Canada’s Political Landscape
The political structure of Canada is structured after that of the United Kingdom. Canadians recognize
the Queen or King as the Head of State and the Prime Minister as the Head of Government since it is a
constitutional monarchy. The House of Commons, the Senate, and the King of Canada (who is duly
represented by the Governor General) constitute Canada's Parliament. The 105-member Senate is
appointed by the Governor General based on the Prime Minister's recommendation. The 338 members
of the House of Commons are elected through the residents of Canada in general elections and byelections. The Canadian Constitution mandates that elections take place at least once every five years.
How Did Canada’s Politics Impact Their Economy?
Although most companies in Canada are privately held, the government appreciably impacts the
economy. This is recognized by both the national government and the provincial governments. Together,
the two tiers of government are responsible for 21% of the country's GDP. The national and provincial
governments came to a broad accord in 1999 that mandated joint control over additional social spending.
Additionally, the national government has returned the authority of worker retraining and job training to
the provinces, but it has also stepped up its efforts to create national laws on stock trading and other
financial services for the country to become more economically stable.
Does Canada’s Economic Policies Are Effective?
Yes. First, we will discuss some of the economic policies of Canada since this country has a mixed
economy. The private sector dominates the Canadian economy, but some businesses, like the postal
service, power utilities, and transportation agencies, are still government-held. Some nationalized
businesses underwent privatization in the 1990s. In order to compete with the heavily subsidized
agricultural government of the European Union (EU) and the United States, Canada's firmly privatized
agricultural enterprise has grown to depend on government subsidies. Several marketing councils for
particular agricultural commodities implement supply management and set floor prices. In light of this,
the fact that Canada's economy is one of the largest in the world and well-developed makes me believe
that this country's economic policy is effective and successful. According to the most recent data from the
World Bank, the nation's yearly gross domestic product (GDP) was $1.64 trillion in current USD in 2020.
Canada's financial system rose to 9th location withinside the global as a result.
What Disadvantages Can Politics Bring to A Country's Economy?
The way a nation governs can significantly affect how that nation develops. Political factors, or the
rules and regulations put in place by the government, can have an impact on economic development,
which is the process of raising the standard of life by replacing traditional agricultural cultures with
industrialized societies. Political stability and economic growth are tightly linked. On the one hand, the
volatility brought on by a volatile political landscape may slow down investment and the rate of economic
growth. Moreover, if politics caused an uproar in society, the economy might suffer. If the actions caused
significant harm, investors might withdraw their money, businesses might stop operating, and people
might lose their jobs. In this case, there would be no further progress in society, and the economy might
bear the brunt of the damage. These are the negative effects that politics might have on the economy if
governmental initiatives are not carefully planned.