Terence Corcoran: Chrystia Freeland brings Chinese-capitalism to Ottawa fpcomment
During Thursday’s economic statement, Freeland continued with the theme, promising to flex federal fiscal and regulatory muscles of economic interventionism. She riffed through some of the many ways in which Ottawa plans to continue expanding its role in the economy, providing regulation and money to support housing, jobs, investment and major backing for certain industries tied to climate change.
The Freeland Doctrine has been warmly received by many, including two Canadian think-tankers who may well have influenced her ideas. According to the Public Policy Forum’s Edward Greenspon and Sean Speer,what Freeland proposed, including a “massive supply rebuild” in which Ottawa will oversee an “increase in the supply of everything from housing to hydrogen, from IP to ICUs, from quantum computing to the next mRNA.
Missing from the Freeland Doctrine, and in the ideas of her backers and other theorists in Ottawa and in certain policy circles around the world, is recognition of the major economic and ideological flip that’s underway. In the United States, the Biden administration has passed laws to shut down China’s semiconductor trade and boost U.S. industry via the Inflation Reduction Act , legislation that does nothing to reduce inflation but greatly expands government intervention into the U.S. economy.
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