Member-only story
Economy
The Communistic State of Canada
Staring Down the Barrel of an Oil Crisis
Communist Canada?
Canada is a federation of provinces and territories. Each of these Canadian entities has its constitution and government. The arrangement works well for the most part, but a few points have proven to be problematic. One issue is the role that the state plays in the economy.
Since Canada is a capitalist country, it makes sense that private businesses and individual citizens would play an essential role in its economy. However, as capitalism has spread worldwide over the past few centuries, so too influenced states to become more outstanding.
This is especially true in countries like Canada, where private property ownership is widespread and not limited to a small group of elites. The state owns or controls more than half of all property in Canada's economy through public corporations such as banks, insurance companies, pension funds, resource extraction companies, etc.
Private property owners control only about one-third of all capital; public agencies own another third, and only 5% remain unclaimed by either type of entity.
