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Multinational enterprises have become one of the distinctive institutions of our times. Controversy over their economic and political effects, and over appropriate public policy responses, has become common in home and host countries and in international agencies. Much of this debate is reminiscent of the role of large corporations generally, particularly in their interregional and intergroup effects. The multinational setting, however, would have raised distinctive issues even apart from the strong surges of nationalism and anti-imperialism which have marked recent history. Canada has a long and unusual experience with such enterprises. Foreign control of capital in the nonfinancial industries (manufacturing, petroleum and gas, other mining and smelting, utilities, merchandising) was already 20 percent in 1930 and 25 percent in 1948. It rose to 36 percent by the late 1960s, but has since receded to about 30 percent. In 1975, fully 55 percent of the capital in manufacturing was controlled outside Canada, as was 72 per cent of that in petroleum and gas, and 58 percent in other mining. These figures exceed those of other developed countries, although there have been striking increases in recent decades. About 80 percent of the direct invest ment capital in Canada is from the United States. Recently, Canadians have xi xii FOREWORD become aware of a surge of Canadian direct investment abroad, which on a flow basis has exceeded inflows (exclusive of retained earnings) for most of the 1970s.
From the back cover: Canada can compete in international markets, but not, the authors contend, under the present national economic strategy. Policies that redistribute income and allocate resources through government fiat have weakended Canada's ability to transform its manufacturing sector to meet the new competititve challenges. D'Cruz and Fleck compare the performance of seventy-one Canadian industries from 1967 to 1981 with industries in Japan, the United States, Britain and France. To enhance the competitiveness of Canadian manufacturing, the authors propose a differential industrial strategy, one that emphasizes growth and development. Government, they say, must play a "hands-off" role in Canada's market economy, limiting itself to establishing the rules of the game. The authors recommend, in addition, macro-economic policies that would reduce the federal deficit, restrain wages for public servants, preserve low differentials between Canadian and American interest rates, and maintain the Canadian dollar at 70 cents U.S.
This book examines the concept of Transformational Growth from a number of different historical and geographical perspectives. Transformational Growth sees the economy as an evolving system in which the market selects and finances innovations, changing the character of costs and affecting the pattern of market adjustment. This creates the possibility that markets will work differently in particular historical periods. This book explores market adjustments in two distinct historical periods, 1870-1914 and 1945-the present. The book focuses on six countries: USA, United Kingdom, Canada, Germany, Japan and Argentina. In all cases the earlier period, dominated by craft-based technologies, proves to be the one in which markets adjust through a weakly stabilising price mechanism. By contrast, in the later period, in all cases, with the exception of Argentina, there is no evidence of such a price mechanism, but in its place can be seen a multiplier-accelerator process which, arguably, reflects a change of technology to mass-production.
In 1982 the Macdonald Commission began its $20-million mission to find a consensus on Canada's future. The commission held hearings in 28 towns and cities, met with 700 concerned parties and assembled nearly 40,000 pages of testimony. In his Report, Commission chair Donald S. Macdonald announced Canada must make a "leap of faith" and embrace free trade with the U.S., apparently signalling the victory of a globalizing, corporate vision of the country's development. The Other Macdonald Report reopens the debate, presenting twenty key submissions to the Commission by organizations such as the Canadian Conference of Catholic Bishops, the United Auto Workers, the National Action Committee on the Status of Women, the Canadian Mental Health Association and the National Farmers Union. Together these groups offer a vision of Canada where human needs take priority over capital and technology. The Other Macdonald Report offers alternatives to the corporate vision for Canada's future, alternatives forged during the vibrant free trade debates of the mid-1980s.
This book is based on the papers presented at a conference on "New Issues in Industrial Economics" held at Case Western Reserve University, Cleveland, Ohio, June 8-10, 1987. The conference was organized by the Research Program in Industrial Economics (RPIE) in the Department of Economics at CWRU and was sponsored by The Cleveland Foundation, the Eaton Corporation, and The Standard Oil Company (later renamed BP America, Inc.). Their generous support is gratefully acknowledged. All of the papers have been revised, in several cases extensively, since their presentation at the conference. One of the primary reasons for organizing the conference was the concern that Industrial Economics has become too narrowly focused in most academic programs, largely being confined to Industrial Organization, i.e., issues of public policy towards enterprise with emphasis on antitrust and regulatory policy. This subject definition leaves out a number of interesting and important questions about how industries evolve over time, what the role of technological change (and organizational change) is in that process, and the associated structural changes within industries and firms. The object of this book is to derme these issues and suggest a framework within which they can be analyzed. I would like to thank all the conference participants for their contributions, particularly my colleagues at CWRU, Asim Erdilek and William S. Peirce, without whose encouragement and support the conference would not have taken place.
This book examines the economics of multi-plant operation of manufacturing firms in national industries, analyzing the experience of twelve industries in West Germany, France, the United Kingdom, Sweden, Canada, and the United States.
Over the past several years Canadian and international trade policy has been the subject of intense public debate, and near the top of Canada's publicpolicy agenda. The present volume is offered as a further contribution topublic understanding of the policy issues involved. It represents theoutcome of a study over the past two years of how heightened internationalcompetition moves governments, on the one hand, to reinforce barriers toimports as a means of protecting domestic producers and, on the other hand, to encourage and assist producers to adjust to change.
The 1986 edition of Canada Among Nations chronicles the momentous, ongoing debates concerning free trade negotiations with the United States. From the start, the free trade talks were bedevilled by a flurry of protectionist moves in the U.S., the most inflammatory involving a proposed duty on Canadian softwood lumber. In the face of American belligerence, the Mulroney government appeared indecisive--on the lumber issue it insisted that it would neither negotiate nor impose an export tax, and then did both. In addition to free trade, Canada Among Nations treats issues including Canada's foreign policy, its economic situation, relations with the third world, and response to contemporary arms-control proposals.