Canada and Quebec less affected by the economic crisis than other regions of the world.
The Quebec Miracle: Secrets of a Stable Economy
It would be logical to think that the first country to suffer the consequences of an economic crisis in U.S.A. would be Canada, its neighbour and main commercial partner; however, there are subtle but fundamental differences in the political, social and financial system between the two countries that have supported to protect it.
According to Alain Dubuc, financial journalist of Quebec, there is a wild and unstoppable capitalism in the United States, which has no measure, neither consideration for the social risk it implies; benefiting a virtual economy that is based in the market transactions and led by speculators that have taken the rest of the world to a catastrophe.
On the contrary, Canada has a solid system of social protection, based on the principle of solidarity, especially in Quebec, which supports the real economy: the working people, creating and producing, and in which we buy and we save.
Unfortunately, we have forgotten this economy in benefit of that of stock values that is extremely artificial and which is disconnected of the reality, just as it happens to the speculations in the stock exchanges.
The social security system of Canada, oversees the risks of unemployment through the insurance it has for that effect, so the becoming unemployed would not have to sleep in their cars like in the United States, but rather they would still have enough resources to pay their bills and buy the basics, contributing to the economic flow.
The crisis has hit mainly those that have big fortunes and have seen them disappear in a moment. In Quebec, it is not common to find that kind of people, we haven’t felt a “fallen” economy, and all is due to the Canadian system that doesn't admit big social differences, that is to say, the wealth doesn't concentrate just on a few group, as it happens in most of the countries, avoiding the problem of social inequity.
The American economy mostly depends on the industry; Quebec, on the other hand, doesn't have large producers such as the automotive companies, and it has an economy of raw materials and high technology that has allowed it to sustain throughout the current situation.
The above-mentioned doesn't mean that there is not crisis in Quebec, neither that the worst is yet to come, but rather there are tools to help face the economic imbalance without collapsing the system, that is to say, that the crisis would not generate massive firings, neither an increment of the insecurity.
It is considered that the capitalism in the entire world will suffer a transformation that will allow them to survive, valuing the state as promoter of the public affairs, especially in the education, culture and investigation, just as it is conceived for several years already in Canada, and particularly in Quebec.
Dubuc finishes its intervention, assuring that he agrees with those who think that prosperity is very important, but contrary to the neighbouring country where its path has left a deep social crisis, here, it could be built based in the solidarity. This way, it will come up, slowly but surely from the present scenario, which makes Quebec to be a place that, in spite of the world crisis, can continue maintaining the same benefits and socio-economic opportunities for the immigrants, which it welcomes every year.
"The Quebec Miracle: we happily can maintain an economy based on the principle of solidarity that makes the market to be efficient and that the state takes charge of the public services”. Alain Dubuc.
References: Interview granted by Alain Dubuc on April 8th 2009 to Christiane Charette in Radio Canada. "Alain Dubuc: a little bit of left, a little bit of right."
http://www.radio-canada.ca/emissions/christiane_charette /2008-2009/chronique.asp?idChronique=78258