Madelaine Drohan: 'Can We Catch Up with Angola?'

Wednesday, January 9, 2013 - 00:00
The Gardiner Museum
111 Queen's Park Circle
Toronto , ON
Canada
43° 40' 4.4472" N, 79° 23' 36.654" W
Ontario CA

As much of the world has struggled economically since the crisis of 2008, Canada has prided itself on prudent fiscal management. We’ve touted our record around the world, and wagged our fingers at other governments.

Yet in at least one area, argues Madelaine Drohan, we’re spendthrifts: Canadian governments have largely balked at saving the tax and royalty windfalls brought in by developing non-renewable resources. Around the world, countries from wealthy, developed Norway, to struggling, underdeveloped Timor Leste have seen the wisdom of putting at least some non-renewable resource revenue into a sovereign fund. But while Norway had $617 billion in its sovereign fund as of mid-August, Alberta had set aside just $16.1 billion as of mid-March. Other provincial governments have no fund at all, despite substantial oil, gas and mineral revenues right across the country. 

Madelaine Drohan is an author and the Canada correspondent for The Economist. Over the last 30 years, she has covered business and politics in Canada, Europe, Africa and Asia. This talk builds on Ms. Drohan’s upcoming essay on sovereign wealth funds in the January/February 2013 Literary Review of Canada, “Spending Like There's No Tomorrow.” It is also her Toronto appearance on the national speaking tour for her recently published CIC report, 9 Habits of Successful Resource Economies, on lessons Canada should learn from other global resource economies. A copy of the report will be available for all attendees.

Please join us as we launch the Literary Review of Canada event series IN CONVERSATION WITH, presented by the Ideas Institute. This first instalment in the new series is presented in partnership with the Canadian International Council.

Thank you for reading this story...

More people are reading rabble.ca than ever and unlike many news organizations, we have never put up a paywall – at rabble we’ve always believed in making our reporting and analysis free to all. But media isn’t free to produce. rabble’s total budget is likely less than what big corporate media spend on photocopying (we kid you not!) and we do not have any major foundation, sponsor or angel investor. Our only supporters are people and organizations -- like you. This is why we need your help.

If everyone who visits rabble and likes it chipped in a couple of dollars per month, our future would be much more secure and we could do much more: like the things our readers tell us they want to see more of: more staff reporters and more work to complete the upgrade of our website.

We’re asking if you could make a donation, right now, to set rabble on solid footing in 2017.

Make a donation.Become a monthly supporter.

Comments

We welcome your comments! rabble.ca embraces a pro-human rights, pro-feminist, anti-racist, queer-positive, anti-imperialist and pro-labour stance, and encourages discussions which develop progressive thought. Our full comment policy can be found here. Learn more about Disqus on rabble.ca and your privacy here. Please keep in mind:

Do

  • Tell the truth and avoid rumours.
  • Add context and background.
  • Report typos and logical fallacies.
  • Be respectful.
  • Respect copyright - link to articles.
  • Stay focused. Bring in-depth commentary to our discussion forum, babble.

Don't

  • Use oppressive/offensive language.
  • Libel or defame.
  • Bully or troll.
  • Post spam.
  • Engage trolls. Flag suspect activity instead.