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  • Canada’s Fossil-Fuelled Pensions June 22, 2018
    The British Columbia Investment Management Corporation is?the steward of BC’s public pensions, but bankrolls companies?whose current business models exceed the climate change targets agreed to in the Paris Agreement to which Canada is a signatory. The pensions of over 500,000 British Columbians and assets worth $135 billion are managed by the Corporation—-one of Canada's largest […]
    Canadian Centre for Policy Alternatives
  • Imagine a Winnipeg...2018 Alternative Municipal Budget June 18, 2018
    Climate change; stagnant global economic growth; political polarization; growing inequality.? Our city finds itself dealing with all these issues, and more at once. The 2018 Alternative Municipal Budget (AMB) is a community response that shows how the city can deal with all these issues and balance the budget.
    Canadian Centre for Policy Alternatives
  • Why would a boom town need charity? Inequities in Saskatchewan’s oil boom and bust May 23, 2018
    When we think of a “boomtown,” we often imagine a formerly sleepy rural town suddenly awash in wealth and economic expansion. It might surprise some to learn that for many municipalities in oil-producing regions in Saskatchewan, the costs of servicing the oil boom can outweigh the benefits. A Prairie Patchwork: Reliance on Oil Industry Philanthropy […]
    Canadian Centre for Policy Alternatives
  • CCPA's National Office has moved! May 11, 2018
    ? The week of May 1st, the Canadian Centre for Policy Alternatives' National Office moved to 141 Laurier Ave W, Suite 1000, Ottawa ON, K1P 5J2. Please note that our phone, fax and general e-mail will remain the same: Telephone: 613-563-1341 | Fax: 613-233-1458 | Email:?ccpa@policyalternatives.ca ?
    Canadian Centre for Policy Alternatives
  • What are Canada’s energy options in a carbon-constrained world? May 1, 2018
    Canada faces some very difficult choices in maintaining energy security while meeting emissions reduction targets.? A new?study by veteran earth scientist David Hughes—published through the Corporate Mapping Project, the Canadian Centre for Policy Alternatives and the Parkland Institute—is a comprehensive assessment of Canada’s energy systems in light of the need to maintain energy security and […]
    Canadian Centre for Policy Alternatives
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Archive for 'financial crisis'

Rethinking the economics of extreme events

Review of Worst-Case Economics: Extreme Events in Climate and Finance by Frank Ackerman *** Long ago economics was termed “the dismal science,” but in recent years that title has arguably been passed on to climate science, with its regular and dire warnings that humanity needs to rapidly transition off of its use of fossil fuels […]

Summer reading! Review of Stanford’s second edition of Economics for Everyone

Looking for something?to take with you to the cottage, the beach or the cafe? ?Check out ?Jim Stanford’s 2nd edition of Economics for Everyone. ?Here’s a review by?Peter G. Prontzos?first published in the Vancouver Sun. Book review: A fresh look at the dismal science of economics Economics for Everyone:A Short Guide to the Economics of […]

Inequality, the Financial Crisis and Stagnation: Competing Stories and Why They Matter

Inequality, the Financial Crisis and Stagnation: Competing Stories and Why They Matter Thomas Palley There exists several mainstream explanations of the financial crisis and stagnation, each explaianing the role they respectively attribute to income inequality. Those explanations contrast deeply with a structural Keynesian explanation of the crisis. The role of income inequality also differs substantially, […]

G20 meeting of world finance ministers too little too late

Posted earlier as an opinion piece for CBC.?? See original post here (this post slightly modified from original) By Louis-Philippe Rochon Follow him on Twitter @Lprochon   Much was at stake earlier this week when finance ministers from??G20??countries met in Istanbul to discuss Greece and the state of the world economy in light of recent […]

Seccareccia on Greece, Austerity and the Eurozone

Over at the blog of the Institute for New Economic Thinking, Ottawa U professor Mario Seccareccia has given an interview titled “Greece Shows the Limits of Austerity in the Eurozone.?? What Now?” The interview can be read here. Enjoy and share:

(Macro) Econ 101

On December 2, Chris Ragan wrote a column for the Globe and Mail titled a€?Another (Macro) Defense of Econ 101.a€??? The link to his column is available here??. ??My brief reply??was??published in the Globe and Mail on December 13. ??The full version is below: Professor Ragan defends conventional (macro) Econ 101 as a pedagogical tool […]

Economics 101

On October 21, Chris Ragan wrote a column for the Globe and Mail titled “In defence of Economics 101.”?? The link to his column is available here. On October 24, Marc Lavoie, Louis-Philippe Rochon and Mario Seccareccia replied to him.?? The link to their response is available here. Enjoy and share:

What Have we Learned From the Financial Crisis? Part 4: Bernard Vallageas

What follows are comments from a roundtable discussion held at the University of Ottawa on February 28, organized by Mario Seccareccia, and which featured participation from Marc Lavoie, Louis-Philippe Rochon, Mario Seccareccia, Slim Thabet and Bernard Vallageas. This is Part??4 of??5??sequential blog entries. – Bernard Vallageas Vice-pr??sident de l’Association pour le D??veloppement des Etudes Keyn??siennes […]

What Have we Learned From the Financial Crisis? Part 3: Mario Seccareccia

What follows are comments from a roundtable discussion held at the University of Ottawa on February 28, organized by Mario Seccareccia, and which featured participation from Marc Lavoie, Louis-Philippe Rochon, Mario Seccareccia, Slim Thabet and Bernard Vallageas. This is Part 3 of??5??sequential blog entries. – Mario Seccareccia Professor of Economics, University of Ottawa Editor, International […]

What Have we Learned From the Financial Crisis? Part 2: Louis-Philippe Rochon

What follows are comments from a roundtable discussion held at the University of Ottawa on February 28, organized by Mario Seccareccia, and which featured participation from Marc Lavoie, Louis-Philippe Rochon, Mario Seccareccia, Slim Thabet and Bernard Vallageas. This is Part 2 of??5??sequential blog entries. – Louis-Philippe Rochon Associate Professor of Economics, Laurentian University Founding co-editor, […]

What Have we Learned From the Financial Crisis? Part 1: Marc Lavoie

What follows are comments from a roundtable discussion held at the University of Ottawa on February 28, organized by Mario Seccareccia, and which featured participation from Marc Lavoie, Louis-Philippe Rochon, Mario Seccareccia, Slim Thabet and Bernard Vallageas. Parts??2,??3, 4 and??5 will follow in subsequent blog posts. – Marc Lavoie Professor of Economics, University of Ottawa […]

What happened to the recovery?

(The following is??slightly adapted from a short piece on page 3 in the new issue of?? Economy at Work, the quarterly publication I produce for CUPE, which also covers a lot of??other relevant issues.)???? Ita€?s been a little over four years since Canadaa€?s economy bottomed out in mid 2009.?? While we didna€?t suffer as deep […]

Trickle Down Would Work If It Weren’t For The Sponges At The Top

This piece was??first published??in the Globe and Maila€?s Economy Lab. Five years after a global economic crisis unleashed chaos on markets everywhere, income inequality has become an inescapable political and economic issue, in Canada as elsewhere. Thata€?s because of mounting evidence that the increasingly skewed distribution of gains from economic growth slows future growth potential, […]

Dead Money

Kudos to Bank of Canada Governor Mark Carney for raising the profile of the over $500 billion Canadian corporations are holding in excess cash surpluses and not investing in the economy, which garnered front page coverage (and kudos to the CAW for inviting him to speak.) It’s not the first time he’s raised this ??concern. […]

Broadening the Bank of Canadaa€?s Mandate

Yesterday, Mike Moffatt took to The Globe and Maila€?s a€?Economy Laba€? in response to my suggestion that the Bank of Canada should moderate the exchange rate. (Perhaps his motive for encouraging me to seek the Saskatchewan NDP leadership was to get me as far as possible from the levers of monetary policy.) ?? My rebuttal […]

On Being Sued by Conrad Black

Last week, Conrad Black launched a $1.25-million libel lawsuit against me, Random House of Canada and its editors over four sentences in my book a€?Thieves of Bay Streeta€? that discuss his case. You can see the National Post article here about the suit: http://news.nationalpost.com/2012/06/22/conrad-black-suing-publisher-for-1-25m/ While I wona€?t argue the merits of the suit on this […]

US family net worth crushed by financial crisis

The US Federal Reserve today released its triennial examination of incomes and net worth of American households in the Survey of Consumer Finances.?? It shows the crushing effects on net worth of a housing and financial bust unparalleled since the great depression. The shocking results of this study overviewed in the New York Times are […]

Complete details of 2008-09 Bank Support

Readers of this blog will have hopefully read my report “The big banks big secret”??which examines the $114 billion that Canada’s banks received during the 2008-09 financial crisis. ??Its major finding was that at some point three of Canada’s five??big banks had received support worth more than their market capitalization, or the value of all […]

From Financial Crisis to Stagnation

I am enjoying Tom Palley’s new book – and would post an enthusiastic review except for the fact that I have been unable to find the time to finish it. Certainly a very clear-headed take on the fundamental economic – and political – transformations that will have to take place if we are to escape […]

The Big Banks’ Big Secret

The CCPA today released my report: a€?The Big Banks Big Secreta€? which provides the first public estimates of the emergency funds taken by Canadian banks.?? The report bases its estimates on publicly available data from CMHC, the Office of the Superintendent of Financial Institutions, US Federal Reserve, the Bank of Canada, as well as quarterly […]

Quebec Tuition: Between a Rock and Hard Place?

In the context of student protests over Quebec tuition fees, my friend Luan Ngo has just written a very informative blog post on Quebec’s fiscal situation. While I encourage readers to read his full post, I do want to use the present space to make mention of three important points he makes: -On a per […]

The Times they Are a Changing: The MMT Wave Begins

Take a look at the picture below. Take it in.?? Now scan your eyes to the far right…there, in faded blue you’ll see the initials MMT.?? Now zoom out.?? Take it in again.?? Notice: a few hundred people.?? Spending their time learning about an economic theory called Modern Monetary Theory or MMT and its application […]

The Davos Speech

The Prime Minister’s speech at Davos was, I would bet, written by Stephen Harper himself. It?? bore the stamp??of his long standing contempt for the European welfare state. He all but said that the Europeans had brought the crisis on themselves through??trying to live beyond their fiscal means: ??As I look around the world, as […]

Other People’s Money

“Other People’s Money” by Justin Cartwright (Bloomsbury, 2011) is to the novel what the wonderful “Margin Call” is to film – a fictionalized but convincing account of high finance and the crisis of 2008. In this case, the central characters are the old money family owners of a private London investment bank which has incurred […]

Were the Canadian Banks Bailed Out?

The conventional line has been, no. Our banks were strong. Unlike the US and Europe, no bailout was needed to deal with the global financial crisis of 2008. This line, of course, always conveniently neglected the Extraordinary Financing Framework, or dismissed it as trivial. Now Finance Minister Flaherty – seeking new powers to turn down […]

Occupy Wall Street

In search of some background on the ??a€?Occupy Wall Streeta€? movement, I recently caught up with Rick Wolff.?? He is a progressive economist and rising alternative ??media celeb in NYC?? (you can hear ??his entertaining weekly radio discussion of economic news at http://rdwolff.com/).?? He (with others like Stiglitz) among other spoke to the Occupy Wall […]

Who’s Bailing Whom? Challenging the Private Credit System

The time since 2008 has been??a crucial historical moment for progressive economists to pull back the green curtain that surrounds the operation of the for-profit banking system, and expose that system for what it is: a government-protected, government-subsidized license to print money. The problem is, as soon as you start saying things like that, people […]

MMT: What it Means for Canada

Arun Duboisa€? blog post yesterday on Modern Monetary Theory has prompted me to write my own take on the subject.?? For those interested, an interesting thumbnail sketch of MMT, essentially functional finance augmented by a full understanding of monetary operations, is explained here. While MMT deals with the details of monetary and fiscal matters, the […]

Tea Party North

Last week, Travis noted Terry Corcorana€?s strained argument that over-regulation of banks is what ails the global economy. Terrya€?s next column went even further off the deep end, endorsing the hard-money libertarianism of gold bugs like Eric Sprott. Todaya€?s column is a full-blown defence of the US Tea Party. I have the following response to […]

The Bank Act Review is Coming… No Hard Questions, Please

One nice thing about Canadaa€?s financial regulatory architecture is the provision that the bank act must be reviewed every 5 years.?? This gives us all a time to take stock of the direction that bank regulation is heading. ?? This is the year we are due for??the Bank Act??review. After a couple of years of […]