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- W615253552 abstract "The much-hyped new era of globalisation co-exists, paradoxically, with strong regional organisations, most notably the European Union and the North American Free Trade Area. This paper examines the development of Canadian international trade and investment during the past century as affected by the potentially conflicting forces of global economic integration and regionalism. During the first wave of globalisation—the steam driven version of the late nineteenth century—an era characterised by multilateral trading and an open international currency system based around the gold standard, Canada none- theless came to rely very heavily on the UK as an outlet for its exports and as a source of finance. But even during the first decade of the twentieth century the continental pull was exerting a powerful countervailing force that became even more apparent during the First World War and the 1920s. In the era after World War Two Canada became ever more firmly locked into a North American economy despite the sporadic attempts by Ottawa to maintain geographical diversity of exports and to control the sources of investment. During the early stages of the second wave of globalisation, an era that wit- nessed the relative waning of American predominance and the emergence of a more pluralistic international economy, Canada did achieve diversification, especially in capital markets. The 1990s, however, have witnessed an even greater intensification of global integration, a re-assertion of US hegemony and a reinforcement of regional linkages through the Canada-US trade agree- ment and the NAFTA. The paper examines the dissonance between globalisa- tion and regionalism and the implications of this for the pattern of Canadian international trade and investment. At the beginning of the twentieth century Canada's international trade and finance were dominated by two partners, the United Kingdom and the United States. During the hundred years or so that followed, Canada's Atlantic con- nection has weakened and continental integration, above all with the USA," @default.
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- W615253552 date "2004-07-01" @default.
- W615253552 modified "2023-09-23" @default.
- W615253552 title "Canada in the twentieth century: continental drift?" @default.
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