Anyone watching U.S. television is struck by the constant barrage of that nation’s flag waving.
They continue to refer to themselves as “Americans”, forgetting that Canadians and Mexicans are just as much “American”.
It has become standard rhetoric south of the border for politicians of every stripe to conclude their speeches by saying “God bless America”. It is about time Canadians indulge in more patriotic fervor; for economic reasons, if for no other.
In place of that kind of jingoism, we should pay more attention to self-interest. That is long overdue.
Canada has more foreign ownership and more foreign control, on a per capita basis, than any mature nations and any developing nations too.
Consider the facts. Approximately half of our total petroleum, mining and the manufacturing industries are foreign-owned.
Hence, Canadian companies too often are shut out of using native research, legal and accounting activities, as parent companies resort to their home countries for that kind of work. This inhibits development of our professional skills.
If one were to look over the companies that comprised the old Toronto stock exchange index, it is shocking to note how many have disappeared under foreign control; such stalwarts as International Nickel, Dofasco Steel Company, Hudson’s Bay Company or Molson.
That foreign control limits the benefits that could be derived from our own resources.
The United States has a “Buy American” policy that requires a high percentage of U.S. content. Government jurisdictions there pay strict attention to that.
Jim Stanford, economist of the Canadian Auto Workers Union, has revealed the United States subsidizes Caterpillar company’s sales of manufactured locomotives produced there that are shipped back to Canada, and the Canadian subsidiary was closed with production shifted to Illinois.
The U.S. Export-Import Bank, an affiliate of the U.S. government, provides preferential treatment for the purchase of Caterpillar’s locomotives for our mine in Labrador.
Other companies derive immense benefits from our resource development. While Hitachi has a factory in Guelph, Ontario, it fails to supply trucks used for Alberta’s oil sands project.
All levels of governments in Canada should purchase Canadian-made products whenever possible. Our consumers should make strenuous efforts to buy Canadian-made goods.
Furthermore, there simply must be tighter control of the acquisition of Canadian companies. Let’s make “Buy Canadian” become our slogan in the future.