History 2120A/B Lecture Notes - Lecture 12: Prem Watsa, Michael Cowpland, Isadore Sharp
30 Nov 2016
School
Department
Course
Professor
Document Summary
Income separation: poorest 40% only account for 15%o of income. Net worth is starkly divided due to savings: poorest group net worth declined 1995-05. Poorest 40% of canadians (12m) accounted for billion. Criti(cid:272)s see ca(cid:374)ada o(cid:374) (cid:862)ra(cid:272)e to the (cid:271)otto(cid:373)(cid:863) - seeking to emulate the global gap between the rich and the poor: large global disparity of wealth globally, canada still equitable. Business persons prosper in neo times: canadian businesses set new profit records year after year (2002-06, canadian profits beat us profits in 16 of 24 years between 1982-2006. Corporate concentration: 2007, the top 25 canadian firms controlled 40% of all business assets: firms with revenues in excess of m controlled 80% New times old modes: keep it in the family. Irving family oil and transportation on east coast. Weston family son inherited significant wealth from father. In late 1800s, weston had arrived and opened a bakery, expanded, and acquired many companies including loblaws in early canadian history.
