Canada moves forward in an enviable position in a brave new world. Photo Credit: iStock.
As the 2020s reach their halfway point we are inarguably living through a period of immense economic change. The neoliberal suppositions that have defined the 21st century to date is giving way to fresh perspectives on commerce and trade. Canada, as a middle-sized power, will not trailblaze the future unilaterally. With that being said, our enormous manufacturing capacity, rich natural resources, technology-focused labour demographic, and proximity to the world’s largest economy, afford us an enviable position in this brave new world.
The offshoring that accompanied the rise of globalism resulted in cheap commodities becoming readily available. However, the COVID-19 pandemic, as well as aggravating geopolitical risks, have demonstrated the importance of building resilient supply chains closer to home. Canada, with its highly-skilled workforce, will play a crucial role alongside the United States in fulfilling the manufacturing needs of the Western Hemisphere. Of course, this does not mean that every product will be made in Canada. Lower-end disposable items are more likely to be contrived in locations boasting the most affordable labour rates, such as Mexico, Latin America and South America. Canada and the United States, however, will focus on producing cutting-edge technology, including high-performance chips for computers and smartphones, lithium-ion batteries for electric vehicles, power tools, and medical equipment, as well as unprecedented artificial intelligence innovations, such as robotics and quantum computing.
The threat of expanding wars on various continents has proven that energy security also cannot be taken for granted. Thankfully, Canada boasts a strategic advantage in this regard as well. From natural gas to uranium to hydroelectricity, there are innumerable Made-In-Canada solutions for the short-term, as well as the long-term exigencies of North America and its allies. Applying a bold energy stratagem will create countless high-paying and stable jobs. It will also go a long way to preserving our national economic vitality during the most tumultuous period since World War II, which will subsequently enhance our reputation on the world stage, and attract the best talent to our shores.
Next, there is the issue of public policy. The undergirding federal philosophy since the 1980s has often been to delegate the financial burden for health care, housing and infrastructure to other levels of government. The dramatic shortages in these four arenas of public interest will require massive federal investment, coupled with significant fiscal restraint in non-essential sectors. Over the next few decades, regardless of which party is in charge, we can expect numerous initiatives to restore our overwhelmed public health-care system, replace outdated infrastructure, build new housing arrangements that will address the needs of our diverse population, and transform our military to meet the challenges of a profoundly more dangerous world. Governments will utilize an array of tools to accomplish these objectives, including funding investments, tax incentives, and the awarding of mountainous projects to both crown and corporate bidders.
Several key results will come with the new industrial era. First of all, the labour movement is poised to triumphantly return to the spotlight as private and public sector unions are formed to represent employees in advanced manufacturing, construction, health care and public utilities. Secondly, there will be growing pains in the intermediary stages as supply lines relocate, industries are forged and the economy transitions into a new mould. Ultimately, however, vibrant jobs, better wages, and higher-quality products will facilitate enormous economic growth for every region of the country. Finally, the political process should improve, as leaders are compelled to solve the most complex issues that everyone will agree exist, allowing the nation to move forward with greater unity than what has been experienced in recent election cycles.
Nick Redekop completed his Honours Bachelor of Arts Degree in Labour Studies at Brock University. He has previously served in municipal and federal politics. In his free time, Nick enjoys following sports, taking part in outdoor activities, and reading biographies. Nick resides in Niagara Falls
