China's move up the value chain: Implications for Canada

With Canada's main trading partners under severe economic and political duress, the pre-crisis strategy of engaging globalization primarily intermediated by leading U.S. firms and production networks is ill-suited for the next stage of globalization, in which emerging economies like China are playing a larger role. The materially different post-crisis global setting requires adaptation if Canada wishes to better harness and balance the gains from globalization. Such a strategy is not without risk and will not be accomplished in the short term, but will ultimately prove to be a crucial factor in Canada's long-term prosperity, welfare and employment prospects in a less US centric world order.