Canada has been sold a false promise of being an ‘energy superpower’

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author and academic whose books include Why Empires Fall and Twilight of the Money Gods. Faced with a moribund economy and a more uncertain future, the federal government says Canada will exploit its abundant resource endowment to become a global energy superpower. Ottawa paved the path this week for oil producers to double production with a big pipeline announcement. Billions in government money is on the table. If that’s the plan to revive the economy, it won’t work. We know this because that’s the strategy which the country has used over the last generation, and it has failed to deliver growth. Canada is already an energy superpower. Since 1990, oil and gas exports have risen four times faster than overall exports, making the country the world’s fourth-largest supplier. Yet throughout this time, the average annual per capita growth rate of the economy has trended relentlessly...