Canada and the Global Financial Crisis: A Model to Follow?

Resumo

Canada is generally argued to have fared well during the global financial crisis. This article considers the Canadian response using a policy network approach. During the crisis, the policy network was united and cohesive. Canada did suffer a major crisis of its own, referred to as the asset-backed commercial paper crisis. The policy network’s swift response helped minimize risks and consequences. Canada’s policy network is effective which helps explains Canada’s strong performance. The article’s conclusion, though, raises concerns that success may prevent the policy network from learning, adapting and preparing for the next crisis.