Canada in the International Economy from an Historical Perspective
The Association for Canadian Studies Bulletin, pp. 22, 28, Spring 1995
Posted: 24 Jan 2010
Date Written: 1995
Many criticise the Canadian economy, of its abysmal performance, of how some provinces are being left behind, high national debt and exorbitant tax rates. However, in 1992 Canada ranked as the best country in the world to live, based on GDP per capita, life expectancy, literacy rates and years of formal schooling and ranked fifth in GDP per capita in 1991. In 1870, Canada ranked only thirteenth in the world for GDP per capita but had risen significantly by World War I due to it's wheat boom from 1870-1913. Canada's ranking continued to climb, peaking at second place in 1989. Over that time Canada's GDP per capita had increased by fifteen percent. Canada's national debt is currently 60% of its GDP much higher than similar countries, which could be a concern in the future depending on the extent to which the debt contributes to increasing productivity and efficiency.
Keywords: Canada, National debt, Tax rates, GDP, Wheat boom, Historical perspective, International Economy
JEL Classification: N10, N11, N12, F13
Suggested Citation: Suggested Citation