Business and Government in Relation to our Economy
The Empire Club of Canada Addresses (Toronto, Canada), 21 Mar 1966, p. 276-288
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Business and Government in Relation to our Economy

A joint meeting of The Empire Club of Canada and The Canadian Club of Toronto. The subject of business and Government, and a few of the speaker's current impressions. The speaker's belief that private enterprise is the economic system best able to provide the standard of living sought by Canadians; that the revenues needed to support the economy, to provide basic Government services, … can best come from efficient private enterprise, operated according to sound business principles. The speaker's role in bringing a businessman's approach and philosophy into the affairs and decision-making processes of the Federal Government. The business of Government. Some fundamental differences between private enterprise and Government. How business approaches may be useful in Government. A few examples of practices that would seem surprising to a business executive suddenly translated into the Federal Cabinet and using them to illustrate why Government is the art of "finding common ground" and cannot be run with the crispness and decisiveness of a business which has its eye primarily on the balance sheet. The issue of changing Parliamentary rules and resistance to do so based on tradition. The economy. Indications of a year of healthy, economic growth. The high level of economic activity. Inflationary pressures. Some problems. Holding our position in world trade. Taxes as an important element of costs. Using restraint in demands made upon the Government. The need for Government to be selective in its spending programme and resolute in resisting pressures to spend beyond its means. Examples of these decisions and a brief discussion of Government expenditures. Canada's balance of payments. The equalization tax imposed by the U.S. Access to the U.S. new issues market by Canadian borrowers. U.S. Guidelines. Canada's inclusion in the direct investment guideline. Some misunderstandings in interpretation of the intentions of the guidelines and misapprehensions about their impact on the Canadian economy. A consideration of what constitutes good corporate behaviour in the case of foreign-affiliated companies. The importance of foreign-affiliated companies to Canada's trading position. The Kennedy Round of trade negotiations at Geneva: trade and tariff negotiations. Giving trade a high priority. A new sense of Canadianism. Making democracy work.