Class Notes (837,445)
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POL2101 (222)

Economic policy.docx

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Political Science
Luc Turgeon

Economic policy Key Terms • Economic policy • National policy (first, second and third) • Import substitution industrialization • Liberal market economy Economic policy (governmental action to influence the ) • Different components o Monetary policy  It the process by with the central bank regulated the supply of money, and the rate of interience money  If there too much inflastion then prices go up o Fiscal policy  Any government policy that involve changes in taxation public broughing and expenditure o Industrial policy  You will give grants and money to corporation to expand a certain secture o Trade policy  A set of rules that are intended to promote or hinder trade flows • We went from closed trade policy to a more trade policy (ex. Canada and South Korea trade policy) • Different objectives o Stimulate (or maintain) economic growth o Increase employment o Increase economic competitiveness o Balance of payments stability Economic Policy in Canada: the Main Actors • Federal government o Industrial policy  It gives loans and grants to certain corporation, to o Monetary policy  Through the Bank of Canada (largely autonomous) o Fiscal policy  Taxation (both corporate and personal tax)  Equalization • The payements to put into their economy o Free trade agreements • Provincial governments o Industrial policy  Resource exploitation • Certain provinces will try to develop certain areas to make more money o Fiscal policy  They can run the same thing as federal government o Trade policy?  They do the same thing as federal government. There are lots policies and qualifications to do something in another province Economic Policy in Canada: National Policy • Refers usually to the economic program adopted by the Conservative Party of John Macdonald in 1879. • Refers also to the “conscious, nation-building policies of successive federal governments” (Eden and Molot, 1993) o Smiley: “The most persistent expression of the nationalist impulsein Canada has been economic.”  The policy was made because of fear of the Americans o Three national policies (their wasn’t in consensus)  First national policy (1879-1940)  Second national policy (1941-1981)  Third national policy (1982- ) The First National Policy, 1867-1940 • Three main components o Adoption of the “national policy” in 1879
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