While the global economy is still undergoing a period of upheaval in the wake of the credit crunch, I believe Canada is well-positioned to be first out of the current recession, largely thanks to having struck the right balance between the public and private sectors in its financial institutions.

As a result of the credit crunch, global financing practices will never be quite the same again. One of the fundamentals of world trade – the easy flow of capital– has undergone a crisis of confidence that will extend well beyond the economic recovery. This will mean a change to the way the global economy does business – there will be a new status quo, not a return to the way things used to be.

The credit crunch showed the world what happens whenmarket freedomand proper oversight are not held in balance, and this crisis is now forcing the world towards a model based on greater cooperation – a model that has been developing in Canada for some time.

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