Canada Must Face Globalization Head On

Information technology, a global marketplace, wage differentials, plenty of skilled labor and a quest for profits have made outsourcing inevitable for banking and many other businesses. Workers lose jobs as consumers consistently choose low-cost electronics, apparel, news or banking services. “No country is unaffected by these changes,” writes Rod Szasz, trader and founder of an industrial venture technology firm. “China is, in turn, now subject to the flight of manufacturing to other countries, such as India, Vietnam and Burma.” Attempts at protectionism lead to inflation, stagnation and lethargy – and less competitive products. Szasz urges countries and individual citizens to respond to competition, not with fear and loathing, but with education, entrepreneurship, innovation and strategy. He also urges more business-university partnerships for mentoring, training and entrepreneurship – that these “are, ultimately, significant equalizers that will enable Canada to compete internationally in more than just its traditional resources sector.” Above all, countries and their citizens must learn to be comfortable with change. – YaleGlobal