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Prabhat Patnaik | The French economist J B Say had believed that there could never be a problem of aggregate demand in any economy, that whatever was produced was ipso facto demanded.
The Third Plenum of the Communist Party of China ended last week. The Third Plenum is a meeting of China’s Communist Party Central Committee composed of 364 members which discusses China’s economic policy for the next several years. As China is a one-party state, in effect this sets out the policies of the government and, in particular, that of President Xi.
Despite the fact that China’s economy continues to far outgrow all major Western economies the Western media is energetically promoting a myth of “peak China”—i.e. that China’s economy either has or is about to drastically slow down.
It is rare for the Bank of Canada to say that we face a national economic emergency. But that is exactly what Deputy Governor Carolyn Rogers did on March 26. She was referring to Canada’s dismal record on labour productivity, which is indeed a major, albeit long-standing issue. Her widely publicized speech put a sharper focus on very weak Canadian economic performance, especially relative to the US.
The Swiss investment bank expects the country’s oil sector to grow significantly in 2022.