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Political and Economic Development An important part of political science is the study of differences between countries More specifically the study of political differences as well as economic ones For this paper we were asked to look at the levels of political and economic development Also we were asked to take a look at the key issues involving the economy which are being considered in the political system My country of interest for this semester is Canada Canadas economy closely resembles the US in its market-oriented economic system as well as pattern of production and high living standards Real rates of growth have averaged nearly 30 since 1993 Unemployment is falling and government budget surpluses are being partially devoted to reducing the large public sector debt The 1989 US-Canada Free Trade Agreement FTA and 1994 North American Free Trade Agreement NAFTA have led to a dramatic increase in trade and economic assimilation with the US Canada enjoys solid economic prospects with its great natural resources skilled labor force and modern capital plant Canada is one of the G-7 countries the most developed economies in the world They rank highly in per capita purchasing power The countrys level of exports has never been higher This is due to improvements in cost competitiveness and strong productivity growth As well Canada continues to maintain one of the lowest inflation rates in the world As of right now they are one of the fastest growing economies in the world Canadians currently spend close to 500 billion each year on consumer goods and services with services now accounting for more than half of Canadian household costs Consumer spending has also risen rapidly on items related to information technology Average family income continues to increase as Canadas economy strengthens labor market conditions continue to improve and governments move to trim tax rates The political system in Canada is a parliamentary one They have a Prime Minister the Cabinet and the House
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