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The Context for Planning in Canada: a Critique of Canadian Political Economy Perspectives

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The Context for Planning in Canada: a Critique of Canadian Political Economy Perspectives THE CONTEXT FOR PLANNING IN CANADA: A CRITIQUE OF CANADIAN POLITICAL ECONOMY PERSPECTIVES by WILLIAM IRVINE BURGESS BA (Hon), Queens University, 1978 A THESIS SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF ARTS in THE FACULTY OF GRADUATE STUDIES (School of Community and Regional Planning) We accept this thesis as conforming to the required standard THE UNIVERSITY OF BRITISH COLUMBIA October 1994 © William Irvine Burgess, 1994 In presenting this thesis in partial fulfillment of the requirements for an advanced degree at the University of British Columbia, I agree that the Library shall make it freely available for reference and study. I further agree that permission for extensive copying of this thesis for scholarly purposes may be granted by the head of my department or by his or her representatives. It is understood that copying or publication of this thesis for financial gain shall not be allowed without my written permission. Department of The University of British Columbia Vancouver, Canada 11 Abstract The Canadian political economy school has argued since the late 1960s that Canada shares economic and social characteristics with semi-colonial third world countries. Consistent with this 'dependency' influenced assessment of the Canadian social formation it has also usually argued that national economic sovereignty should be a strategic concern in popular and socialist programs. This study critically evaluates this view of the economic and social context for planning interventions in Canada, in particular by examining the main empirical evidence traditionally advanced in its favour, namely the relative extent of foreign economic control in the Canadian economy. The study first reviews the various characterizations of Canada in the political economy literature, with an emphasis on the empirical evidence offered in their support. It then extends and broadens previous examinations of foreign economic control in Canada using recently released Statistics Canada data on foreign control of corporate assets and revenue up to 1992, and by comparing Canada with other OECD countries on the basis of the extent of inward and outward foreign direct investment (FDI). The studies main findings are that: i) The exclusion of the financial industries in most previous discussions of the level of foreign economic control in Canada has resulted in the actual level being overstated - in nominal terms, by about one-quarter; ii) Contrary to dependency influenced predictions of the period, foreign control of the Canadian economy decreased very significantly after the early 1970s, though this declining trend apparently ended and even partially reversed after the mid 1980s. Given the central place of the US in dependency accounts it is notable that the decline in US Ill economic control has been greater than for all foreign control, and does not appear to have recovered in the recent period up to 1992; iii) The dependency influenced categorization of Canada with countries like 'semi- colonial' Argentina or even 'peripheral' Spain cannot be sustained when the evidence shows that in absolute, but especially relative terms, Canada ranks as a world leader in the scale of direct investments held in other countries. Canadian FDI in the US has also been growing considerably faster than has US FDI in Canada; iv) The level of foreign economic penetration in Canada is notably higher than most OECD countries. However, when the relative size of the Canadian economy, a 'natural' degree of continental integration and recent trends among other OECD countries are considered, Canada is not as exceptional in this regard as has often been suggested. The study concludes that this evidence indicates that Canada is more accurately conceived of as a major advanced capitalist country than a dependent (if rich) semi-colony, and that planning interventions based on the latter assessment are not only likely to fail, they are a major diversion from the required strategy. i iv Abstract ii Table of Contents iv List of Figures viii Chapter 1: Introduction 1.1 Rethinking the context of planning in Canada 1 1.2 Problem statement 1 1.3: Hypothesis 2 1.4: Sources of evidence and general methodology 4 1.5: Theoretical framework, major assumptions and bias 5 1.6 Objectives 6 1.7 Outline of study 6 Chapter 2: Review of the Canadian Political Economy Literature 2. 1 Introduction 7 2.2 Positions before the 1970s 8 2.2.1 Several early positions 8 2.2.2 Harold Innis and staples theory 11 2.3 Early dependency theory 13 2.3.1 Kari Levitt defines Canadian dependency 13 2.3.2 Danny Drache blames the colonial comprador bourgeoisie 16 2.4 Dependency analysis takes hold 19 2.4.1 The Laxers and the Waffle 20 2.4.2 Tom Naylor and the Canadian mercantalist bourgeoisie 21 2.4.3 McDonald disputes Naylor's historiography 24 2.5 Moore and Wells: Canada is a (secondary) imperialist power 25 2.6 Intermediate views emerge 27 2.6.1 An early intermediate view 27 2.6.2 Wallace Clement and the dependent continentalist alliance with US capital 27 2.6.3 Jorge Niosi discovers a Canadian ruling class 31 2.6.4 Canada shares 'dominion capitalist' label with Argentina and Uruguay 41 2.7 Studies in Political Economy 42 2.7.1 LeoPanitch 43 2.7.2 McNally scores staples theory 45 2.8 Resnick argues Canadian capitalism has come of age 46 V 2.9 Gordon Laxer spreads the blame - to farmers 49 2.10 Directorship studies - Carroll, Fox and Ornstein 52 2.11 Popular journalists highlight family capitalism 54 2.12 Glen Williams reworks weak industrial theme 56 2.13 Carroll advances most complete advanced capitalist account 58 2.13.1 Against dependency theory 5 8 2.13.2 Finance capital in Canada 62 2.13.3 Foreign ownership trends 64 2.14 Clark-Jones reworks staples theory and continentalism 69 2.15 Corporate concentration in Canada 70 2.15.1 Khemani on forms of concentration 71 2.15.2 Marfels - international comparisons 73 2.15.3 Financial sector concentration 75 2.16 Kellogg disputes dependency predictions: "Facts, as they say, are stubborn things" 76 2.16.1 Foreign ownership declines 76 2.16.2 Canadian manufacturing strong and gaining 78 2.17 Recent contributions 80 2.17.1 Grabb describes wealth ownership in Canada 80 2.17.2 Richardson supports finance capital theory 82 2.18 Canadian nationalist Mel Hurtig 86 2.19 Summary of literature review 88 2.19.1 Foreign ownership/control of the economy 89 2.19.2 The strength of Canadian industry 89 2.19.3 Canadian foreign investment 90 2.19.4 Corporate concentration 90 2.19.5 Divided and dependent bourgeoisie or independent finance capital? 91 2.20 Conclusions and research direction arising from the literature review 92 Chapter 3: Evidence on Canada's international investment position 3.0 Introduction 94 3.0.1 Outline of chapter 94 3.0.2 A note on the relevance of corporate nationality 95 3.1 Part 1: Estimates of foreign ownership and control of the Canadian economy 96 3.1.1 A preview of the measures 96 3.1.2 Foreign ownership and control of capital employed, 1926-1992 99 3.1.2.1 Summary of general trends 105 3.1.3. Foreign and US control of assets and revenues, 1965-1992 106 vi 3.1.3.1 Comparison of capital employed and asset measures 107 3.1.3.2 Introduction to estimates of foreign control by assets and revenue 108 Data source 109 Coverage of the economy 110 Designating ownership and control 112 Designating nationality of ownership and control 114 Minority interests 115 Magnitude and direction of 1988 changes in methodology 117 3.1.4 Non-financial industry trends 119 3.1.4.1 Description 119 3.1.4.2 Summary of trends 121 3.15 Financial industry trends 122 3.1.5.1 Notes on financial industries 122 3.1.5.2 Trends in foreign and US control 124 3.1.6 All industry trends 125 3.1.6.1 Description 125 3.1.7 Maj or influences on recent trends in foreign control 127 3.1.7.1 The recession 128 3.1.7.2 Mergers and acquisitions 129 3.1.8 Foreign control among the largest enterprises in Canada 131 3.1.8.1 Leading enterprises, non-financial industries 132 3.1.8.2 Leading enterprises, all industries 132 3.1.9 Summary of the level and trends in foreign and US control of the Canadian economy 133 3.1.9.1 All industry figures for foreign control are lower than previous estimates 133 3.1.9.2 Capital employed data provides insights into long term trends 134 3.1.9.3 Canadian control strongest among very largest enterprises 135 3.1.9.4 Long term decline in foreign control halts by mid 1980s 135 3.1.9.5 US share of foreign control continues to slip 136 3.2 Part 2: Foreign Direct Investment and Comparisons with other countries 136 3.2.1 Direct and Portfolio investment 137 3.2.2 The foreign portion of Canadian FDI 141 3.2.3 Summary of significance of Canadian FDI 142 3.2.4 Comparisons of foreign ownership of the Canadian economy with other OECD countries 143 3.2.4.1 International variations in FDI data 143 Vll 3.2.4.2 Comparison of FDI and CALURA estimates 146 3.2.4.3 Comparison of foreign control among OECD countries 147 3.2.4.4 Discussion 151 3.2.4.5 FDI comparisons 153 3.2.4.6 Summary of all comparisons 156 3.3 Conclusion 157 Chapter 4: Conclusions 4.1 Summary of the findings 159 4.2 Further research 161 4.3 Conclusion 163 Endnotes 164 Bibliography 190 Appendix 205 Vlll List of Figures Page No.
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