I keep wondering if there are any actual conservatives left in Stephen Harper’s merry band of economic nationalists:
Tony Clement, the federal Minister of Industry, has much to explain after his laconic rejection of BHP Billiton Ltd.’s application for permission to proceed with its offer to buy Potash Corp. of Saskatchewan Inc.
Canadians and investors around the world — not least Potash Corp.’s own shareholders — are entitled to learn what Mr. Clement thinks is the meaning of “net benefit” to Canada, in the words of the Investment Canada Act. Evidently, in his and his colleagues’ minds, free markets and the free flow of investment are not sufficient.
Canada, as an exporting nation, has far more to lose by kicking off this kind of protectionist move than any imaginable gains. We might as well write off any economic growth from exports if this is the new modus operandi of the federal government.
