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Why Resource Extraction

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The question of why Canada is so dependent on being hewers of wood and drawers of water was a hot topic in the 1960's. And yet we are still at it. We have an outstanding banking system. We have huge potential in the IT industry but all we do is develop something and then sell it off. We have a potential to be a world leader in nuclear power and LIFTR reactors. 

So what do we do? We sell off the resources future generations will need to survive for peanuts. It is not the politicians. It is us. We have no regard for the future. Nobody seems to care about the people who will come after us. That was not the attitude of the people who created the industrial revolution. They made investments in a future only their grand children would live to see. The men who built England's canal system understood there would not be a return on their investment in their children's life time. Why are we not protecting the future of future generations?

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  • 5 months later...

absolutely spot on.

Many reasons.   First, and foremost: we have such a mindless desire to immitate the US where the business economy (Main Street) has only ever been able to pay a single digit income by creating wealth, whereas the speculative genie that sunk them in 1929 has been let back out of the bottle, and investment money instead of going into business to create wealth is going into banks/finance with the hope that Casino Capitalism (Wall Street, Bay Street) will reward the gambler/speculator with higher returns...that BTW create absolutely zero wealth.

The US once had a vibrant business financing world to would put money into the hands of entrepreneurs, but we stifled that decades ago, first with our habit of going branch plant with offshore owners and then going with finance instead of business for our investment habits.   We never DID get that foundation of entrepeneurship to support growth from startup to full bore big manufacturing.

Finally: we have come to believe it is the business of government to pick winners and losers and support big business.  Partly because we are economically idiots, and partly because we are politically corrupt all to hell in trying to cater to the whims of criminals in PQ who masquerade as business (notice my incredible restraint in not once mentioning either SNC, Power Corp or Bombardier).

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