Zita Cobb is Founder and CEO of Shorefast and Innkeeper at Fogo Island Inn. Mary W. Rowe and Zita Cobb QUOI Media Mary W.
Rowe is CEO of the Canadian Urban Institute and a Community Economies Fellow at Shorefast. Much debate continues to greet the latest statistics indicating Canada’s productivity – measured as economic output generated per hour of work – has continued to decline, dramatically lagging other G7 countries. What began as a rant by pundits, has now shifted to a steady lament.
Instead of joining the choir, wouldn’t our time be better spent looking upstream? If we want to improve productivity in Canada, we should be investing in our own businesses and essential community infrastructures to support them. The search for foreign direct investment has long been a Canadian preoccupation. Instead of doubling down on creating conditions to ensure any capital generated in Canada continues to be invested in Canada, we have pursued investments from other places.
Too often, money that is made here is quickly whisked off to be invested elsewhere. Nowhere is this more ironic than following the money of our pension funds, which defend their obligation to their members to pursue highest returns outside of Canada, even as the infrastructure and services upon which the communities in which they live depend – such as affordable housing, access to capital, transit and mental health services – are starved of investment. We need to make investing in Canadian businesses – .
