Technological Innovation
CANADIAN TECHNOLOGICAL INNOVATION
September 5, 2016 the G20- Group of 20 richest nations’ Finance Ministers and Central Bankers released their Blueprint on Innovative Growth. Although this is a global context document, Canada could become a major success story through the innovative future development of our country of many nations.
With new perspectives and new development agendas, Canada has all of the Resources needed to accelerate our progress in this century. We have the Human Resources, the Physical Resources, the Informational Resources, the Technological Resources and the Financial Resources to prosper our citizens and cultures beyond our expectations. How we manage these five key resources will determine our future.
The G20 must work within the pragmatic parameters of the old economic paradigms that have produced the vulnerable monetary crisis threatening all of us. But due to Canada’s relatively small contribution of 12% of global GDP, we have significant flexibility to carve out our own unique development future. Canada is finally of enough substance to finance our own growth and enjoy the autonomy our society deserves.
With a GDP over $90k per worker, Canada has lots of industrial and service sector productivity, but once we recognize the incredible growth opportunities in our 18 key economic activity sectors, we can plan HOW we will direct our evolution. Of course, our evolution has more dimensions than the economic or financial ones. But assuredly, if we can optimize our management of these, then the others will certainly follow.
Canada consists of not just two cultures (French and English), but over 1000 cultures from coast to coast. Not only does our cultural heritage include peoples from every country on earth, but also from most sub-cultures from those countries. We are certainly one of the most diverse countries. But we also have a deep flowing river of a Canadian Culture shared by all Canadians. (Please read the CFP Constitutional Amendment that declares our heritage and cultural values.)
Innovation is certainly not just technological, but Canada needs to recognize how we can use technology to grow our nation. For centuries, knowledge was the power behind wealth and development, but now that Information Resources are plentiful and accessible, we must leverage this power of wealth and development across our society. This is a national resource with limitless growth potential.
Similarly, our people, or Human Resources, are remarkably flexible, innovative and industrious. We need to realize that our existing workforce of 18 million Canadians, includes 75% who are not deployed in sectors performing above our average GDP productivity. Many of our sectors are functioning in under-productive capacity and thus under utilizing our Human Resource productivity. The number of Canadians with job dissatisfaction is enormous. We have huge talent capacity but minimal talent deployment. Human development across Canada needs energizing.
Our Technological Resources have upheld our natural (Physical) resource economy during the present deflation of commodities, but we incur substantial trade imbalances in electronics and machinery where technological resources are mostly deployed. Most technological resources are created with our intellectual or Human Resources, so we must become innovators in education to accelerate our Technological Resources development.
Canada’s natural resources, (Physical Resources), have procured our status in the top economies of the world. But until now, we have turned these over to others for their inexpensive development because we lacked our own capital. All the former colonies were resource providers to the powerful nations who conquered them during the previous three centuries. But now we have come of age and can create our own capital to serve our independent growth.
Canada’s Balance Sheet claims $37 trillion in Assets of which $28 trillion are financial capital. This is a large asset that needs to be managed more effectively towards our own development aspirations. The productivity of these Financial Resources has been greatly deflated since the monetary collapse of 2008, but our financial infrastructure holds great promise due to the Canadian integrity of its stewards. Innovation in this sector will bring new ways to finance our growth in this century.
Canada has spent 50 years of innovation for survival, but now we need 50 years of innovation for our future. Our development will succeed in tune with our mastery of our five key resources: Human, Informational, Physical, Technological and Financial Resources.
God bless Canada.
Jim Reid Founder: CFP- Canadian Federalist Party
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