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The Kearl oil sands plant, located approximately 75 kilometres northeast of Fort McMurray, Alta.
The Kearl oil sands plant, located approximately 75 kilometres northeast of Fort McMurray, Alta.
(IMPERIAL OIL)

Canada’s real wealth lies in its institutional integrity, not its resources

Canada is a wealthy country, but not for the reason many people think: That we have lots of natural resources.

Consider that the world’s wealthiest societies, be they Switzerland or Japan or Singapore or Taiwan or Germany, have no natural resources to speak of.

On the other hand, economists often talk about the curse of natural resource wealth because many of the societies that are blessed with such wealth do not know how to control it. Like many a lottery winner, they are ruined by their good fortune.