Ontario’s Path To Easy Money: Forex Trading And Mining Insights

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Ontario’s Path To Easy Money: Forex Trading And Mining Insights

Ontario's Path To Easy Money: Forex Trading And Mining Insights

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Ontario's Path To Easy Money: Forex Trading And Mining Insights

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Investment GlossaryAppreciation Learn what real estate appreciation is and how it can help you invest in real estate. Author: Scott Dillingham 2 min read Even before the pandemic, there was an increasing recognition of territorial disparities in economic growth, investment and jobs across Ontario. As noted in the Fall 2019 Economic Statement:

“Some areas of the province have not fully recovered from the global economic downturn more than a decade ago. For Ontario to become a global leader in job growth and a top place to start new businesses, all regions of the province should enjoy prosperity.”[1]

Following the government’s recognition of these geographic disparities, in December 2019 a communique was issued by the Federation Council (consisting of the prime ministers of the country’s provinces and territories) committing to “take the necessary steps to eliminate regional disparities throughout the country”[2].

How Ontario’s Mid Sized Cities Can Thrive: A Toolkit For Economic Development

The article focuses primarily on the latter issue. It outlines a framework – what we call a “revitalization toolkit” – for informing economic development strategies in Ontario communities struggling with the negative impacts of deindustrialization on investment and employment. The aim is to equip decision-makers at regional and local levels with an evidence-based toolkit to develop tailored economic development strategies for rural and economically disadvantaged communities.

The analysis is based on recent work by British consulting firm Public First to develop an economic development strategy for the city of Windsor, which is significantly impacted by trends related to technological dislocation, offshoring and economic stagnation. Between 2001 and 2013, the city lost a total of 11,900 automotive jobs, and in the automotive industry the rate dropped from 1 in 5 full-time workers in 2001 to 1 in 8 in 2013.[3]

The “revitalization toolkit” used to develop an economic development strategy for Windsor may have broader application to other Ontario communities that have had similar experiences of dislocation due to trade and technology. The toolkit enables decision-makers at the regional and local level to understand the drivers of investment and job growth, assess a community’s strengths and weaknesses against growth drivers, and then develop specific policies that highlight its strengths and mitigate its weaknesses.

Ontario's Path To Easy Money: Forex Trading And Mining Insights

This article applies a toolkit to four Ontario cities that, like Windsor, have experienced the economic and social consequences of deindustrialization in recent decades. These four cities – Oshawa, Peterborough, Sudbury and Thunder Bay – were chosen because, although they differ in economic profile, geography and history, they face similar long-term challenges, which is essentially a common municipal governance model, and qualify for the same type of provincial and federal support.

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A previous Ontario 360 analysis showed the extent to which economic activity, investment and employment have historically been concentrated in a small number of major Ontario cities

One example: Of the 865,000 net new jobs created in the province from January 2008 to August 2019, 88% were in Toronto and Ottawa.

The growing regional economic disparities in the voivodeship are influenced by two main factors. The first is the wider urban agglomeration trend where investment and jobs are increasingly concentrated in large cities – sometimes referred to as “superstar cities” – in developed countries[5]. The reasons for urban agglomeration are various, but the most important of them may be the powerful network effects of the knowledge-based economy and the cumulative benefits of proximity to capital, talents and ideas[6].

A second factor behind growing regional disparities is the ongoing process of deindustrialisation – in particular the transition from a goods-producing to a service-based economy – which has disproportionately affected rural and regional communities previously dependent on manufacturing and resource-based industries.[7] in particular, the significant decline in manufacturing employment has been a major source of displacement and stagnation in various mid-sized cities across the province that previously relied on the sector as a basis for middle-class jobs and opportunities outside Ontario’s major cities.[8]

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This process of deindustrialization is not unique to Ontario. It reflects a broader trend in advanced economies driven by a combination of technology-led productivity and trade-backed outsourcing.[9] Traditional sources of employment for the middle class and, especially in middle-sized and peripheral communities, are in decline.

As a result, the concept of The concept of “left behind” cities is increasingly becoming a key element in the discussion of political economy – especially in light of the significant socio-cultural and political consequences associated with economic stagnation and unemployment. Studies of “deaths of despair” in deindustrialized parts of the United States and the rise of political populism point to the effects of deindustrialization as a factor behind these major sociocultural and political events.

The result: there has been renewed interest in tackling regional economic disparities and stimulating more investment and employment in rural and economically disadvantaged areas. An example of such location-based policymaking that Ontario 360 has previously studied is the Opportunity Zones model introduced in the United States in recent years to attract capital to small geographic areas that underperform on key economic indicators[10].

Ontario's Path To Easy Money: Forex Trading And Mining Insights

While this model may have potential as a tool to encourage investment in rural and economically disadvantaged communities, it is important to realize that there is no silver bullet. The market forces pushing capital, ideas and talent to major hubs are powerful. No single policy alone can reverse urban agglomeration or revitalize economically distressed places. Trying to catalyze jobs, economic growth and opportunity across the province will require a mix of policies.

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It is also important to realize that the success or failure of different policies is highly context dependent and can be affected by the economic environment of a community or the way a given policy is implemented. Impact assessments are difficult to perform due to the large number of confounding variables, and even more difficult to apply from one site to another given the various historical and current factors that invariably affect the results. Trial and error and a bit of humility are therefore useful ingredients of any economic development strategy.

However, the evidence shows that, if applied carefully and adapted to the local context, there are various policies that can actually help cities prosper. Our research – included in a report prepared for the City of Windsor in 2021[11] – identifies in particular four explanations that are associated with better location-based economic performance:

There is considerable debate in the literature as to which of these factors is most important, how they interact, and what is the exact role of public policy in cultivating them. However, most scholars agree that these are four broad areas that policy makers should focus on when developing territorial development strategies.

Our ‘regeneration toolkit’ aims to highlight the role of public policy in these four areas. In particular, it sets out how different policies across a wide range of issues – including higher education and transport – can contribute to the overall objectives of (1) clusters, (2) people, (3) agglomerations and (4) competitiveness. The toolkit draws on academic literature to identify eleven specific areas that should inform and shape area-based economic development strategies. This section of the article discusses these eleven areas and the underlying evidence.

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