William Watson: Canada may have what the world wants but can it get it to market?

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Now it has to take on members of its baseLast updated 8 minutes ago Prime Minister Mark Carney makes an announcement about affordability at a grocery store in Ottawa on January 26, 2026. Photo by Blair Gable / Postmedia“Canada has what the world wants.” That’s the new catchphrase Ottawa is using as a theme for its attempt to boost economic growth.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountGoogle it and you’ll see it everywhere. Natural Resources Canada’s website features it in a kind of blank-verse summary of (I guess) a TV commercial selling the idea — a TV commercial you and I paid for, of course. It begins “The sun rises over a forest. Text on screen: Canada has what the world wants. Sound of wind blowing. Rapid-fire montage of Canada’s resources in their raw form …” I do like the juxtaposition of “Canada has what the world wants” and the sound of wind blowing. For anyone not a Liberal true-believer, it’s all mainly wind.The PMO’s press release for the first Canada Investment Summit starts with “Canada has what the world wants.” So does the PMO press release describing the new “productivity mega deduction.” Mark Carney himself used the phrase in his post-summit remarks. He also used it in Davos last January. It’s now almost quasi-religious with the government, like a land acknowledgment, words you have to say before you can say anything else. The constant drumbeat suggests maybe Carney & Company believe one thing Canada doesn’t have is people who understand a message the first time it’s delivered.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again“Canada has what the world wants.” If we take it as a piece of logic rather than a political mantra, it presents difficulties.To begin with, it’s pretty mercantilist. The goal of economic life is not just to sell stuff. You sell in order to consume. We may have what the world wants but the world has what we want, too. We’re less than two per cent of the world economy. We can’t produce everything. The real advantage of having stuff the world wants is that we can get the world’s stuff at a better price. And we do want their stuff. Even Americans’ stuff.“Canada has what the world wants” is also pretty trade-centric. Trade is certainly important. Or at least it was, until the Trump-led protectionist revolution. And so is foreign investment. But foreigners aren’t the only potential financiers of Canadian investment. Canadians are relatively rich, compared to all the world’s foreigners. And we have decent savings rates. We can invest in Canada, too, and trade with each other, when that makes economic sense. Parts of our country are much farther from other parts than they are from the U.S. but we operate under common laws and in a common culture, so trade with and investment in each other will often make sense. Nothing in economics says growth is only sparked by foreigners or trade. Canada has what Canadians want, too.We should welcome voluntary exchanges among anyone and everyone who wants to engage in them. Governments needn’t take sides as between Canadian-to-Canadian and Canadian-to-foreigner exchanges. Let Canadians work out for themselves where it’s best to focus their money and effort.But the biggest problem with “Canada has what the world wants” is the implicit message that if that’s true, our problems are pretty much solved. Having what people want makes you a seller in a seller’s market.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Trouble is, we’ve had what the world wants for quite some time, certainly the past 10 years, and yet our economy has been clunking along with slow growth of per capita GDP, the key to material well-being. The world has been willing to buy our resources but we haven’t been willing or, in some cases able, to sell them.The Germans came looking for natural gas after Vladimir Putin cut their supply and we insisted they buy hydrogen instead, which they didn’t really want. And even if we’d agreed to sell them natural gas, it’s not clear we could have got it to them. Some of our provinces, especially a big one in the eastern part of the country that’s sitting on lots of hydro power, doesn’t believe there’s a “social licence” for new pipelines and won’t allow them built across its territoire.We’ve got similar problems with pipelines going west and with other kinds of projects, too. Anything big attracts determined opposition from many different quarters.The new Liberal government, which is coming up to 18 months in office, says all this is going to change. Canada is now going to be a more willing seller. New legislation promising faster project approvals — “One project. One review. One year.” — is certainly welcome. But isn’t there a danger the one-year maximum soon becomes a one-year minimum? And if the review’s going to go fast, maybe the prep time for it gets longer, meaning the start time gets pushed back, offsetting bureaucrats’ faster pace. And has anyone told our often wholly uncivil civil society folk that they really shouldn’t be suing over processes or outcomes?All the catchphrases in the world won’t produce the investment we want, whether by Canadians or foreigners, without action. Ronald Reagan made clear he was serious when, just 200 days into his presidency, he fired 11,000 air traffic controllers who had gone on strike despite having signed an oath not to. Reaction to Carney’s proposed new legislation suggests his Reagan moment may be coming. Is he willing to do hard things, including offending many in his base, to enable the world to buy what Canada has and it wants?Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.