Commentary
There is no doubt that Canada is in the midst of an economic malaise. This can be grasped from the simple fact that it is now 26th among the countries of the world in per capita annual income. Even when petrostates (Norway and Qatar), tax haven states (Monaco, Liechtenstein, Luxembourg), non-countries (Bermuda, Cayman Islands, Isle of Man, Macao, Faroe Islands), and unreasonably small states (Iceland, San Marino) are excluded, our position has still deteriorated badly. We are behind Ireland, Switzerland, Singapore, the United States, Denmark, the Netherlands, Australia, Sweden, Israel, Austria, Germany, Belgium, and the United Kingdom.
Canada has superior resources, at least as competent a workforce, and more advantageous trade relationships than most of that last group of countries that has surpassed us. For almost all of the 20th century, Canada was modestly behind the United States and slightly behind Australia, but apart from that was the wealthiest per capita substantial country in the world. This was particularly the case at the start of that era, when oil was not so necessary or expensive and there weren’t really any petrostates or tax haven states because there was little income taxation in the world….