The COVID-19 pandemic revealed that governments can quickly respond to a fiscal crisis without becoming mired in unproductive wrangling. But the pandemic has also revealed the limits of traditional policy instruments in stabilising the economy, controlling inflation, and fostering economic growth.
Fiscal Choices sheds light on the economic dimensions of COVID-19 and examines the state of Canada's fiscal policy and fiscal health following the pandemic. The book covers a cluster of key fiscal policy topics: the overall capacity of government, the growth of inequalities, the management of sovereign debt, and the troubled institutions of federalism and parliamentary government. The book draws upon candid, in-depth interviews with over seventy former and current politicians, public servants, and academic experts who aim to establish a sustainable future within an accountable political system. The book argues that although those who are entrusted with the instruments of power are intelligent and well meaning, they are reluctant to take risks or abandon well-known, if poorly performing, formulae. It concludes with a set of predictions and prescriptions rooted in a realistic interpretation of Canada's political economy. Ultimately, Fiscal Choices presents a sober assessment of federalism and parliamentary government as instruments of democratic accountability.
By:
Michael M. Atkinson,
Haizhen Mou
Imprint: University of Toronto Press
Country of Publication: Canada
Dimensions:
Height: 229mm,
Width: 152mm,
Spine: 15mm
Weight: 400g
ISBN: 9781487547189
ISBN 10: 1487547188
Series: The Johnson-Shoyama Series on Public Policy
Pages: 296
Publication Date: 01 April 2024
Audience:
College/higher education
,
Professional and scholarly
,
Primary
,
Undergraduate
Format: Paperback
Publisher's Status: Active
List of Illustrations List of Tables Preface Abbreviations 1. The Pandemic and After Responding to the Pandemic The Post-pandemic Search for Stability What Kind of Change Is Required? Keep in Mind 2. Making Economic Decisions An Epistemic Elite Distinctive Roles and Critical Relationships The Limitations of Elite Decision-Making Conclusion 3. Governing after the Pandemic Can Government Do Good? Stabilizing the Economy: Program Design and Delivery Governments’ Role in the Economy: Will Anything Change? The Growth Imperative Conclusion 4. Coping with Income and Wealth Inequalities Why Is Inequality a Problem? The Complicated Relationship between Inequality and Economic Growth Traditional Programs That Tackle Inequality Alternative Proposals on Inequality Conclusion 5. Dealing with the Debt Debt Dimensions The Debt Threat Guardrails, Anchors, and Rules Debt Options: Good, Bad, and Ugly Conclusion 6. Holding the Federation Together Evaluating Fiscal Federalism Institutions The Pandemic: Addressing a Fiscal Emergency Risk Reduction Risk Sharing Conclusion 7. Keeping Government Accountable On Being Accountable Parliament and the Budget Process Bureaucrats, Budgets, and Program Reviews Auditors and Budget Officers Conclusion 8. Canada’s Fiscal Future Stubborn Realities Pandemic Effects Pressing Needs Conclusion Appendix 1: Interview Questions Appendix 2: A Survey on Canadians’ Opinions on the Post-pandemic Economy and Fiscal Policy References Index
Michael M. Atkinson is an emeritus professor at the Johnson-Shoyama Graduate School of Public Policy at the University of Saskatchewan and an adjunct professor in the School of Public Administration at the University of Victoria. Haizhen Mou is a professor at the Johnson-Shoyama Graduate School of Public Policy at the University of Saskatchewan.
Reviews for Fiscal Choices: Canada after the Pandemic
""Fiscal Choices is an elegantly written, thoroughly researched, and innovative account of the 'stubborn realities' and sobering challenges facing post-COVID-19 Canada, and the high hurdles posed by effective fiscal policies to resolve them. Critical but fair in implicating our political institutions and economic elite in these hurdles, Fiscal Choices is crucial reading not just for the political and economic elites who make Canadian fiscal policy but for all of those with a stake in a prosperous and stable Canadian future."" - Grace Skogstad, Professor Emerita of Political Science, University of Toronto ""The COVID-19 pandemic revealed many weaknesses in our social and economic systems, giving rise to calls for a 'Great Reset' and 'Building Back Better.' Fiscal Choices is a comprehensive guide to the policy issues that arose in the course of COVID-19. It will be particularly useful in helping Canadian policymakers navigate the emerging challenges posed by AI and robotics, the evaluation of industrial policies motivated by near-shoring and climate goals, and the long-term effects of population aging on health care costs and productivity growth. Engagingly written, Fiscal Choices should be required reading for scholars and students of public policy and administration across Canada."" - Bev Dahlby, Research Fellow, School of Public Policy, University of Calgary
