Canada 's Global Financial Crisis

The global financial crisis affected the many advance economies, particularly the United States. Unemployment significantly increased, people were evicted from their homes, and the search for employment was a dead end. However, Canada was not affected with the same force as the United States: “Canada’s financial sector was less affected than most advanced economies and it had the highest bank soundness rating in the World Economic Forum surveys from 2007-2008 through 2012-2013.” Despite the relatively stable status of the Canadian economy, Canada was very much involved in the review and improvement of international financial regulations. Canada was in a position to make changes to financial regulations due to their perceived experience in the matter, as Canada escaped the crisis relatively unscathed. Canadian delegates were placed in charge of four core areas in the reformation of financial policy and, “in all these areas, Canada was able to successfully push for reforms that resonated with its experiences and interests in enhanced financial sector regulation and supervision.” This crisis, and the successful reformations that came out of it, further installed Canada as a leader in economics, firmly inaugurating them as the world’s best bankers.

During World Wars I and II, Canada had no formal military. Canadian soldiers, whether volunteers or conscripted, were trained and lead by the British military. Although Canada had their own units, these were treated as an extension of the British military, not as an independent, Canadian branch. It was after the end of World War II that Canada took steps to truly separate themselves from their British roots, which included the creation of a formal Canadian army, navy, and air force. The c...

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...munity. Although Canada is dependent on trade with the United States, NAFTA proves that the relationship goes both ways. Canada proved its worth in the global financial crisis, showing that it can practice good policy despite the dependence.

Canada has undergone a wealth of changes in the past fifty years, many of which have progressed this country from loyal soldiers of Britain to prominent world bankers. Through the evolution of legislature, economic policy, and the actions of the Canadian Forces, Canada’s global image has developed since the end of World War II. Canada’s current global image, an amalgamation of actions in the past fifty years, demonstrates Canada to be an independent entity of substantial belief in people’s well-being and equality, strong economic policy that is widely regarded, and a military that is equal parts peacekeeping and combatant forces.