Structural adjustments are always difficult because reforms will affect various groups in differing and often painful ways. Further, the economic benefits of increased flexibility may take a fairly long time to emerge. But these difficulties should not sway us from the task of reducing rigidities and increasing efficiency. Canada has made some progress on a number of fronts.
They have had an opportunity to start from scratch and design their information architecture based on modern principles of collaboration, connectivity and iteration, without having to bear the burden of legacy systems. Modern data architecture gives these fintechs an advantage in data processing. In this context ‘platform economics’ is particularly intriguing.