the exacerbation of chronically insufficient consumer demand in relation to productive capacity.the rapid growth of inequality and concentration of income and wealth between and within nations and.the global integration of trade and capital, the transfer of productive capacity (mainly to China), and the ballooning of trade and financial imbalances between nations.financial deregulation, the ascendance of finance capital over manufacturing, and, alongside it, the growth of a financial oligarchy with enormous political power.We in Canada seem far from the public outrage and popular mobilization that is occurring in Europe and elsewhere - but perhaps that's because the media spotlight has not yet focused on plant occupations, demonstrations, and other manifestations of public discontent.Īlthough the long view is beyond the scope of this article, the following developments over the last 40 years underpin the current global crisis: The recession is still to a surprising extent a business page story in the newspapers. Most people may still be several degrees of separation from direct experience of friends and acquaintances who are losing their jobs, losing their homes, declaring bankruptcy, seeing their retirement savings shrink.
Manufacturing communities like Windsor and scores of forestry communities have been devastated.īut for many, at least at this early stage, the signs are subtle. To be sure, for the hundreds of thousands of Canadians who have already lost their jobs and the many more who feel threatened, the reality of recession is hitting home.
Or maybe it is because government leaders and media keep assuring Canadians that we are in good shape to weather the storm and the worst will be over "soon." Perhaps it is because recession came later to Canada and is just beginning to hit hard. There is still an air of disbelief in Canada about the severity of the current global recession - now widely accepted as the worst since the Great Depression of the 1930s - both as it is affecting Canada and as it is playing out around the world.
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