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Business in the Canadian Context ADMS 1010
Business in the Canadian Context
ADMS 1010 – Section E
Instructor
Alex Browning
Email: [email protected]
Web Site: http://alexatyork.com/bus_class.html
Business in the Canadian Context ADMS 1010
Agenda
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Course AdministrationWhat is the Economy
Political and Social Ideologies Ideological
Framework of Canada
Historical Elements of Canadian Economy
What is the Role of Government in Economy
Break
What Does Business Expect from Government
Nature of Canada’s Competitive Place
Analysis of Economy and Business
Nature of Business in Canada
Q&A
Business in the Canadian Context
ADMS 1010
Class Outcomes
By the end of this class you will be able to:
• Understand the requirements of the course
• Understand the elements of an Economy
• Discuss the Nature of Competition and
relationship between government and business
• Recognize the major Political and Economic
Ideologies and their application to Canada
Grading Structure
•
Two In-Class Quizzes on Reading Assignments 25%
•
Quiz 1 10% Class 5
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Quiz 2 15% Class 10
•
Mid-Term In-Class Test 30% Closed Book Week 6
•
Best two out of three In-Class assignments - Week 3, 8, 11 10%
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Final Exam Closed Book 35%
Important Information
 Key Dates
http://www.registrar.yorku.ca/enrol/dates/su11.htm
6
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Special educational needs
– http://www.yorku.ca/cds/

Writing Centre
– http://www.yorku.ca/laps/writ/

ESL Support
– http://www.yorku.ca/eslolc/keele/default.asp
Business in the Canadian Context ADMS 1010
Course Requirements
• If you wish to be put on a waiting list, visit the Receptionist
for the School of Administrative Studies, Room 282 Atkinson
• Course Outline states that all students are personally
responsible to ensure they have all prerequisites
Business in the Canadian Context ADMS 1010
Course Administration
Course Outcomes
To understand and be able to discuss
 How Canada’s Business Culture and laws have evolved
 How Canada is Defined: Structures of Canadian Government
 Nature of Canadian Business - Key Segments of Canadian Business
 History of how business and government interact – Why Gov. sought
to affect business in Canada
 Impact of Ideology in Canada from its beginning to the Great
Depression to today
 How some Canadian businesses sectors have relied on government Should Government continue to intervene
 Should Canada’s governments be in business – Size of Government
 How globalization affects Canadian business and government
Business in the Canadian Context ADMS 1010
Course Administration
 Frameworks within which government and
business act or are constrained:
 Ideological
 Constitutional
 Legal
 Economic
 Global
Business in the Canadian Context ADMS 1010
Course Administration
 Forces on Canadian government to;
 To Intervene
 To be Efficient
 To De-regulate
 To Protect
 To Globalize
Business in the Canadian Context ADMS 1010
Course Administration
Texts required:
1. Joe Martin. Relentless Change: A History of Canadian Business.
University of Toronto Press, 2010
2. Civics Canada Online Textbook. Open Educational Resources.
http://www.civicschannel.com/civics/index.php/Welcome_to_Civi
cs_Canada_Online
3. Students will also be responsible for all material provided in
class slides and handouts
Quizzes are based solely on readings (including cases and class
slides
Class Discussions will relate material to current events in Canada’s
Economy. Further information can be found in
On-Line or Paper Versions
On-Line News Websites
http://www.cbc.ca/news/
http://www.bbc.co.uk/news/
http://www.msnbc.msn.com/id/3032072/ns/business/
http://www.reuters.com/finance
http://www.bloomberg.com/
Canada Created during a Great Period of
Creative Destruction

Joseph Schumpeter (1883-1950)
Innovation by the entrepreneur,
argued Schumpeter, leads to gales
of “creative destruction” as
innovations cause old inventories,
ideas, technologies, skills, and
equipment to become obsolete.
The question is not “how capitalism
administers existing structures, ...
[but] how it creates and destroys
them.” This creative destruction, he
believed, causes continuous
progress and improves the
standards of living for everyone.
What is the Economy






It Grows
It is Dynamic
It can fail
It can be measured
Countries are evaluated based on it
Our future depends on it
Section 1: Relationship between Canadian
Government and Business in a Competitive World
World
Canada
Business
How do we perceive our Economy?


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
News Items
Housing Starts
Trade Figures
Employment Rate
Consumer Confidence
GDP
How do we perceive our
Economy?

Housing Starts: Measure of
investor and consumer
confidence and a leading
economic indicator

Canadian housing starts
unexpectedly climbed 4.3
percent in July, data showed on
Tuesday, setting the third
quarter off to a strong start in
new home construction and
maintaining its role as a key
support to the economy.
http://www.theglobeandmail.com/report-onbusiness/economy/housing/housing-startsclimb-43-in-july/article2123731/
How do we perceive our
Economy?



Exports/Imports — Again, perhaps a bit
obvious in that strong growth means
businesses are selling more widgets to
foreigners. But, the level of exports can be a
better indicator of future expansion of
facilities than employment growth.
Current Report
Canada reported a trade deficit
equivalent to 1.5 Billion CAD in June
of 2011. International trade makes up
a large part of the Canadian
economy. Exports amount to more
than 45% of its GDP. The United
States is by far its largest trading
partner, accounting for about 79% of
exports and 54% of imports as of
2008.
How do we perceive our Economy?


Job loss Figures usually measured
through changes to payroll date or
Unemployment Rate The measure of
jobs loindividuals currently looking for
work.
Current Status
Prime Minister Stephen Harper said Friday
he's not considering a second round of
government economic stimulus — at least
not for now — after Statistics Canada
reported the country lost 139,000 full-time
jobs in July. The loss of those full-time
positions was softened somewhat by the
gain of 129,700 part-time jobs for a net loss
of 9,300, which pushed the unemployment
rate up by 0.1 percentage points, to eight per
cent.
http://www.cbc.ca/news/business/story/2010/08/06/canadajob-employment.html
Consumer Confidence
Conference Board's consumer confidence index — The private sector
think tank produces a group of its own indicators, including the wellfollowed consumer confidence number. The index is a survey of 5,000
households with the pollsters asking people how they see their near-term
financial future and whether they will be out of work anytime soon
GDP Growth Rate
OTTAWA—Canada's economy shrank in the second quarter, the
country's first contraction in two years, underscoring the sudden
economic headwinds that are buffeting even some of the world's
most resilient economies
http://online.wsj.com/article/SB10001424053111903895904576542234215329782.html?mod=googlenews
_wsj
Section 2: What shapes Government
Influences: Political and Economic Ideologies


What is an ideology?
How do they
emerge?
What is an Ideology?

It refers to a set of shared values, beliefs and ideas,
and perceptions through which persons interpret
events of the past, present and future.

It also refers to an explicit doctrinal structure
providing a particular diagnosis of the ills of society.

It will include an accompanying action program for
implementing the prescribed solution.
What does an ideology tell us?
1.
2.
3.
It presents a simplified cause and effect
interpretation of a complex world.
It integrates a theory of human nature with
life's basic economic, social and political
values.
It appears normative and moral in tone and
content and aspire to perfect behavior.
What is the function of an ideology?
1.
It constitutes a broad belief system and
advocate reforms in the basic fabric and
structures of society.
2.
It addresses fundamental questions about
leadership, recruitment, succession and
behavior.
3.
It persuades and propagandizes people
who learn not to be influenced by
opposing views.
Ideologies Change with Societal and
Economic Changes
Changing Social and Business Demographics
Feudal Era
Mercantile Era
Industrial Era
Technological Era
Information Era ?
Ideologies Change with Societal and
Economic Changes
Changing Societal and Business Demographics
Feudal Era
• Business dominated by aristocracy and the
church
• Government and Business aligned
• Mainly agrarian
• Trades dominated by guilds – independent
craftsmen
Ideologies Change with Societal and
Economic Changes
Mercantile Era
Mercantilism is the economic doctrine that says government control of
foreign trade is of paramount importance for ensuring the prosperity and
security of a state. Dominated from 1500-1750
• Belief that there is a limited amount of wealth
in the world
• monopolizing markets
• exclusive trade with colonies forbidding
certain trade to be carried in foreign ships
• export subsidies
• promoting manufacturing with research or
direct subsidies
• limiting wages
• maximizing the use of domestic resources
• restrict domestic consumption of imports
Rationale was challenged by by Capitalists
such as Adam Smith and David Ricardo
Ideologies Change with Societal and
Economic Changes
Changing Societal and Business Demographics
Industrial Era (1700-1950
)
• Business dominated by vested
interests – Capitalism & Nationalism
• Displaced agricultural workers
• Tradesmen employees
• Governments begin to regulate
Ideologies Change with Societal and
Economic Changes
Changing Societal and Business Demographics
Technological Era (1950-1980)
• Business dominated by multinational
corporations
• Capitalism
• Commoditization
• Displaced Blue Collar workers
• Greater Demands for Free Trade
Ideologies Change with Societal and
Economic Changes
Changing Business Demographics
Information Era
• Business dominated by Global
Companies
• Globalization
• Displaced White Collar workers
• Knowledge Workers
• Governments competing for business
• Greater Social Demands for
Government Intervention
Section 3: Major Political, Social
and Economic Ideologies
Classification of Ideologies
Collectivist Ideologies
Society is the dominant Institution
2. Individualist Ideologies
The individual is dominant
1.
Collectivist Ideologies

The Left: Holds that economic society is best
arranged through the direct involvement of the
workers from the bottom up.

The Right: Holds that the owners of the means of
production arrange economic society from the top
down.
Collectivist Ideologies

Collectivism has found varying
degrees of expression in the 20th
century in such movements as
socialism, conservatism and fascism.
Democratic Socialism


Does not see capitalism as an evil that
needs to be overthrown through
revolutionary means.
Instead, tends to accept elements of
capitalism, however, desires that
government play an interventionist role in the
management of the economy and markets.
Classical Conservatism
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Edmund
Burke 1729-1797
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Stemmed from reaction to French
Revolution
Man is rational but passionate. Passion
needs to be restrained.
Only the state has the power to restrain
man’s passion. Other traditional
institutions must exist to do this. Church,
Family
The state exists not to protect the
individual, but, the past, present and
future.
It is dangerous for government to
interfere in economies
Change should be gradual
Belief in Class
Neo-Conservatism
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More individualistic than conservatism
Challenge the very principle of the welfare state
Do not believe government has a responsibility to
maintain a standard of living
Programs such as education, welfare and health which
cost the most should be reduced
Business should be less regulated, markets should be
free. Including privatization of State owned enterprises
(SOE).
Less taxation and less government spending
Minimal but strong centralized government
Believe in preserving traditional values and institutions
Believe Government should be tough on crime.
Individualist Ideologies

The individualist theory
of government holds
that the state should
take a merely defensive
role by protecting the
liberty of each
individual to act as he
or she wishes as long
he or she does not
infringe on the same
liberty of another.
Ayn Rand (1905-1982)
Individualist Ideologies
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
Liberalism
Neo-Liberal
Ayn Rand (1905-1982)
Liberalism

Value of a society is measured
in terms of the satisfaction of
the individual.

Personal freedom leads social
progress.

Laissez-faire and individualism

Governments do not give
people rights their job is to
protect them

Proponents include Thomas
Hobbs
Liberalism

Classical liberals emphasize
free private enterprise,
individual property rights,
laissez-faire economic policy,
and freedom of contract, and
oppose the welfare state.
Classical liberals support
equality before the law, and
hold that economic inequality,
arising from competition in the
free market, does not justify
wealth redistribution by
governments.
Adam Smith 1723-90
Modern/Reform/Welfare-Liberalism
Reform/Welfare/Social Liberalism
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Due to the hardships of the 19th century many
Liberals had to rethink their approach to
Government intervention in economic
activities.
Reform Liberalism, or Social Liberalism,
acknowledges the fact that sometimes a
Government has to be involved in the
economy and take certain actions in an
attempt to remove the obstacles that stop
individuals from experiencing true freedom.
At the very center of Reform Liberalism is the
desire to extend the Classical Liberalist view
of equal rights to include equal opportunities.
John Stuart Mills 1806-73
Modern/Reform/Welfare-Liberalism
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Believe that the Government can help all
individuals obtain freedom in their life and allow
individuals to develop on a personal level.
Some of these programs include contemporary
services within society like public education,
unemployment insurance, health care, and
pensions. Essentially, the Government should
use its power to make sure the economy runs
in an efficient manner and that the
unemployment rate is low.
Can seee some aspects of business regulated
to ensure massive corporations do not buy
other, small businesses through hostile
takeovers.
Classical Liberalism, Social Liberalism, and Neo Liberalism http://www.suite101.com/content/classical-liberalismsocial-liberalism-and-neo-liberalism-a307620#ixzz1B2OTIhDQ
Neo-Liberalism
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It has as its basic concern the development of the free-market.
Globalization and Neo Liberalism are often interchanged
The rule of the market — freedom for capital, goods and
services, where the market is self-regulating allowing the
“trickle down” notion of wealth distribution. It also includes the
de-unionizing of labor forces and removals of any impediments
to capital mobility, such as regulations. The freedom is from
the state, or government.
Reducing public expenditure for social services, such as health
and education, by the government
No protection of class or social order or institutions
Neo-Liberalism
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Deregulation, to allow market forces to act as a self-regulating
mechanism
Privatization of public enterprise (things from water to even the
internet)
Changing perceptions of public and community good to
individualism and individual responsibility.
The role of government should be confined to creating and
defending markets, supporting business, protecting private
property and defending the realm
Neo-Liberalism vs Neo-Conservatism

Many neo-liberals have been defined as neo-conservatives and vice
versa. The main difference between the two groups has mainly to do
with defence/foreign policy and social institutions

Neo-conservatives favor huge defence budgets and foreign
interventions. Neo-conservatism seeks to maintain the status quo,
traditional values and societal class. Neo-liberals only see the need for
defense budgets for defending individual rights and property

Neo-conservatives see some role for government intervention in
business – Neo Liberals do not.

Both are opposed to government spending since it leads to large
deficits and debt. Neo-Liberals see no role for governments interfering
with business while Neo-Cons see some limited role

Neo-liberals see governments role is to ensure global free markets and
to protect individual rights

Neo-Liberals do not support concept of supporting any social class –
The American Dream
Economic Systems
Capitalism
 Communism
 Mixed Economy
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The Concepts of Capitalism
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Refers to an economic
system where the
means of production, or
capital, is owned
primarily by individuals.
Economic decisions are
made by market forces.
The Concept of Capitalism
Focus is on an open system of:
 Pricing
 Profits and Losses
 Private Property Ownership
 Capital Movement
Communism
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Calls for violent overthrow of
capitalist system because
capitalist class will not share
power
Workers will have direct
input into economic
management
Everyone will contribute
based on ability and receive
based upon need
What is a Mixed Economy?
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Moderated Capitalism
Mostly Free Markets
–
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But
Government regulated competition
Some State Ownership
Government protects indigenous industries. (In
Canada, timber, fishing, mining, manufacturing.)
Government protects and develops social programs.
Section 4: The Ideological Framework and
forces that Defined Canada
Settlers to Canada brought with them
the ideologies of Old Europe
New France 1608-1763
Samuel de Champlain
created a colony based on
French Feudalism
Conservatism
 Aristocracy
 The Church
 The status quo
Settlers to Canada brought with them
the ideologies of Old Europe
1759 England Defeats French
and as a part of European
Settlement England gains control
of Canada in 1763. English
liberalism is introduced
Liberalism
 The rising commercial class.
 Change agents
 Traders
 Colonies to supply raw
materials to mother country
The dominant Ideologies of
Canada
Political
 Conservatism
 Liberalism
 Social Democracy
Economic
 Capitalism within the
context of a mixed
economy.
Canadian Economics
 Farmers,
trappers, wood cutters, fishers
 Rural, wealth is in land and natural
resources
 Trade with England and with NE US
59
Alison Kemper ADMS 1010
9 May 2011
Revolutionary War, 1775-1783
60
War of 1812
61
Civil War in US 1861-1865
62
Historic Differences of Ideology
Between Canada and the United States
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Canadian Ideological thought is more of a
conservatism ideology and collectivist than the US.
Canadians feel government is responsible for its
citizens’ well being. There has been a strong
continuity of socialism in Canada not witnessed in
US.
In the United States there is a stronger belief of noninterference by government and the primacy of
individual liberties. Law will not allow Federal Gov. to
get involved in State issues. US appears to be
continuing to move ever more to the right and
individualistic
Demography (people)
 First
Nations
 French
 Métis
 British
 Africans
 Americans
64
Alison Kemper ADMS 1010
9 May 2011
British North America Act 1867
65
Foundations of Early Canadian Economy
 Canada
has always been a trading Nation
 Government played a strong role
 Early Canada wanted open markets
 After Confederation tariffs barriers created
(National Policy)
66
Alison Kemper ADMS 1010
9 May 2011
Foundations of Early Canadian Economy
 Certain
Industries drove Canada’s early
development
–
–
–
–
–
–
–
67
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Agriculture
Financial Industry (Banking & Insurance)
Entrepreneurs
Railways
Utilities
Extraction
Manufacturing
Retail
What is the Role of Government in the
Economy
Implications for Business and
Government
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Government most beneficial when it facilitates, not intervenes
Key factor inputs – knowledge and technology
Capital resources critical
Need to research:
–
Role of knowledge worker
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Impact of technology on small or medium sized businesses
–
Impact of the service and knowledge sector
Government’s behaviour often driven by ideology
Copyright © Captus Press Inc., 2009
What is government’s role in the
Canadian economy?
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Regulator
Law Maker
Trade Negotiator
/Deal Maker
Benefactor
Protector/Guardian
Deliverer of Service
What does business want from
government?
A stable and predictable environment in
today's global world ensures business...
1.
Continuity
2.
Stability
3.
Competition
4.
Free Trade
5.
Efficient/Productive
6.
Unobtrusive
7.
Supportive
What problems do businesses
experience most from Government?
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Harassment
Intervention
Red tape
Regulation
Bureaucracy
Inefficiency
Taxation
What are the questions concerning
government’s role in business?

Does government over-step moral or
ethical boundaries to accommodate
business?

Are there sacred rights and freedoms of
business that transcend ethical
considerations?

Does government reserve the right to
protect citizens and consumers against
the natural activities of business?

Are governments too aligned with
business interests?
What is Canada’s Global Position?
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WTO
NAFTA
United Nations
NATO
G-8
OAS
APEC
Commonwealth
La Francophonie
What issues do we experience in
Canada?
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
The adoption of a common
North American currency.
Develop a common North
American border.

Threats to Canadian culture
and the social safety.

Canada's dependency on its
natural resource sector.
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Canada not seen as
productive or competitive

Canada overly linked to US

Branch Plant Economy
Nature of Competitiveness
THE CONCEPT OF
COMPETITIVENESS

“… the ability to design, produce and market
goods and services, the price and non-price
characteristics of which form a more attractive
package than those of competitors”
From: The World Competitiveness Report, World Economic Forum and the
International Management Development Institute
Copyright © Captus Press Inc., 2009
DEFINITION OF
COMPETITIVENESS

Increased productive capacity achieved by:
–
–
–
–
Innovation
Superior technology
Continuous skill-enhancing training
Concern with social equity and environmental
preservation
Copyright © Captus Press Inc., 2009
GOALS OF COMPETITIVENESS

Viewed in a broader societal context,
competitiveness is:
–

A means to an end
Wealth creation a necessity
–
–
–
Funds social services
Produces a high and rising standard of living
Needed to achieve higher-order goals such as:
 Personal freedom
 Security
 Better quality of life
Copyright © Captus Press Inc., 2009
www.weforum.org/pdf/GCR09/Report/Countries/Canada.pdf
Canada’s Global Competitiveness
Canada’s Global Competitiveness
Copyright © Captus Press Inc., 2009
Models for Assessing Stages of
Competitiveness
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
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
Porter Diamond
Porter Five Forces
Porters Stages of National Competitive
Development
Stern Diamond of Sustainable Growth
PORTER MODEL

Attempts to integrate:
–
–


Economic theories of trade and development
Corporate strategic theories of creating and sustaining
competitive advantage
Firms within a nation must be competitive
Industries tend to be geographically concentrated
within nations
Copyright © Captus Press Inc., 2009
Porter’s Diamond
Adapted by the Martin Prosperity Institute from Michael Porter, The
Competitive Advantage of Nations, Free Press. 1990
9 May 2011
Alison Kemper ADMS 1010
85
PORTER’S FOUR-FACTOR INTERACTIVE MODEL OF
COMPETITIVENESS THE “DIAMOND”
Factor conditions distinguish between
1.
–
Basic factors – passive, undifferentiated base abilities
available to most competitors
–
Advanced factors - involve higher levels of knowledge
and lead to more competitive advantage.
–
Reliance on general factors makes an economy
vulnerable
Copyright © Captus Press Inc., 2009
PORTER’S FOUR-FACTOR INTERACTIVE MODEL
OF COMPETITIVENESS THE “DIAMOND”
Demand conditions:
2.
•
•
Scale economies a static advantage
Quality of demand in the domestic market
more important
•
•
•
Wealthier nation – consumers less price-sensitive,
more interested in quality products, higher levels of
customer service
Independent buyers lead to increased concern about
quality
Competition in domestic market important
Copyright © Captus Press Inc., 2009
PORTER’S FOUR-FACTOR INTERACTIVE MODEL
OF COMPETITIVENESS THE “DIAMOND”
Related and supporting industries
require a network of suppliers
3.
•
•
Working relationship creates both
advanced and specialized factor
conditions
Complementary industries can develop
symbiotic relationship
Copyright © Captus Press Inc., 2009
PORTER’S FOUR-FACTOR INTERACTIVE MODEL
OF COMPETITIVENESS THE “DIAMOND”
Strategy – Structure – Rivalry
4.
•
•
•
•
•
No one managerial style is best
Stress is on organizational goals.
The roles of banks and capital markets are
important
Stress is on the importance of domestic
rivalry
Strong opposition to the creation of
monopolies, cartels or national champions
Copyright © Captus Press Inc., 2009
PORTER’S FOUR-FACTOR INTERACTIVE MODEL
OF COMPETITIVENESS THE “National DIAMOND”

Government is not integral to the diamond
– Role is a facilitator
– Encourage companies to raise performance
– Assist in creating special factors
– Stimulate early demand for advance
products
– Stimulate local rivalry – Anti-trust rules
Copyright © Captus Press Inc., 2009
THE CASE OF CANADA
Copyright © Captus Press Inc., 2009
Porter’s 5 Force

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Existing Domestic Rivalry
Threat of New Entrants
Threat of Substitute Products & Services
Power of Buyers
Power of Suppliers
STAGES OF NATIONAL
COMPETITIVE DEVELOPMENT
Factor-Driven Stage
1.
–
Competition on the basis of production
–
Transfer of technology into the nation, but not
created domestically
Poor basis for long-term growth
–
Copyright © Captus Press Inc., 2009
STAGES OF NATIONAL
COMPETITIVE DEVELOPMENT
Investment-Driven Stage
2.
•
•
•
Emphasis on acquiring and
improving upon foreign technology
Focuses on upgrading institutional
structure
Economy vulnerable to increased
production costs, dependence on
foreign technology
Copyright © Captus Press Inc., 2009
STAGES OF NATIONAL
COMPETITIVE DEVELOPMENT
The Innovation-Driven Stage
3.
•
•
•
•
Reaps benefits of the entire diamond
interaction
Deepening of clusters of related firms and
industries
Focus on innovation, especially higher-valueadded services
Government role — creating advanced and
specialized factors of production, facilitate
start-ups Copyright © Captus Press Inc., 2009
STAGES OF NATIONAL
COMPETITIVE DEVELOPMENT
The Wealth-Driven Stage
4.
–
Leads to decline


–
Less rivalry within the domestic market
Adversarial labour-management relations
Increase in non-functional business
activities
Copyright © Captus Press Inc., 2009
THE CASE OF CANADA
Crane quotes Porter as saying "Canada's big challenge is to
make the transition from an investment-driven economy to
an innovation-driven economy. In an investment-driven
economy, efficiency in producing standard products and
services is the dominant source of competitive advantage,
with technology largely imported. That's Canada up to 20
years ago. In an innovation-driven economy ``the ability to
produce innovative products and services at the global
technology frontier using the most advanced
methods becomes the dominant source of competitive
advantage
Copyright © Captus Press Inc., 2009
THE CASE OF CANADA



Must move to a more innovative-driven
economy
Barriers to long-term industrial
competitiveness:
– Attitudinal
– Behavioural
Daniel Trefler:
–
Productivity gap is a product innovation gap
Copyright © Captus Press Inc., 2009
Diamond of Sustainable Growth
Stern School of Business
Relentless Change
TV Ontario
 Joe Martin

Next Week
Readings:
History of the Canadian Dollar Currency Reforms 1841-71
http://www.bankofcanada.ca/wp-content/uploads/2010/07/1841-71.pdf
The Changing Nature of Canadian Citizenship
On-Line Civics Textbook Section 6)
http://www.civicschannel.com/textbook/6canadian.php
Canadian Financial Services
http://www.fin.gc.ca/toc/2005/fact-cfss-eng.asp
Case: Relentless Change, Bank Act of 1871, pp. 20-37