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"I wasn't sure if he was running for leader of the party or president of Cuba," one Liberal backbencher whispered as Finance Minister Paul Martin wrapped up his one-hour, 20-minute budget speech to Parliament last week.This article was originally published in Maclean's Magazine on March 1, 1999
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Macleans
By any standard it was a meaty budget. On taxes, Finance Minister Paul Martin's first fiscal plan for the new century laid the table for five years of gradual cuts to corporate and personal rates.This article was originally published in Maclean's Magazine on March 13, 2000
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Monetary policy refers to government measures taken to affect financial markets and credit conditions, for the purpose of influencing the behaviour of the economy. In Canada, monetary policy is the responsibility of the Bank of Canada, a federal crown corporation that implements its decisions through manipulation of the money supply.
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Mutual Aid is the principal economic means by which Canada assisted its allies with food, raw materials and munitions from May 1943 until the end of WORLD WAR II. The Mutual Aid Board, chaired by C.D.
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The National Energy Program (NEP) was an energy policy of the government of Canada from 1980 through 1985. Its goal was to ensure that Canada could supply its own oil and gas needs by 1990. The NEP was initially popular with consumers and as a symbol of Canadian economic nationalism. However, private industry and some provincial governments opposed it. A federal-provincial deal resolved controversial parts of the NEP in 1981. Starting the next year, however, the program was dismantled in phases. Global economic conditions had changed such that the NEP was no longer considered necessary or useful. The development of the oil sands and offshore drilling, as well as the rise in Western alienation and the development of the modern Conservative Party of Canada, are all aspects of the NEP’s complicated legacy.
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Nationalization is the takeover of ownership and control of a privately owned enterprise by the STATE.
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The financial activities of political parties in Canada were largely unregulated until the Election Expenses Act was passed in 1974. Canada now has an extensive regime regulating federal political party financing; both during and outside of election periods. Such regulation encourages greater transparency of political party activities. It also ensures a fair electoral arena that limits the advantages of those with more money. Political parties and candidates are funded both privately and publicly. Election finance laws govern how parties and candidates are funded; as well as the ways in which they can spend money. (See also Canadian Electoral System.)
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The relative importance of government expenditures in the Canadian economy has risen dramatically over the past 70 years, from 15% of the Gross Domestic Product (GDP) in the late 1920s to 40% of GDP in 1980 and 50% in the early 1990s.
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Reciprocity was a free trade deal between the United States and Canada. (Reciprocity is when both sides give and receive.) The deal reduced import duties and tariffs on certain goods traded between the two countries. It was in effect from 1854 to 1866. It was at times a source of great controversy in both countries. It was replaced in 1878 by the National Policy. It was a more protectionist policy. It imposed tariffs on imported goods. This shielded manufacturers in Canada from US competition. A more limited reciprocity deal was reached in 1935. It ended in 1948 after both countries signed the General Agreement on Tariffs and Trade (GATT). This article is a plain-language summary of Reciprocity. If you would like to read about this topic in more depth, please see our full-length entry: Reciprocity.
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Banking and Finance, Royal Commission onBanking and Finance, Royal Commission on (Porter Commission), established 1961 (after the governor of the Bank of Canada, James COYNE, had publicly disagreed with the federal government's economic policies), to examine and to make recommendations for the improvement of "the structure and methods of operations of the Canadian financial system, including the banking and monetary system and the institutions and processes involved in the flow of funds through the capital...
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The idea for this royal commission was based on a draft article by Walter GORDON in 1955 questioning the validity of a number of the government's economic policies, particularly the question of selling control of Canada's natural resources and business enterprises to foreigners.
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The Royal Commission on Corporate Concentration (Bryce Commission) was appointed in April 1975 under R.B. BRYCE, and reported 1978.
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The Royal Commission on the Economic Union and Development Prospects for Canada (Macdonald Commission) was appointed in 1982 to examine the future economic prospects of the country and the effectiveness of its political institutions.
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Taxation, Royal Commission on, under Kenneth Carter, appointed (1962) by PM John Diefenbaker to examine and to recommend improvements to the entire federal TAXATION system.
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Supply management is a system designed to control the supply — and thereby stabilize the price — of Canadian dairy, chicken, turkey and egg products (see Poultry Farming). It began in 1972 as a response to a series of crises that farmers faced due to decreasing prices for these products.
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