Canada Economy Vs Mixed Economy Analysis

Canada is currently sitting at a population of over 30 million people and is ranked 11th in the world in terms of exports (Canada: Economic Freedom, 2017). The economy in the country seems to be thriving very well with many skilled workers and plenty of jobs for most individuals in the civilian labor force. For the most part, Canada has always done pretty well in terms of having a successful economy. Starting in the early 50s Canada was thriving primarily off of the waterways unlike today the country thrives off selling petroleum, cars, and other things other countries need and want. Although this shift from a farm based economy too much more industrialization did not happen until after the Great War, it wasn't until the 1920s until Canada

The economic system is a transitional economy which is a centrally planned economy to a market economy.

Free health care is a huge positive; Even though it raises Canadians taxes, on average, by $3,961 per person a year (CTV news), it cuts costs of their overall payment. On average, Canada pays $4,010 per person a year, but the U.S. would pay $9,990 per person a year if they had free health care ( National Health Expenditures ). With a planned economy, insurance is most of the time around the same price. For example, there is only one kind of car insurance in British Columbia; But in the USA, there are many different insurance companies that compete for business. A con of planned economy, is that the government has so much legislation to get through, that is might take them longer to make specific economic decisions. The United States are currently mixed but are more towards a market economy, which has more negative effects. In a market economy, it is easier to start your own independent business unlike in a planned economy. However, a civilian living in a market economy has to pay for both healthcare and health insurance. Health insurance in the USA goes up every year. In 2015-16, the cost of health care went up 3% (kaiser survey). At this point, it is safe to say that Canada's economy is more organized and is easy to manage. This is the better system to boost the public

Firstly, by joining forces with the U.S. there will be no more stress about the free trade agreement between Canada and the U.S. made in 1987 that resulted in hurting tourism, trade, and business. So by joining forces we can resolve our economy’s entire problem, with more water, metal, resource capacity, and more technology than any other country. Also, making thousands of jobs created for the untouched land in Canada for U.S. to invest in that infrastructure. Thus making us have one of the biggest and most successful economies in the world.

In 2008 when the global economy took a turn for the worst Canada managed to come out on top. This is thanks to the export of natural resources and commodities. The Canadian government immediately took charge and start making budget cuts in order to have a full recovery by 2015. (D.R., 2011) Canada has a large threat in its path; its dependence on the outside world.

Canada’s economy is currently growing and statistics show the economy is expected to continue to grow in the following years. In addition, consumer spending has increased and the housing market conditions have improved. The demand for oil and energy is at an all-time high and the demand is expected to increase through 2017. However, expanded a business into a new market also comes with high risks and potential losses. Major corporations such as Target have tried to enter the Canadian market, but ended up failing and losing profits. In this section, I will discuss economic conditions, business conditions, and risks.

On the whole, Canada’s economy is in leading position. Since the World War Ⅱ，the economy of Canada has got a rapid increase. Canada’s population has doubled in the past 40 years from 1940 to 1980, but the GDP went up more than 20 times. In 1997, the GDP of Canada is 227,000,000,000 dollars, and in 2012, the number increase to 1,563,664,000,000 dollars. Now Canada is one of the richest countries in the world.

The Canadian economic system is often described as a mixed economic system, where the public and private sector influence the market. Decisions on what, how, and for whom to produce are made by the private sector under the influence of the public sector. The Canadian economic system is often likened to the American one despite the fact that, unlike the American (capitalist) economy, there is a significant amount government influence on the market in Canada. Canada’s mixed economy is the integration of Adam Smith’s and Karl Marx’s economic perspectives and theories, with Marx’s theories having a greater influence on it. Adam Smith was a firm believer of the market economy (often capitalist), where the market prices are controlled solely by

Laying the golden egg: the coalition government's role in postwar Northern development, by John R Wedley, BC studies, number 88, Winter 1990 – 91

Economic systems are organized way in which a state or nation allocates its resources and apportions goods and services in the national community. An economic system is slackly defined as country’s plan for its services, goods produced, and the exact way in which its economic plan is carried out. There are three types of economic systems exist, they are command economy, market economy, and mixed economy. Command economy is also sometimes called planned economy. The expectations of this type of economy is that all major decisions that related to the construction or production, distribution, commodity and service prices are all made by the government. However, in market economy, national and state governments play a

Canada is one of the wealthiest companies and have a strong import and export to United States and other countries. The country is rich in nature resources and a strong economy. During the Economic Crisis Canada was not hit as hard as their counterparts such the United States because they have a strong financial banking system and most of their loans are traditional and not sub-prime loans. They were impacted in import and export because the countries they had contracts with was impacted.

An analysis of Canada 's current economic situation depicts the nation to be under stress. Ottawa 's current fiscal policy aims to operate under a budget deficit which has the potential to take several years before balancing itself. A balanced budget may take longer to achieve than expected should the government of Canada not raise taxes or cut national spending.(Blatchford) In chapters eleven and twelve of Dinner Party Economics, Evie Adomait and Richard Mantra investigate macroeconomic policies and how they pertain to the economy of our nation. It is critical to investigate political views and the differences in opinions between left wing and right wing ideologies regarding the economy. The results of these decisions and debates are what create the basis for Canada 's overall macroeconomic policies. A study of macroeconomics allows one to understand the current situation of Canada 's economy.

Besides providing an orderly society, the government also has to promote the economic system for people to have better life and working opportunities. Canada’s economy system is capitalism. It promotes free enterprise, free trading, innovation, and private ownership. Sometimes, Canada also referred to as a mixed economy because goods and services can be both produced and provided by governments and private companies, and public and private ownership are also involved. The government in Canada’s economic system primarily plays a strategic role; such as foreign ownership, plans economic policies, and making laws to regulate the market.

Canada is an example of a mixed economy. A mixed economy sits between the planned and market economy on the economic continuum. It is usually considered the best type of economy since it distributes control equally between individuals and the government. Unlike planned economies in which the government is given primary control over certain aspects of life, the mixed economy gives the government less control and regulation. This allows sellers and private markets to be able to expand and grow their business without any interruptions. Of course, the government has to step in once in a while to ensure that there is no illegal activity going on and that work environments are being kept safe, but for the most part, the owner has the right to be

diversified economy is one that is based on more than one thing. It's based on manufacturing, agriculture, trade, etc. rather than just one of those things. A diversified economy is a economy that focuses on more than one thing like Canada that it doesnt focus only on mining it focuses on other stuff