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Mixed Economy In Canada

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Thomas Jefferson once stated “I, however, place economy among the first and most important of virtues, and public debt as the greatest of the dangers to be feared.” Economies are crucial to how a country operates. There are three different types of economies; Planned, Mixed and Market. Planned is when a country has a high amount of government involvement, a market economy is when there is a limited amount of government involvement, and mixed is in between the two. The type of economy that your country has effects a wide range of everyday areas you may not even realize. Social programs such as health care, education, policing, taxes, infrastructure, business, building and maintenance of highways and bridges etc. All of these are …show more content…

At this moment in time, one canadian dollar is 75 cents in American currency ( and is still constantly changing ). If their economies were allied, most likely the currency would be more similar than it is now. This would help with the difference and difficulty of buying and selling products from the opposite country. If a company is importing and exporting their products from Canada or USA, it would be easier to budget when the currency is the same. Another part in which having a common system would positively affect, is bank interest rates. They could be more stable because both governments could help each other if they have the same systems. Now this leaves us with the question, whose economy is currently better for the public …show more content…

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

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