CANADA: Vassal or Beneficiary?

So heavy is total U.S. investment in Canada ($4.2 billion in the past five years) that it now equals almost half the gross national product. Canadians rejoice in the boom that the money brings—but they are increasingly uneasy about the implications. CAN WE SURVIVE u.s. INVESTMENT? asked a recent headline in Toronto's Financial Post, Canada's most influential business newspaper.

Last week U.S. Assistant Secretary of Commerce for International Affairs Henry Kearns, a former California automobile dealer, gave a blunt answer to the question. Such fears, he told the Toronto Board of Trade, came as a "shock and a surprise" to...

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