Crucially, and in sharp contrast with the experience of the 1930’s, there was no large-scale recourse to protectionism or to competitive  BIS central bankers’ speeches  1  devaluations. To be sure, an underlying demand for protectionist measures has never been muted, as globalization represents a threat for monopolistic rents, and inevitably increased with the crisis.
Past and recent movements in energy prices and in the exchange rate for the Canadian dollar, along with competitive pressures from China and other newly industrialized economies, are giving rise to significant ongoing adjustments in the Canadian economy.