Canada: Comparative Economics Outline

Outline for Paper # 2

  1. Introduction: I believe that Canada is the best country according to the measures based on Christian values that I have recently discussed in my first paper. The Canadian economy closely resembles that of its neighbor, the US. Besides having similar patterns of production and living standards, Canada also adopted a market oriented economic system combined private enterprise with government regulation. They do show different Christian Values represented in my paper that the U.S does not have. Canada is a mixed economy.

  2. Economic Structure:

  a. Short history of Canada:

  i. Since World War II, Canada has experienced massive growth in its manufacturing, mining and services, propelling the economy from being a largely agricultural one to becoming one of the most highly industrialized and developed economies in the world.

  ii. Canada’s oil industry is one of the most important elements to their economy along with their manufacturing industry.

  b. Social Rules, Norms and institutions:

  i.   Local government plays a significant role in the everyday lives of Canadians. Canada’s financial industry’s is of conservative practices and strong capitalization.

  ii.   Canada’s social values are: human rights, democracy, respect for diversity and gender equality. These values are critical to Canada for shaping and creating things such as foreign policies. Canada holds social values at a very high standard. This might cause the government a risk of ambiguity by trying to be “all things to all the people.” With Canada’s size it is not reasonable.

iii. Decision Makers Public and Private: In late 2000, the Bank of Canada adopted a system of eight pre-set dates per year on which it announces its key policy rate. This system is often referred to as the Bank's fixed announcement dates, or simply fixed dates.

    - This process includes an economic projection based on a model of the Canadian economy; an analysis of the...