Brian Mulroney vehemently fought against the economic model fostered by the Cold War enemy, the juggernaut Soviet Union
June 1988. Toronto Economic Summit of G7 Leaders. US President Ronald Reagan and Prime Minister Brian Mulroney. Photo by Erik Christensen / The Globe and MailJon Hartley is a senior fellow at the Macdonald-Laurier Institute and a research fellow at the Foundation For Research on Equal Opportunity.
The Mulroney free-enterprise legacy is not perfect, to be sure. The GST that Mr. Mulroney had introduced, while less harmful to economic growth than taxes on income, ultimately added to the Canadian tax burden. Mr. Mulroney’s seriousness about fiscal responsibility to keep Canada competitive was terrific but perhaps too little to prevent the fiscal issues that would occur later in the 1990s.
Before Mr. Mulroney took office in 1984, things were looking bleak for Canada’s economy. In the early 1980s, inflation was surging and real incomes were falling in Canada. The economic conditions were so terrible that then-Prime Minister Pierre Trudeau appointed the Macdonald Commission to make policy recommendations.
NAFTA facilitated unprecedented economic growth by expanding Canadian access to the vast American market but also served as a catalyst for economic restructuring. While NAFTA is often scolded now amidst the current populist upheaval against trade, the updated version, the USMCA, signed into law in 2019, is hardly much different.
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