Free Press, 1991), 14-15. 2 Statistics Canada, “Canada Year Book 2008: Energy,” available http://www41.statcan.gc.ca/2008/1741/ceb1741_000-eng.htm, January 20, 2009. 1 Fundamentally, public policy can be thought of as “what the state chooses to do or not do;”3 however, in the case of oil export policy, the “state” is fundamentally divided. Since 1959, the National Energy Board Act has delegated power over the regulation and approval of oil exports to the National Energy Board (NEB), an independent, quasi-judicial hearings board acting “in the public interest.”4 The NEB is empowered to set and enforce rules in areas mandated by the Act based on its technical competence, and is required to hold public hearings (as well as consult with involved parties like oil and pipeline companies) when reaching decisions.5 Even more confusingly, the Board is mandated to advise Parliament on energy policy issues “over which Parliament has jurisdiction.”6 The NEB is not entirely independent in its powers; the government can influence its decisions through active two-way consultation, and formal approval and Cabinet appeals of major decisions (like export pipeline approvals). Of course, government also sets the policy framework within which the NEB must make and enforce rules. The 1961 National Oil Policy and the 1981 National Energy Program are examples of such overall frameworks that will be examined later in this thesis. In some cases, Parliament has simply overridden the jurisdiction of the Board over oil export approvals and pricing, such as during its policy response to the 1973 oil shock. At other times, Canadian governments have granted the NEB greater powers to regulate; instructed the NEB to delegate particular functions to the market; and allowed the NEB to independently pursue other forms of deregulation. In sum, the policy role of the Board has been contested throughout its existence, and direct government regulation versus independent regulation (and of what aspects of the oil market—“deregulation” is not the same as “non-intervention” in this case) has been a continual dilemma. The goal of this thesis is to explain the evolution of this continuum in Canadian oil export policy since the 1950s until the present day. What factors have influenced the creation and implementation of interventionist or non-interventionist policies, and why? How is intervention related to the orientation of governments towards oil exports (and, thus, continentalism)? How can shifts along the continuum be accounted for? My normative goal is to suggest ways that the dominant export mentality can be challenged, following the evidence I uncover. In this Introduction, I will lay out in more detail the theoretical tools I will be using to map influences on and changes within oil export policy. Drawing on approaches employed within the literature, I will formulate my own theoretical lens based upon four major tools. First, I will set out a general framework for organizing and making sense of a historical analysis of export policy, based on Richard Simeon’s concept of the “funnel of causality.” Secondly, I will situate the fundamental viewpoint of the thesis within a framework of political economy, 3 Peter Graefe, “Political Economy and Canadian Public Policy,” in Critical Policy Studies, eds. Michael Orsini and Miriam Smith (Vancouver: UBC Press, 2007), 19. 4 “National Energy Board Act,” in Revised Statues of Canada, 1985, c. N-7, s. 12, available http://laws.justice.gc.ca/eng/N-7/index.html, accessed November 23, 2009. 5 Ibid., s. 12. 6 Ibid., s. 26. 2 emphasizing the interconnectedness of political, social, and economic factors and the power relationships between each. Thirdly, I will bring in concepts from regulation theory compatible with a political economy analysis as a tool for examining policy change. Fourth, in recognizing the importance of the NEB, I will explain my usage of some concepts from institutionalism and institutionalist analyses of regulatory policy. Throughout this discussion, I will lay out a plan of the following chapters with reference to this theoretical framework and the arguments I hope to develop. Theoretical Discussion One of the most complete and well-written studies of Canadian energy policy in general is John McDougall’s
Recommended publications
  • The New Canadian Federal Dynamic What Does It Mean for Canada-US Relations? Canada’S Political Spectrum
    The New Canadian Federal Dynamic What does it mean for Canada-US Relations? Canada’s Political Spectrum Leader: Justin Trudeau Interim Leader: Rona Leader: Thomas Mulcair Ambrose Party Profile: Social Party Profile: Populist, liberal policies, historically Party Profile: Social democratic fiscally responsible liberal/conservative, socialist/union roots fiscally pragmatic Supporter Base: Urban Supporter Base: Canada, Atlantic Supporter Base: Quebec, Urban Canada Provinces Suburbs, rural areas, Western provinces Leader: Elizabeth May Leader: Vacant Party Profile: Non-violence, social Party Profile: Protect/Defend justice and sustainability Quebec interests, independence Supporter Base: British Supporter Base: Urbana & rural Columbia, Atlantic Provinces Quebec Left Leaning Right Leaning 2 In Case You Missed It... Seats: 184 Seats: 99 Seats: 44 Popular Vote: 39.5% Popular Vote: 31.9% Popular Vote: 19.7% • Swept Atlantic Canada • Continue to dominate in the • Held rural Québec • Strong showing in Urban Prairies, but support in urban • Performed strongly across Canada – Ontario, Québec, and centres is cracking Vancouver Island and coastal B.C. B.C. 3 Strong National Mandate Vote Driven By • Longest campaign period in Canadian history – 78 Days • Increase in 7% in voter turnout • “Change” sentiment, positive messaging…. sound familiar? 4 The Liberal Government The Right Honourable Justin Trudeau Prime Minister “…a Cabinet that looks like Canada”. • 30 Members, 15 women • 2 aboriginal • 5 visible minorities • 12 incumbents • 7 previous Ministerial
    [Show full text]
  • WT/TPR/M/314 19 August 2015 (15-4200) Page
    WT/TPR/M/314 19 August 2015 (15-4200) Page: 1/53 Trade Policy Review Body 15 and 17 June 2015 TRADE POLICY REVIEW CANADA MINUTES OF THE MEETING Chairperson: H.E. Mr Atanas Atanassov Paparizov CONTENTS 1 INTRODUCTORY REMARKS BY THE CHAIRPERSON ....................................................... 2 2 OPENING STATEMENT BY THE REPRESENTATIVE OF CANADA (HONOURABLE MR CAMERON MACKAY) ................................................................................................... 4 3 STATEMENT BY THE DISCUSSANT ................................................................................ 8 4 STATEMENTS BY MEMBERS ........................................................................................ 12 5 REPLIES BY THE REPRESENTATIVE OF CANADA AND ADDITIONAL COMMENTS ......... 47 6 CONCLUDING REMARKS BY THE CHAIRPERSON ......................................................... 52 Note: Advance written questions and additional questions by WTO Members, and the replies provided by Canada are reproduced in document WT/TPR/M/314/Add.1 and will be available online at http://www.wto.org/english/tratop_e/tpr_e/tp_rep_e.htm. WT/TPR/M/314 • Canada - 2 - 1 INTRODUCTORY REMARKS BY THE CHAIRPERSON 1.1. The tenth Trade Policy Review of Canada was held on 15 and 17 June 2015. The Chairperson H.E. Mr Atanas Atanassov Paparizov (Bulgaria) welcomed the delegation of Canada headed by Honourable Mr Cameron Mackay, Director General, Trade Negotiations, Department of Foreign Affairs, Trade and Development; the rest of the delegation, including H.E. Ambassador Jonathan T. Fried, Permanent Representative of Canada to the WTO; other colleagues from the Mission in Geneva; and the discussant, H.E. Ambassador Remigi Winzap (Switzerland). 1.2. The Chairperson recalled the purpose of the Trade Policy Reviews and the main elements of the procedures for the meeting. The report by Canada was contained in document WT/TPR/G/314 and that of the WTO Secretariat in WT/TPR/S/314.
    [Show full text]
  • The Canadian Dollar and the Dutch and Canadian Diseases
    Volume 6•Issue 30•October 2013 THE CANADIAN DOLLAR AND THE DUTCH AND CANADIAN DISEASES* Serge Coulombe† Department of Economics, University of Ottawa SUMMARY With the spectacular rise of the dollar, along with rising natural-resource prices during the first decade of the 21st century, Canadians heard a great deal about Dutch disease. Many politicians and pundits blamed the phenomenon — in which a country’s currency, inflated by rising commodity prices, renders manufacturing exports increasingly uncompetitive — for rising unemployment in the Canadian manufacturing industry. But a close look at what happened during that period reveals that the Dutch disease mechanism was only part of the story. The other part, and quantitatively the most important, is an affliction of an altogether different providence: Canadian disease. Canadian disease is the economic trouble that can be caused by Canada’s extraordinarily heavy reliance on the United States as a trading partner. As a consequence, a sudden depreciation of the U.S, dollar will deteriorate the competitiveness of Canadian manufacturing exporters. Such a phenomenon was at work during the “Great Appreciation” of the Canadian dollar between 2002 and 2008 — the largest such appreciation on record in this country. The depreciation of the U.S. dollar is a phenomenon that is independent of the resource boom and the resulting consequences on the Canadian economy cannot be endorsed to a Dutch disease. Almost 2/3 of the employment losses that are exchange rate related in the trade-exposed manufacturers in Canada during the 2002–2008 period could be attributed to the Canadian disease. The Canadian dollar is partly driven by commodity prices, and the appreciation of the Canadian dollar exerts a negative impact on manufacturing industries that are exposed to international competition.
    [Show full text]
  • THE ECONOMY of CANADA in the NINETEENTH CENTURY Marvin Mcinnis
    2 THE ECONOMY OF CANADA IN THE NINETEENTH CENTURY marvin mcinnis FOUNDATIONS OF THE NINETEENTH- CENTURY CANADIAN ECONOMY For the economy of Canada it can be said that the nineteenth century came to an end in the mid-1890s. There is wide agreement among observers that a fundamental break occurred at about that time and that in the years thereafter Canadian economic development, industrialization, population growth, and territorial expansion quickened markedly. This has led economic historians to put a special emphasis on the particularly rapid economic expansion that occurred in the years after about 1896. That emphasis has been deceptive and has generated a perception that little of consequence was happening before 1896. W. W. Rostow was only reflecting a reasonable reading of what had been written about Canadian economic history when he declared the “take-off” in Canada to have occurred in the years between 1896 and 1913. That was undoubtedly a period of rapid growth and great transformation in the Canadian economy and is best considered as part of the twentieth-century experience. The break is usually thought to have occurred in the mid-1890s, but the most indicative data concerning the end of this period are drawn from the 1891 decennial census. By the time of the next census in 1901, major changes had begun to occur. It fits the available evidence best, then, to think of an early 1890s end to the nineteenth century. Some guidance to our reconsideration of Canadian economic devel- opment prior to the big discontinuity of the 1890s may be given by a brief review of what had been accomplished by the early years of that decade.
    [Show full text]
  • Canada's Location in the World System: Reworking
    CANADA’S LOCATION IN THE WORLD SYSTEM: REWORKING THE DEBATE IN CANADIAN POLITICAL ECONOMY by WILLIAM BURGESS BA (Hon.), Queens University, 1978 MA (Plan.), University of British Columbia, 1995 A THESIS SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE DEGREE OF DOCTOR OF PHILOSOPHY in THE FACULTY OF GRADUATE STUDIES Department of Geography We accept this thesis as conforming to the required standard _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ THE UNIVERSITY OF BRITISH COLUMBIA January 2002 © William Burgess, 2002 Abstract Canada is more accurately described as an independent imperialist country than a relatively dependent or foreign-dominated country. This conclusion is reached by examining recent empirical evidence on the extent of inward and outward foreign investment, ownership links between large financial corporations and large industrial corporations, and the size and composition of manufacturing production and trade.
    [Show full text]
  • Favorability – USA 2000
    Catching the Big Wave: Public Opinion Polls and Bandwagons in US and Canadian Elections Dissertation Presented in Partial Fulfillment of the Requirements for the Degree Doctor of Philosophy in the Graduate School of The Ohio State University By Delton T. Daigle, M.A. Graduate Program in Political Science The Ohio State University 2010 Dissertation Committee: Professor Herbert Weisberg, Advisor Professor Janet M. Box-Steffensmeier Professor Paul Allen Beck Professor Randall B. Ripley i Copyright by Delton T. Daigle 2010 i Abstract For as long as public opinions have generally thought to be known there have been claims made that knowledge of where people stand can impact both the attitudes and behaviors of others. Previous research has had mixed results in identifying and measuring the effects of ―bandwagons‖. This research uses better data and derives tests from contemporary theories of public opinion to show that not only do bandwagons definitively exist, but also that they exist most often among the groups of people we would expect to be influenced by ambient information: those adequately prepared to receive a message but not so sophisticated as to not be influenced by it. This research examines and finds bandwagon effects in four elections total in two different countries (Canada in 2004 and 2006 and the United States in 2000 and 2004) and as such, contributes to the larger scientific endeavor of generalization through comparison. ii Dedication For my patient and loving wife Carolina iii Acknowledgements It only seems natural to begin acknowledgements with recognizing my advisor Herb Weisberg and my committee Jan Box-Steffensmeier, Randall Ripley and Paul Beck, whose patience with how long it took me to defend this project cannot be appreciated more.
    [Show full text]
  • Introduction
    1 Introduction Peter Hakim and Robert E. Litan When it came into force on January 1, 1994, the North American Free Trade Agreement (NAFTA) joined the eco- nomic futures of Canada, Mexico, and the United States. Clearly both Canada and Mexico—given their geography and markets—had been integrating with the United States well before NAFTA took effect. Indeed, the United States and Canada had signed a bilateral free trade accord six years earlier. But, with NAFTA in place, the pace of inte- gration accelerated, and systematic rules governing trade and investment along with dispute resolution mechanisms were established, and the governments assumed an active role in guiding, promoting, and managing economic rela- tions among the three countries. Moreover, the three coun- tries are increasingly viewed as a single economic entity, one with a gross domestic product (GDP) of some $10 tril- 1 2 Introduction lion, or 15 percent larger than the fifteen-country European Union (EU). What then lies ahead for North America? As it stands, NAFTA takes a narrow view of integration, focusing almost exclusively on trade and investment matters, steering clear of any new institutional, social, or development arrange- ments. NAFTA barely addresses such vital issues as immi- gration policy and labor markets, the energy sector, envi- ronmental protection, and law enforcement. Moreover, despite their trilateral relationship, the three governments of North America largely conduct business within the frame- work of two bilateral relationships, that is, between Canada and the United States and between Mexico and the United States. The governments of Canada, Mexico, and the United States now must confront the question of whether NAFTA is enough.
    [Show full text]
  • Canada's Policy Towards Communist China, 1949-1971
    Lakehead University Knowledge Commons,http://knowledgecommons.lakeheadu.ca Electronic Theses and Dissertations Electronic Theses and Dissertations from 2009 2014-01-22 Canada's policy towards Communist China, 1949-1971 Holomego, Kyle http://knowledgecommons.lakeheadu.ca/handle/2453/494 Downloaded from Lakehead University, KnowledgeCommons CANADA’S POLICY TOWARDS COMMUNIST CHINA, 1949-1971 by Kyle Holomego A Thesis Submitted to the Faculty of Graduate Studies in Partial Fulfillment of the Requirements for the Degree of Master of Arts Department of History Lakehead University December 2012 1 Abstract The decision of the Canadian government in 1970 to recognize the People’s Republic of China, which controlled Mainland China, as the official government of China, as opposed to the Republic of China, which only controlled Taiwan, was the end result of a process lasting more than two decades. In that time frame, Canada’s China policy would undergo many different shifts. A close examination shows that these shifts were closely linked to the shifting attitudes of successive Canadian leaders. Four different prime ministers would serve in office during Canada’s recognition process, and the inauguration of each prime minister signaled a shift in Canada’s China policy. The issue of recognizing the People’s Republic of China was intertwined with several other issues that were important to Canada. Among these were the economic potential of China, Canada’s need for collective agreements to ensure its security, the desire of the United States to influence Canadian policy, and the desire of Canadian officials to demonstrate the independence of Canadian policy. Of the four prime ministers, three – Louis St.
    [Show full text]
  • A Study of the Canadian Property Boom
    A Study of the Canadian Property Boom By Shirley Xueer Zhou BCom. Accounting, University of Toronto, 2014 M.B.A. Tsinghua University, 2020 SUBMITTED TO THE MIT SLOAN SCHOOL OF MANAGEMENT IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF SCIENCE IN MANAGEMENT STUDIES AT THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY JUNE 2020 © 2020 Shirley Xueer Zhou All Rights Reserved. The author hereby grants to MIT permission to reproduce and distribute publicly paper and electronic copies of this thesis document in whole or in part in any medium now known or hereafter created. Signature of Author_________________________________________________________________________ MIT Sloan School of Management Certified by_______________________________________________________________________________ Roberto Rigobon Society of Sloan Fellows Professor of Management Thesis Supervisor Accepted by________________________________________________________________________________ Jacob Cohen Senior Associate Dean for Undergraduate & Master’s program MIT Sloan School of Management 1 A Study of the Canadian Property Boom By Shirley Xueer Zhou Submitted to the MIT Sloan School of Management on May 8, 2020, in partial fulfillment of the requirements for the degree of Master of Science in Management Studies ABSTRACT Canadian real estate has experienced unprecedented rapid growth since the early 2000s. People are buying homes out of concern and hope that prices may continue to rise. The immediate consequence of this trend is the changes in affordability for Canadian households. Increasing number of individuals have had to shoulder debt burdens that exceed their capacity to pay as a result of the price inflation. This has generated significant risk for the financial system and the strength of the economy. The vulnerabilities due to the housing market performance may undermine economic fundamentals and weaken the economy’s ability to withstand disruptions.
    [Show full text]
  • A Black Perspective on Canada's Third Sector: Case Studies On
    1 A Black Perspective on Canada’s Third Sector: Case Studies on Women Leaders in the Social Economy Dr. Caroline Shenaz Hossein Associate Professor of Business & Society in the Department of Social Science at York University1 Business Address: York University, 4700 Keele Street, Ross South Rm 763 Toronto, ON M3J 1P3 Email: [email protected] Abstract While many Black Canadian women are innovators in the third sector, the contributions of Black people to the social economy go largely unnoticed in the academic literature. The social economy is not only a place of refuge for African- Canadians, it also provides a way for racially marginalized communities to co-opt resources. In fact, racialized Canadians are driven to be active in the third sector by the systemic bias and racism in the Canadian economy and society. To understand the place of the social economy among racialized people, we must recognize that Black and racialized people are not merely on the receiving end of 1 I would like to thank the women in this paper for the time they took out of their busy lives to speak to me about the inspiring work they do every day. I dedicate this paper to Ekua Walcott, a Black community activist, who devoted her life to community development among African-Canadians. A number of other community experts also talked to me about the Canadian social economy and I have protected them without revealing their names for a number of reasons. My colleagues at York University such as Miriam Smith, Annie Bunting, Carl James and Michele Johnson have been very supportive of my work.
    [Show full text]
  • Natural Resources, the Terms of Trade, and Real Income Growth in Canada: 1870 to 2010 by John R
    Catalogue no. 11F0027M — No. 07 ISSN 1703-0404 ISBN 978-1-100--2 Research Paper Economic Analysis (EA) Research Paper Series Natural Resources, the Terms of Trade, and Real Income Growth in Canada: 1870 to 2010 by John R. Baldwin and Ryan Macdonald Economic Analysis Division 18-F, R.H. Coats Building, 100 Tunney’s Pasture Driveway Telephone: 1-800-263-1136 Natural Resources, the Terms of Trade, and Real Income Growth in Canada: 1870 to 2010 by John R. Baldwin and Ryan Macdonald 11F0027M No. 079 ISSN 1703-0404 ISBN 978-1-100-20493-2 Economic Analysis Division 18-F, R.H. Coats Building, 100 Tunney’s Pasture Driveway Statistics Canada, Ottawa K1A 0T6 How to obtain more information: National inquiries line: 1-800-263-1136 E-Mail inquiries: [email protected] April 2012 The authors would like to thank Frank Lewis, Ian Keay and Herb Emery for their comments. Authors’ names are listed alphabetically. Published by authority of the Minister responsible for Statistics Canada © Minister of Industry, 2012 All rights reserved. Use of this publication is governed by the Statistics Canada Open Licence Agreement (http://www.statcan.gc.ca/reference/copyright-droit-auteur-eng.htm). La version française de cette publication est disponible (no 11F0027M au catalogue, no 079). Note of appreciation Canada owes the success of its statistical system to a long-standing partnership between Statistics Canada, the citizens of Canada, its businesses, governments and other institutions. Accurate and timely statistical information could not be produced without their continued cooperation and goodwill. Standards of service to the public Statistics Canada is committed to serving its clients in a prompt, reliable and courteous manner.
    [Show full text]
  • World Economic Situation and Prospects 2008
    World Economic Situation and Prospects 2008 asdf United Nations New York, 2008 Th is report is a joint product of the Department of Economic and Social Aff airs (DESA), the United Nations Conference on Trade and Development (UNCTAD) and the fi ve United Nations regional commissions (Economic Commission for Africa (ECA), Economic Commission for Europe (ECE), Economic Commission for Latin America and the Caribbean (ECLAC), Economic and Social Commission for Asia and the Pacifi c (ESCAP), and Economic and Social Commission for Western Asia (ESCWA)). It provides an overview of recent global economic performance and short-term prospects for the world economy and of some key global economic policy and development issues. One of its purposes is to serve as a point of reference for discussions on economic, social and related issues taking place in various United Nations entities in 2008. For further information, please contact: In New York In Geneva Mr. Sha Zukang Mr. Supachai Panitchpakdi Under-Secretary-General Secretary-General Department of Economic United Nations Conference on and Social Aff airs Trade and Development Room DC2-2320 Palais des Nations, Room E-9050 United Nations, New York 10017, U.S.A. 1211 Geneva 10, Switzerland Phone: (212) 963-5958 Phone: (41) (22) 917-5806/5634 Fax: (212) 963-1010 Fax: (41) (22) 917-0465 E-mail: [email protected] E-mail: [email protected] iii Executive Summary The global outlook The world economy facing uncertain times After several years of robust growth, the world economy is now facing some serious chal- lenges in sustaining its brisk pace. Th e end of the housing bubble in the United States of America, as well as the unfolding credit crisis, the decline of the United States dollar vis- à-vis other major currencies, the persistence of large global imbalances and high oil prices will all threaten the sustainability of global economic growth in the coming years.
    [Show full text]