There are three scenarios that may cause great harm to Canada’s economy.
One, Oil runs out which is highly unlikely in the near future. Two, humanity finds a more efficient energy source which is cheaper and vast in supply. Three, we cease to have access to global markets, which seems to be a factor today. All of these scenarios point to our energy industry. The same industry that funds our public services and grows our economy.
So what should Canada do to compensate for when our energy sector falls short due to global demand or internal politics? Canada needs to develop a pro-business economic model and become the innovative capital of North America.
Tech innovation will revolutionize our economy
Dr. Michio Kaku a famous theoretical physicist says that the “fourth wave” of innovation will unlock a new age of economic growth. Think of it this way, what do technology companies compete for, in fact, what do most industries complete for? They compete for the most innovative and efficient goods/services.
According to Dr. Kaku, industries such as nanotech, quantum technology, biotechnology, energy, and telecommunications may revolutionize the way our economy grows. My hope is that with technological innovation and science that Canada can become a leading economic superpower in the world.
Let’s take a look at the internet, it was founded in the 1990s and had little invested in it. According to Wired, the internet has turned into nearly a $2 trillion industry.
Something that has made Canada great is its innovative citizens. Canadians made the pacemaker, the paint roller, the pager, IMAX, insulin, Java programming language, the electric wheelchair, wireless radio transmission and much more.
Today when you hear about new revolutionary technologies, it’s usually from countries like the USA, China, and India.
Cut the red tape and open the markets to innovation
So how can Canada get back in the game? It’s time to open our markets to innovative industries. With current taxes like the carbon tax and increases in other taxes, we are becoming a less encouraging place for business.
It’s time for our politicians to cut the red tape, decrease taxes and start sending the message that Canada is back in business. As of today, it looks more promising for a software engineer to start a tech company in the US than here at home in Canada.
If we continue to build capital from our energy industry with additional capital from innovation we can become an economic superpower and compete with countries such as the USA, China, and India.
These obviously just my opinions, what’s your thoughts? Leave them below.