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does anyone know of another industrialized country besides canada that forces it's dollar down 2 compete?
it doesn't seem like we should have 2 do that. it seems dangerous 2 keep forcing it lower than the us dollar. ours isn't getting ahead of theirs cuz it's rising. the us dollar keeps dropping. i used 2 think this was ok 2 help tourism & manufacturing but it seems times have changed & we need a new strategy.
the british pound has traditionally been worth twice as much as other western countries. what does england have going 4 them that allows them 2 compete w/such valuable currency. (maybe it isn't any more. i don't know.)
2 Answers
- Vertical RealityLv 51 decade agoFavorite Answer
Maybe Canada does need a new strategy... most 'let the free-market decide' economists and Yahoo! users neglect the fact that one of the main reasons China is growing so fast is because they deliberately force down the value of their currency and they have massive subsidies for factories.
The problem with allowing the dollar to skyrocket would be that Canadian workers would be expensive compared to their American counterparts...
Canada would lose jobs.
And I'm talking manufacturing, forestry, technology... any job in Canada becomes more expensive for the employer... to cut costs they could simply shut down operations.
- Anonymous1 decade ago
China does exactly the same thing.
I am pretty sure plenty of other countries do - it is a very common policy tool.
