Located in the North America, Canada has the world’s largest land border in its common border with the United States. The country runs a parliamentary democracy. The system of governing in the country holds the law as the supreme authority where the law stipulates that the country runs under one parliament (See 45).The parliament consists of the crown, the senate as well as the House of Commons. Although the three bodies are distinct, law-making responsibility falls under one federal government, ten provincial governments and three territorial governments. Selected individuals that represent the Canadian people hold the responsibility of enacting laws (Traill 74). Since the prime minister heads the government, and the Queen called Elizabeth is the official head of Canadian state, the country operates under a parliamentary democracy and a constitutional monarchy where the citizens elect prime minister.
Since independence in 1931, Canada’s GDP per capita keeps rising making it rank among the wealthiest countries in the globe and the eighth highest per capita income in the world (Rogers 212). After Canada suffered a financial crisis in 1934, establishment of successive liberal governments provides the country attains economic growth. The rule of law and regulatory efficiency ensures the rise of GDP as the right policies protect the country from corruption that undermines economic growth. The country boasts a record increment in percentage of GDP per capita from independence apart from during the financial crisis (Ottawa 89). Civil liberties in the country play a significant role in ensuring human rights protection. Civil liberties in the country rank among the highest in the world in international measurements. Consequently, Canada enjoys a high economic freedom with current statistics rating its economic freedom score at eighty percent. The score ranks Canada among the first six countries enhancing economic freedom (Debs 93). Increased score of economic freedom over the past years signifies the country’s improvement in the freedom of investing.
The trend of advanced economic freedom over the past twenty years results from substantial increment in the major economic freedoms. These include investment freedom, management of government spending as well as the fiscal freedom. Investment freedom increment and overall growth of economic freedom ensure stable and transparent business climate. These conditions ensure Canada stands as one of the best attractive investment destinations in the world. Openness to activities such as global commerce takes precedent in the country’s economic decisions (Pang 76). Due to the openness in matters of global trade and commerce, the country’s economy rebounded quickly from the current global recession as other economies struggled. Stability of the financial system and prudent regulations over time allows banks to withstand the pressure from the global financial crisis with little disruption. The Bank of Canada regulates commercial banks and deals with all matters relating to designing or distributing the Canadian dollar. Saving trend increases as the GDP of the country increases (Samelius 112).
Canadian bill of rights of 1960 stipulates the right to security of an individual that became part of the constitution in 1982. Consequently, the ten provinces in Canada pass statutes that protect persons and their property.
Engagement of the country in international affairs aims at attaining multilateral solutions. It is an active member of the popular World Trade Organization (WTO) and other regional, and international organizations make the country a middle power (Davis 219). These engagements in economic, as well as cultural affairs, ensure the country attains economic development and growth.
In conclusion, good governance and right economic policies ensure Canada attains economic growth and development. Consequently, economic freedom plays a significant role in ensuring development in the country.
Works Cited
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Debs, Alexandre. Testing for a Structural Break in the Volatility of Real GDP Growth in Canada. Ottawa: Bank of Canada, 2011. Print.
Pang, Guek. Canada. 2nd ed. New York: Benchmark, 2013. Print.
Rogers, Barbara Radcliffe, and Stillman Rogers. Canada. New York: Children's, 2010. Print.
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Traill, Catherine Parr Strickland, and Charles Knight. The Backwoods of Canada Being Letters from the Wife of an Emigrant Officer, Illustrative of the Domestic Economy of British America. London: Charles Knight, 2011. Print.
