What Makes the Canadian Financial System So Different?
Sunday, January 31st, 2010Tom Schumacher submits:
An article in Friday’s Financial Times discussed Canada’s banking system. According to World Economic Forum, Canada has the world’s "soundest" banking system. It is the only country in the G7 that did not have to come to the aid of its financial sector with a state sponsored bailout. So what makes the Canadian financial system different? The FT claims that first and foremost its a function of Canadian culture,
Depending on your degree of fondness for Canucks, this thesis comes down to the notion that Canadians are either too nice or too dull to indulge in the no-holds-barred, plundering capitalism that created such a spectacular boom, and eventual bust, in more aggressive societies.
