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Lecture 2

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Administrative Studies
ADMS 1010
Alison Kemper

2 big theories we will use in the course  Theories on economic development, why some industries and countries prosper and sond some don’t 1. Stern diamond  Economic development in countries over time  Starts with resources: natural, technological and human, need these things in place for anything to take place  First thing that sets business off in motion is enabling political system: where gov’t is accountable, transparent, stable, reliable and honest  Effective financial systems: well regulated banking industry, investment, loans, sotck markets, lots of these have emerged over last few decades, before we had only mortgages and small banks, in CAD: every single province has its own stock exchange and securities regulations. Good thing is we have a national bank that directs monetary policy  Vibrant entrepreneurship: ppl are capable, have insight, willing to take risk for reward  Sophisticated managerial capabilities: highly educated business professionals in CAD means that we are likely to have prosperous economy in long run 2. Porter’s diamond: National economic conditions  Used much more commonly  Competitive capacities of nations: are some countries and regions better than others at creating a business climate  Focus isn’t on time or place  Based on industry, customer, input, and other industries  Very business oriented look rather than national perspective on prosperity and economic development  Looks at all the condition in place at a given time and a given place that makes or breaks a business  4 variables that determine how good a business climate is: o Factor: land, labour, capital etc. e.g. Ontario has lots of resources like human capital, highly educated and skilled workforce, proximity to US (opens doors to large markets o Firm strategy, structure and rivalry: if located near competitors, companies can do really well, companies co-locate b/c business thrives there, e.g. Burger King and McDonald, businesses can keep eye on competitors o Demand conditions: who would want the product, who may want the best and newest, large consumer demand and high expectations force companies to innovate all the time, e.g. RIM’s failure may have been due to lack of demand for new products, adopted lazy attitude o Related and supporting industries: e.g. auto industry needs abundance of supply like steel, paint, tools like screws, human capital  **explains the economic conditions that bring prosperity to a country, unlike Stern which takes a historical perspective, talks about historical development of a country’s business institutions and culture Bank Act of 1871: background Confederation  Union of 3 British North American colonies  July 1 1867, Dominion of Canada  New Brunswick  Nova Scotia  Province of Canada (upper and lower Canada: Ontario, Quebec)  After, more provinces joined: o MB and North-West Territory (1870), Hudson bay got amalgamated into MB, Louis Riel rebelled… o BC-1871 o PEI-1873 o NFLD:1949 o AB and SAS: 1905  Force that joined the provinces was a promise that railroad would be built to enable economic activity Factors leading to confederation July  UK span of control issues-expense and risk  British wanted out  US Civil War disturbing to Cdns and wanted to prevent American colonization, St. Albans raid,  Problems with existing governance: Parliaments not working well in provinces  Opposition in Maritimes: New Brunswick gov’t were anti-confederates, Brits reversed the election and held a new one: grand Trunk railroad put a ton of money into the election and changed the gov’t, endorsed pro Confederates, success  Opposition in QC: political identity scattered: no strong opposition, Laurier created Unionists in support of confederation  Conferences of provi
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