Class Notes (837,539)
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Rotman Commerce (1,103)
RSM100Y1 (287)
John Oesch (141)

Lecture 2

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Rotman Commerce
John Oesch

RSM100Y1 Lecture 2September 21 2011 Agenda 1 Canadian Business Environment 2 Business inside a system 3 Some business history 4 Our Economic SystemCanada is a social democracy with a monarch as head of the state Queen Elizabeth IILaw is not a law unless she signs it her representative is a government governor general appointed by Prime MinisterWe live in SOCIAL DEMOCRACY o Public Education Due to Tax20 who pays tax goes to school o Health Care o Social ProgramRun our own place but is linked to Monarchy System in EnglandMixmarket economy much of what Adam Smith wrote features in thisIn Canada capitalism is not unbridled o Public govt ownership as well as private o Adam Smiths 1776 Invisible hand is at work o Competition is not pure many oligopolies Government Owned Corporation OLG Canada Post LCBO Land 95 is Crown Land Biggestfun fact LCBOa billion profit every year Liquor Controlgoes to provincial treasury and pays our public tuition largest purchaser of wines and beersCrown land we dont have to buy it but generally we have to be licensed but government has permission to do thing on Crown LandThings used to be owned by government Air Canada Trans Canada Airway Ontario Hydro CN Rail Canadian NationalWhy is Canadian Capitalism bridled restrainedOur system still foster the invisible handcan be rich within the law because we still have a marketWealth n an abundance of material possessions and resources property that has economic utility o Today Canadas wealth is derived mostly from trade mostly with US o Why do we and most other nations trade
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