Social And Economic Setting Of Canada

Social And Economic Setting Of Canada Canada is today considered to be among the richest nations in the world. But how and when is a country considered to be among the wealthiest in the globe?Advertising We will write a custom essay sample on Social And Economic Setting Of Canada specifically for you for only $16.05 $11/page Learn More Canada has evolved from a hard economic hardship to a level where its economy is relatively in a good shape compared to other developed and developing countries. However, certain discrepancies still exist in the manner of distribution of resources and standards of living. Certain factors can be held responsible for this trend. This essay will discuss some of the factors that have led to inequality in income distribution in Canada, highlight the country’s quality of living, discuss its material wellbeing and finally provide an insight into the economic and cultural dependence of the country. The standard of living in Canada improved greatly ever since its em ergence as the second wealthiest nation after the United States of America following the Second World War (1) Even though a significant drop in the exceptionally high rate of economic growth led to the subsequent drop in its ranking among the wealthiest nations, Canada is still considered as a country whose majority population has a high standard of living. The United Nations Human Development Index ranks Canada’s standards of living as the eight in the whole world. The high standard of living in Canada is majorly attributed to the high quantity and high quality of goods and services that is readily available to a majority of the Canadian population. The availability of these goods and services also contribute to the material wellbeing of the people. This material wellbeing is the main factor used to measure the standard of living of the Canadian population.Advertising Looking for essay on political sciences? Let's see if we can help you! Get your first paper with 15% OFF Learn More This is because an increase in the material wellbeing is a harbinger of increased standards of living while a drop in the same is an indicator of decreased standards of living. Despite Canada’s high standards of living, there are still those who live in poverty. This is caused by a wide difference in income levels and inequitable distribution of natural resources. The two groups which are most likely to live in penury in Canada are the aboriginal Canadians and single-parent households that are headed by women. The latter are likely to be poor because some form of muted gender discrimination is still witnessed in the nation to this day. Aboriginal Canadians are most likely to be poor because they are traditionally rooted in the logging and mining industries which are minor sources of income. Socio-economic mobility refers to the movement of people from one economic and social status to another. This type of mobility exposes and opens opportuniti es for one to explore and utilize. Socio-economic mobility removes the social and economic constraints and presents an avenue for the exploitation of other areas in order to yield the desired results. Canada is widely known for its high degree of socio-economic mobility. The main characteristic of Socio-economic mobility in Canada is that it majorly takes place in full time and higher-paying occupations. The mobility is also subject to the historical backgrounds, traditions, cultures and political conditions.Advertising We will write a custom essay sample on Social And Economic Setting Of Canada specifically for you for only $16.05 $11/page Learn More The Quality of Life (QOL) in Canada is measured using the cost of living, life expectancy, average income, personal safety and security, political stability and the Gross Domestic Product per person (GDP per capita). Basing on the GDP per capita, Canada enjoys a higher quality of life than all the Organization for Economic Co-operation and Development (OECD)’s countries except the United States. Globally, Canada is ranked eighth in the list of countries with the leading QOL rates. (2) Canada’s independence is limited by a number of cultural and economic factors. Canada’s economy is greatly dependent on the United States of America. The United States imports about 73% of Canada’s exports. It also contributes to 63% of Canada’s imports. Because of this large trading transactions and interaction in other activities, Canada has become attached to the United States and compromised the sovereignty of its decisions. have also largely adapted to the American culture at the expense of their own culture. A good example of this is the adaptation of the American music styles by Canadian artists. Canada has also signed multiple trade agreements with the United States including the North American Free Trade Agreement. These trade agreements have gone a long way in ty ing Canada to the United States and hindering it from engaging freely in trade with other countries. For instance, Canada isn’t in position to import a commodity from another country as long as the particular commodity can be imported from the United States.Advertising Looking for essay on political sciences? Let's see if we can help you! Get your first paper with 15% OFF Learn More As seen from the above discussion, Canada has high standards of living although these standards vary among the population. It is also clear from the essay that aboriginal Canadians and women who are single parents are susceptible to poverty. In addition to that, the quality of life in Canada is ranked eighth in the whole world. Finally, Canada’s economic and cultural independence has been compromised following its involvement with the United States of America. Reference List Easterbrook WT, Aitken GK, Hugh GJ. Canadian economic history. Toronto: University of Toronto Press; 1988. Quarter JT, Laurie MK, Ann AL. Understanding the social economy: A Canadian perspective. Toronto: University of Toronto Press; 2009.