Minerals like iron ore, zinc, diamonds, potash, rare earth elements and gold are among the many products of the nation's mining industry. Mining operations are located throughout the nation while logging and other forestry industries tend to be most prevalent in the evergreen rainforests of the Western Canada region. Thanks to Canada's excellent environmental makeup, agriculture tends to thrive in the nation's more temperate regions with crops, such as wheat and other grains, making up a substantial part of the country's agricultural output.
Livestock farming is also common with cattle being one of the more common products for Canadian farmers. These sectors are subject to market forces, though. For example, while Canada's forestry industry is among the most financially successful in the world, the rise of electronic communication has put its paper pulp suppliers into a decline. Explanation: Canada exports a lot of Natural Resources.
Canada is the number one trading partner with the United States. Related questions How do I determine the molecular shape of a molecule? What is the lewis structure for co2? What is the lewis structure for hcn? They were all taken over when the railways were nationalized—for Canada, in contrast to the United States, has not believed in divorcing these lines of business. Public ownership and operation of other utilities is also common in Canada.
Its success stimulated the development of provincial and municipal power systems throughout the country, particularly in the West. In that part of the country the telephone systems have also been commonly public enterprises from the time they were first installed.
The same has been true of municipal transportation. Perhaps stranger still to us is what happened when prohibition was repealed in Canada—a decade before we repealed it, because in Canada the constitution was not involved.
The Canadians refused to restore the old private liquor traffic. Instead, each of the provinces established a public monopoly, with conveniently located government stores selling liquor only in containers for consumption off the premises.
Unlike most other government businesses in Canada, which have been operated to serve the public at cost, this one has been run for profit—and the profits have been very large.
The Canadian Broadcasting Corporation CBC of the federal government owns and operates the only national chain of stations in the country. There are still private stations; but these are supervised by CBC, and their total power is scarcely more than a quarter that of CBC stations.
The motive behind these latest government enterprises was the same as that which had prompted the federal government to build railways. National unity had to be promoted in the face of the sectional pull exerted by our country. Canadians believe the result has justified the effort. Our major political parties may differ somewhat on the issue of government versus private enterprise, but the corresponding parties in Canada do not.
The Conservatives have been just as responsible as the Liberals for all this development. As a rule, Canadian public enterprises in the economic field are kept out of politics.
The depression taught the United States, rather painfully, how much our economic welfare is bound up with that of the rest of the world. But Canada is three or four times more dependent upon foreign trade than we are. It cannot help itself. Nature is responsible for the situation. During the opening years of this century, the mainspring of Canadian prosperity was the rapid development of the Prairie Provinces.
People were rushing in to build a whole new society on a foundation of wheat. It was a fat land, best suited to the production of this king of all grains. Industrial Europe was willing to pay a profitable price for all that the Canadian prairie could supply. Wheat poured out of the West and across the Atlantic. When World War I jumped the prices of food fast and far, the Canadian West almost doubled its wheat acreage and increased its livestock by a third. Yet of all the extractive industries, agriculture still supplied the great bulk of Canadian exports.
Another industry, however, was catching up and at the end of the war accounted for more exports than agriculture. The U. The primary export goods include motor vehicles and their parts, industrial machinery, plastics, aircraft, telecommunications equipment, chemicals, fertilizers, wood pulp, timber, crude petroleum, natural gas, and aluminum. The main export partners include the US In , Canada enacted free trade with the United States. Similarly, Canadians can save big by buying an American-manufactured car versus a model from Europe.
NAFTA was the result of 14 months of intensive negotiations in and It was ratified by the Canadian, U. S had a trade agreement called the Canada-U. Free Trade Agreement. Canada has an over-reliance on natural resources which are unevenly distributed leading to the unequal growth of the regions. The exploitation of natural resources has had an adverse effect on the environment including the decline of cod fish and salmon as well as forest cover.
Overall, here are the 3 main challenges facing the Canadian economy now and in the near future:. Oil exports account for a larger share of GDP in Canada than they do in any other nation in the rich world, with the exception of Norway or the Gulf Arab monarchies.
In fact, apart from Canada, Norway, or Denmark, every noteworthy developed economy in the world is actually a net importer of oil.
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