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GEPPS(Global , ethical, political, physical,societal) Research Project

ECONOMIC COMPARISON BETWEEN CANADA AND INDIA

A stable economy is what most countries dream about and enjoy to have. A stable and sustainable economy comes along with excellent benefits both to the government and to the local citizens. This is because the local civilians can afford basic needs as they acquire them at a favorable price. Every government must ensure a steady economy to ensure the proper running of the country (Bagatska, Piuro, 2017). With a well-developed economy, the government can fund various projects that will help local civilians and will also pay its civil servants on time. Most developed countries have well-developed economy while third world countries have lots of difficulties in developing their economy. This has led to increased poverty in these countries making the lives of the local people difficult.

 

Comparison in terms of globalization

Canada is one of the most developed nations in the world. It is also among the most globally integrated countries in the world, with a highly advanced system of communications and information technology, a government that is active in international organizations, an economy that is dependent on trade, a population that travels abroad frequently. The Canadian economy has been heavily reliant on the outside market since colonial times. Canada received capital from imperial countries making the economy colonial by then. They used to import manufactured goods and export natural resources which made their economy grow even stronger.

This is because its economy is well dominated over by the service industry and employs about three-quarters of Canada's population. Being among the countries with the highest resources mostly petroleum and fuel has made Canada one of the best energy providers and has even been named the energy superpower.

Canada is the fourth-ranked major petroleum exporter in the world. This has been a great contributor to the expansion of the Canadian economy. In the last few years, Canada has its economic growth rate being measured at 3 percent per annum. It is also noted that the Canadas economy has had a steady growth rate since 1961 and it was at its highest in the year 2017. The economic system in Canada combines both public and private elements of the enterprise. Public enterprise, most notably the development of an extensive social welfare system to redress social and economic inequities. Canada has a secret to the public (Crown) property ratio of 60:40 and one of the highest levels of economic freedom in the world. This has made it emerge so strong and can be rated among the capitalism free economies in the world. Among the positive impacts of globalization on the Canadian economy are; improvement in technology, growing numbers of international trade and high rate of globally and international investments. On the counterrally, globalization has been affected by challenges in transport thus making it unreliable. It is among the most significant challenges Canada is facing today about globalization.

The Indian economy is placed as the sixth largest by nominal Gross Domestic Product. It had had a constant growth rate of six to seven percent annually since 1991 and had been declared as the fastest growing economy. It has become a significant exporter of information technology services and also software tools and services (Muniesa, et al., 2017)). India has one of the fastest growing service sectors in the world with an annual growth rate above 9% since 2001, which contributed to 57% of GDP in 2012–13.[42] India had become a significant exporter of IT services, Business Process Outsourcing(BPO) services, and software services. Though farming is the biggest employer in India, it plays only a small role in India’s economic development. Other sectors such as the automobile industry and the retail market have contributed to India’s fastest growing economy in e-commerce and have been recognized worldwide. This is an indicator that capitalism exists though it is not a monopoly as employment opportunities are created for the local citizens. Globalization is one of the factors that shaped the Indian economy into what it is today. During the colonial periods, India was carrying out maritime trade via the Mediterranean Sea route and would link all the way to southern and western Asia.  This effect can be seen up to today where India has become one of the largest service providers and in business processing outsourcing. There are several impacts of globalization on India’s economy both positive and negative. Among the positive effects is that it has led to increased growth, technological advancement, job creation especially in the world of IT, improved health care, more choice has been availed to various consumers globally, development in rural areas and also it has strengthened relationships with neighboring countries. On the other hand, globalization has promoted individualism thus breaking the traditional family trading systems, threats to local industries due to cheap imports and finally promotion of sedentary lifestyles that have led to poor health in India.

 

Impact of the internet on the two economies

In most developed countries, the internet has accounted to twenty-one percent of the GDP growth estimated in the last five years. It acts as a catalyst to a country’s economic and social development (Tola, Pettinau, 2014). 

The Internet has played a significant role in the rise of the Indian economy as India is among the leading countries in IT and e-commerce. Without the internet, these activities could not be carried out as internet serves as a link to outside countries. The internet has been used to gain information which is known to inspire economic activities in India and other countries. India is among the highest IT service exporter; it relies heavily on the internet. Electronic commerce has also been the most common method of trade in India. This is a factor that makes the internet a necessity in the country. The Internet has also affected India’s economy about cybersecurity issues that have termed it as unreliable. This is because the internet has been used to carry our fraudulent activities across India and other states. Cybersecurity has remained one of the most disturbing issues in our today world.

In Canada, their economy is mainly based on natural resources such as petroleum and minerals with require manual labor and not necessarily the internet. Though the internet has had its uses in the economic support of Canada, it cannot be termed as a significant requirement unlike in India where it is a necessity.  Canada has not been left out regarding internet usage and its role to the economy. As technology advances, more internet needs occur as it has been used in transport, delivery, treatment of various health issues and also in the education system. The internet plays a vital role in the economies of both countries and cannot live without it. Internet usage is the only distinguishing factor to both nations.

 

Capitalism definition in relation to national political policies

In Canada, capitalism is not an issue as the economy is democratic and is fit for anyone who is ready to work. Being rich in natural resources had been a great contributor to Canada's economic growth. These natural resources are managed by the government and are thus put into good use unlike where individuals own them and serve as a monopoly only to benefit their owners. Political economy in Canada has been termed among the most magnificent pillars in the Canadian economy. In India, the biggest employer is agriculture though it doesn’t play a significant role in the economic growth of India. Individuals and sometimes international owners own major companies in India. Political economy in India has been both a source of joy due to its productivity and in other cases as a source of failure as the levels of poverty remain to be very high leading to unbalanced economic growth. In India, capitalism in the field of agriculture has been a significant contributor to economic growth as it has left the industrial part to be modernized thus increasing productivity (Mahgerefteh et al., 2016).). To them, capitalization has not been a bad thing as it has played its role in economic growth. Political policies have led to unpredictable changes in economic growth in India as they have not improved the lifestyles of Indians as poverty remains high. In Canada, poverty has reduced from twelve percent in the previous years to a mere four percent in our recent years while in India, the government has not been able to reduce the percentage from twenty-two percent and the number is still growing.

 

The relationship between economic growth and personal freedom on the two nations

Studies have shown that when people are allowed to do whatever they want to improve their livelihood provided it is legal, the economic growth rate will rise considerably. Others also emphasize and say that economic growth cannot be affected by personal freedom since others have stressed on political and social development and has worked so far to improve their economic growth. In India, individual liberty is one of the constitutionally recognized rights and has played a major role in improving people’s lives. Also, in Canada, freedom is everyone’s right and can not be questioned. Free countries are said to be richer as it promotes a sense of unity and division of labor (Lyshchikova, Nikulina, Orlova, Chistnikova, 2015).). This leads to a highly productive community as they embrace qualities such as teamwork which is essential in the general economic growth. Both India and Canada are seen to have a similar relationship in the approach of economic growth and personal freedom. In countries where the method of leadership is a dictatorship, the economic growth has always been poor as people don’t work in peace. It does not promote teamwork and nationalism.

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