Summary of “Beyond Hewers of Wood and Drawers of Oil”
David Parkinson illustrates the evolution of Canadian trade through the article “Beyond Hewers of Wood and Drawers of Oil”. A time before Canada was its own independent country, the Europeans took use and advantage of all the natural resources, riches, wealth and spoils of the land. Without a doubt Canada has widely advanced itself as an independent country due to the resources the country has to offer with its large land fruitful land. The evolution of Canada’s economy has consistently developed throughout the many years due to globalization, urbanization, and demand and supply. Till this day, Canada’s economy has gone through series of seesaws back and forth between which industries …show more content…
However, in the past decade, China rapidly expanded in global trade markets, as trade barriers fell and countries began to diverge towards globalization. China’s growth and urbanization accelerated at a more progressive rate than other countries, due to capitalizing on manufacturing goods at low costs and exporting them internationally. This led to the increasing demand of raw materials, which once again sparked Canada’s dependence on its land for natural resources. Canada notably influenced by the global commodities boom was able to trade surpluses of metal ores and minerals from the mining and oil and gas extraction sector to meet other country’s needs, such as China effectively. With the United States booming in industrial power, the world went through a supercycle, with increasing demand of natural resources. After the Second World War, the reconstruction of Europe and the rise of the Japanese economy once again established trade with raw materials from Canada. Canada is unlikely to be once again be energy- export dependent on its economic growth …show more content…
In the process of developing these resources, construction has risen in importance. These require considerable construction investment, therefore job opportunities were created and there was a surging demand from workers in Asia. The labour would increase job creation, however social welfare issues cannot be overseen, as these immigrant workers were not treated with equality. The increase in this investment, combined with the global decline in manufacturing, would eventually result in construction employment to overtake manufacturing as a leading source of Canadian employment. This is exemplified as there was an overpopulation in the western area of the country, driven by the resource boom. If more labour and investment is required to extract resources, an equal amount, or more, is required to meet Canada's increasingly urgent infrastructure needs. Nevertheless, oil and gas extraction accounted for two-thirds of Canada’s capital spending growth and later made up more than one-quarter of the country’s capital spending. Although lowering tariffs, and allowing free-trade can promote international trade and expand towards foreign markets, the trades of goods has been shrinking. With advancements in recent technology, people aren’t able to predict the future of global economic
David Parkinson illustrates the evolution of Canadian trade through the article “Beyond Hewers of Wood and Drawers of Oil”. A time before Canada was its own independent country, the Europeans took use and advantage of all the natural resources, riches, wealth and spoils of the land. Without a doubt Canada has widely advanced itself as an independent country due to the resources the country has to offer with its large land fruitful land. The evolution of Canada’s economy has consistently developed throughout the many years due to globalization, urbanization, and demand and supply. Till this day, Canada’s economy has gone through series of seesaws back and forth between which industries …show more content…
However, in the past decade, China rapidly expanded in global trade markets, as trade barriers fell and countries began to diverge towards globalization. China’s growth and urbanization accelerated at a more progressive rate than other countries, due to capitalizing on manufacturing goods at low costs and exporting them internationally. This led to the increasing demand of raw materials, which once again sparked Canada’s dependence on its land for natural resources. Canada notably influenced by the global commodities boom was able to trade surpluses of metal ores and minerals from the mining and oil and gas extraction sector to meet other country’s needs, such as China effectively. With the United States booming in industrial power, the world went through a supercycle, with increasing demand of natural resources. After the Second World War, the reconstruction of Europe and the rise of the Japanese economy once again established trade with raw materials from Canada. Canada is unlikely to be once again be energy- export dependent on its economic growth …show more content…
In the process of developing these resources, construction has risen in importance. These require considerable construction investment, therefore job opportunities were created and there was a surging demand from workers in Asia. The labour would increase job creation, however social welfare issues cannot be overseen, as these immigrant workers were not treated with equality. The increase in this investment, combined with the global decline in manufacturing, would eventually result in construction employment to overtake manufacturing as a leading source of Canadian employment. This is exemplified as there was an overpopulation in the western area of the country, driven by the resource boom. If more labour and investment is required to extract resources, an equal amount, or more, is required to meet Canada's increasingly urgent infrastructure needs. Nevertheless, oil and gas extraction accounted for two-thirds of Canada’s capital spending growth and later made up more than one-quarter of the country’s capital spending. Although lowering tariffs, and allowing free-trade can promote international trade and expand towards foreign markets, the trades of goods has been shrinking. With advancements in recent technology, people aren’t able to predict the future of global economic