If America wants to learn something about economic prosperity, they might find it by looking to the north. The LA Times featured this interesting piece about the lessons the United States could learn from Canada on the economic front. The United States is still recovering from economic collapse, but the effects of 2008′s market meltdown on Canada have been much milder in comparison.
Guess which country comes out of the financial crisis looking like the smartest place on earth? It’s Canada, eh! Newsweek‘s Fareed Zakaria wrote this insightful column on Canada’s savvy financial regulation vs. the not-so-savvy (to put it mildly) regulation coming out of the United States and Britain.
Zakaria points out that Canada is the only industrialized nation to not face a single bank failure, not to mention government intervention and bailouts, in the financial or mortgage sectors. Also, he mentions that the World Economic Forum ranked Canada’s banking system the healthiest in the world, miles ahead of the U.S. (40th) and Britain (44th). Canada’s common-sense approach to regulation has helped its banks grow instead of flounder in the midst of the financial crisis. (more…)
