Canada rolled over and allowed the one sector it had any hope in–resource extraction–to be sold off to foreign investors, first from government control and then from domestic hands. Then it allowed rampant consolidation in the “captive” industries it does have (telecomm, food). Other countries did the same, but Canada rolled over faster and harder than any other western nation.
Now we’re at the stage where our primary industry is skimming the cream off of the housing market. After that, what? Strip-mining south Asian immigrants for value? Whoops, we’re already doing that, too.
It’s a sad tale of governments, Liberal or Conservative, selling everything not nailed down in hopes that the magical market fairy would make it better, and then steadfastly refusing to do anything at all, sacrificing current donors’ profits for everyone’s future. Everyone saw this as an issue at least as far back as 1995, but no one was willing to admit that the Reagan/Thatcher (and in our case, Mulroney and Chretien) era of neoliberalism would eventually present a bill. So it was more tax cuts, more service cuts, more selling assets, more emphasis on cash hoarding and more disincentives for investing in business.
You are not logged in. However you can subscribe from another Fediverse account, for example Lemmy or Mastodon. To do this, paste the following into the search field of your instance: !canada@lemmy.ca
Ethical business? Wat? Our economy is propped up by a housing bubble and resource extraction
Compared to your neighbor?
Compared to almost anyone.
Canada rolled over and allowed the one sector it had any hope in–resource extraction–to be sold off to foreign investors, first from government control and then from domestic hands. Then it allowed rampant consolidation in the “captive” industries it does have (telecomm, food). Other countries did the same, but Canada rolled over faster and harder than any other western nation.
Now we’re at the stage where our primary industry is skimming the cream off of the housing market. After that, what? Strip-mining south Asian immigrants for value? Whoops, we’re already doing that, too.
It’s a sad tale of governments, Liberal or Conservative, selling everything not nailed down in hopes that the magical market fairy would make it better, and then steadfastly refusing to do anything at all, sacrificing current donors’ profits for everyone’s future. Everyone saw this as an issue at least as far back as 1995, but no one was willing to admit that the Reagan/Thatcher (and in our case, Mulroney and Chretien) era of neoliberalism would eventually present a bill. So it was more tax cuts, more service cuts, more selling assets, more emphasis on cash hoarding and more disincentives for investing in business.
Wood houses and oil. Fire’s Favourite food groups.