The Gap Between Rich and Poor In Canada

The Gap Between Rich and Poor In Canada

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National economies are extremely complex. The level of economic development is the major indicator of the place that the country stands on the international economic scene or economic staircase. Many factors are responsible for economic growth and sustainability as well as for crisis and disruption. Nowadays, all the countries of the globe are interconnected and closely intermingled with each other in the net of international economic relations due to globalization. Therefore, Canadian citizens should prevent the gap between rich and the poor to make Canada a greater society.
Canada is a country famous for the growth of the national wealth, its transformation into financial and economic, and political leader of the capitalist world. Canada uses any opportunity to take control over new markets, to increase the production and export products and investments. Canada has become a country many people want to invest in; “people follow stability and strength, and so there's people investing in Canada like they used to invest in England, the United States and German. The world feels our affluence” (Serving Up the City to the Super-Rich 2007). Investment is an integral part of the country’s policy and making investments in an economically strong and stable country like Canada often guarantees the development and preservation of the company’s well-being. Therefore, there is tremendous amount of cash influx from foreign economies into Canada, making more investments in Canadian economy, -like this case of construction of 14 hyper-luxury condos- accompanied by buying lots of Canadian dollars, thus rising demand for it and making the value of Canadian currency grow. “There is a stealth influx of foreign capital changing the face of downtown Toronto from the waterfront to Yorkville” (Serving Up the City to the Super-Rich 2007).
In Canada today, the middle class is shrinking, while the percent of the rich and the poor continues to grow. The average work hours of Canadian working individuals in April 2009 were 36.2 hours per week, but very large percentage of 9.2% of Canadians still falls in the category of low income. Yet, the number of millionaires and billionaires is growing. In 2002, the number of persons with income of $250,000 and over were 94,020 but in 2006, the number has increased to 144,830 (Statistics Canada). As one of the results of increased number of these rich people, we can now even witness a gigantic project like this: “Welcome to Toronto's new era of wealth.

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Fourteen super-luxury condo developments - with a price tag of $748 per square foot or more - are planning to open their doors in the downtown core, and the city is touting itself as a rival to New York and London. These projects go beyond anything the city has seen, at least as far as pricing goes” (Serving Up the City to the Super-Rich 2007).
Nowadays it is essential to be able to analyze global issues and challenges that exist in the world. Awareness is a necessary prerequisite to understanding. In today's world, everyone must have a degree of literacy regarding the global issues, concerns, and trends that increasingly impact our lives; every person should know some facts about global issues to be able to analyze others.
It is necessary to point out that the great economic problem for the world in the 21st century is the increasing gap between rich and poor. And unfortunately, in the face of great external effect, poor countries and its population stay powerless. As a result, in the world, some become wealthy while the rest stay poor. Besides, the division into social classes opens a new problem that arouses the rich and poor gap, and even Canada is not free of it. Like what Prof. Hulchanski, the director of University of Toronto's Centre for Urban and Community Studies states in the case of Toronto, “most of the city used to be middle-income. Now it's one-third, and the majority of that third has moved down a notch [in earnings]. The very bottom and very top increased. We're polarizing" (Serving Up the City to the Super-Rich 2007). Canada was born as a nation seeking independence in religious, political and financial spheres. The ideals of individual freedom and democratic society joined emigrants together who arrived from different countries. But, such income inequality and immigration have become the primary reasons that are causing Canadian political system polarization. This is evident with the case of this construction of 14 hyper-luxury condos and their residents who are “much more inward-looking group of people than you have in normal neighborhoods”. The economically middle and lower class people are already feeling a sense of alienation and inequalities; a Somali taxi driver said with a resigned chuckle, "Some of these condos are going for $7-million," he said with a wry grin. "You could buy my entire village for that." (Serving Up the City to the Super-Rich 2007).
Canada is considered to be the country of great opportunities but in the reality the percent of poor is still at large. Nowadays the Canada’s opportunities are just a myth. I have aimed to provide the analysis of one of global issues and challenges that exist nowadays – the rich and poor gap. In today's world everyone must have a degree of literacy regarding the global problems, issues, concerns, and trends that increasingly impact our lives. One of serious economic problems for Canada in the 21st century is the great gap between rich and poor that is constantly growing. The rich and the poor have opposite lifestyles – while the rich can afford almost everything –“BMO CEO Tony Comper spent $16 million for a Yorkville penthouse”- while the poor can afford almost nothing (Collison 2007).

Works Cited

1. Article “Serving Up the City to the Super-Rich” (2007).
2. Harvey, D. (1989). “Managerialism to Entrepreneurialism: The Transformation in Urban Governance in Late Capitalism”. Human Geography, Vol. 71, No. 1, The Roots of Geographical Change: 1973 to the Present, pp. 3-17.
3. Statistics Canada. Retrieved June 3rd, 2009, from and
4. Collison R. (2007). “Multimillion-dollar penthouses, roaring Aston Martin sales and Land Rovers for the wife-- welcome to Hedgistan, Canada”. Retrieved June 1st, 2009, from
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