Jul 02, 2009 - 04:30 AM
By Greg Weatherdon
The global economic turmoil that has unfolded over the past 18-20 months leaves most of us feeling a little helpless as we watch friends and family lose their jobs, while at the same time hoping our investments recover their previous values.
As the world's top nations pour money into their economies, there doesn't seem to be much left for individuals to do but wait out the economic storm and hope for better days.
Canada seems to be holding up better than most, however, recent Buy American policies by the US administration could well stall our potential recovery by many months. With upwards of 80 per cent of our economic activity tied to the US, this type of protectionism is certainly not in keeping with the spirit of free trade.
At first glance, there really doesn't look like there is a lot any of us can do to minimize the impact of these events and try to stimulate our national economy. However, like the theoretical Butterfly Effect, where the flapping of a butterfly's wings in one area can potentially create a tornado in another part of the world, an individual's actions can have far-reaching consequences.
To begin with, each and every one of us has the ability to strengthen our local, provincial and, ultimately, our national economies by simply making a conscious decision to buy Canadian. Unfortunately, many of the products we purchase are manufactured overseas. However, by taking a moment to read labels, we soon find out that there are more products manufactured in Canada than we think.
Labelling guidelines can sometimes be a little ambiguous, leading us to think it's a product of Canada when in fact it may be only assembled or packaged here, but it's a start. Simply identifying the place of origin of many of the fresh fruits and vegetables and then selecting Product of Canada instead of the offshore alternative, has an impact.
Even when there is no Canadian alternative, we as consumers still have the choice of where we buy a product. All things being equal, we should be making the purchase at a local Canadian retailer, then at least we are allowing the profits on the sale to stay within our country. With the sheer number of stores dotting the retail landscape, the challenge is determining which are Canadian. This may require a little research as many former Canadian banners are controlled outside of this country.
If enough of us start making informed purchase decisions, maybe more Canadians can remain employed and enhance our national wealth by keeping the profits at home. The choice is ours.
Whitby resident Greg Weatherdon is a frequent contributor to this space.
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