Adam Tooze. Crashed: How a Decade of Financial Crises Changed the World. Viking. New York. 2018
The global economic crisis is now more than a decade old, and is far from definitively behind us. Indeed, many fear, with good reason, that the recent, uneven and lethargic global recovery may soon come to an end, and that the next crisis of global capitalism could be even worse than that of 2008.
The Trudeau government has said that the new USMC agreement continues to give us an effective means of resolving bilateral disputes with the United States, allowing us to appeal to a special tribunal if that country (or Mexico) has, in our view, violated the agreement.
The federal government is widely expected to announce a new competitiveness strategy as part of its Fall Economic Statement. Corporate Canada has been lobbying hard for a new round of corporate-tax cuts in response to recent tax “reform” under President Donald Trump in the United States.
The Poverty Reduction Strategy announced by the federal government at the end of August proposes that an official Canadian poverty line be set for the first time and enshrined in legislation; and that official targets be set to reduce the poverty rate by 20% by 2020, and by 50% by 2030.
Though not a complete solution, the Poverty Reduction Strategy announced by the federal government at the end of August marks a step forward in Canadian social policy. It is proposed that an official Canadian poverty line be set for the first time and enshrined in legislation; that official targets be set to reduce the poverty rate by 20% by 2020, and by 50% by 2030; and that there be annual monitoring of progress towards the target.
There is a lot of talk these days about the end of jobs and the decimation of traditional employment due to rapid technological change, the much feared rise of the robots, and the emergence of new and more insecure forms of work in the so-called gig economy. But the statistics suggest that the extent of real change in the job market to date has been greatly exaggerated by many pundits.
What is the true nature of the Liberal Party of Canada? Is it a genuinely progressive party of the centre-left, worthy of the support of those pushing for a more equal and inclusive society? Or is it essentially a party of the status quo which campaigns from the left but generally governs from the right? These questions have a rich historical dimension which remains relevant today.
The future of the neo liberal global economic order is seemingly in play. Brexit, President Trump's “America First” threat to both the NAFTA and the World Trade Organization (WTO) and the growing strength of the anti European Union right pose a threat to business as usual. However, there is room for doubt over the staying power of right-wing populism, which owes more to racism than to economic nationalism per se. And corporate interests are mobilizing to preserve the very real gains they secured for themselves under the the current global trade regime, including NAFTA.
This blog post is part of a series of posts that will be focusing on the tax avoidance by Canada’s most wealthy. This series was sparked by findings in the Paradise Papers — the latest leak that revealed the offshore tax haven activities of former Canadian elected officials and political insiders. Tax avoidance is wrong. It robs the Canadian government from paying for and maintaining our health and social programs; ones that work to improve the lives of all Canadians. A government crackdown on offshore tax havens is urgent and necessary.
There has been surprisingly little critical commentary on the 2018 federal Budget legislative proposals regarding the taxation of passive investment income in private corporations. This sorry saga has now come to an end, but with very little progress made in terms of gains in public revenues and the promotion of greater tax fairness.