In a speech to university students on Tuesday, Bank of Canada governor Stephen Poloz argued that free trade, foreign investment and immigration all played critical roles in building Canada’s economy throughout history.
“When trade barriers are falling, when people are coming to our shores and when investment is rising, Canadians prosper. We saw this before Confederation, in the early 1900s and after the Second World War,” said Poloz, according to the text of his speech, which is available online.
“The flip side is that responding to tough economic times by turning inward rarely succeeds. We saw this after Confederation and during the Great Depression,” he said.
“The bottom line of our history is that openness and economic progress go hand in hand.”
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