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Macleans

Mexican Peso Slides

While Canada's dollar crisis reached a boiling point last week, Mexican Foreign Minister José Angel Gurria was in Canada for emergency meetings with bankers and senior federal ministers in an effort to shore up confidence in his country's own floundering currency.

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Imports

Imports consist of goods or services purchased from residents of foreign countries by Canadian residents. For 1996 these totalled $331 billion, or $1.7 billion more than all receipts from EXPORTS. The 3 major import divisions were merchandise of $233 billion (70.3%), services of $48 billion (14.

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West Edmonton Mall

The WEM remains the largest shopping centre in North America. It was among the first shopping centres to offer a wide range of amenities, from water parks to themed streets - attractive at any time of year but particularly during winter.

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Abitibi Consolidated Inc

Abitibi-Price Inc is the world's largest producer of newsprint. The company was incorporated as Abitibi Power & Paper Company Ltd in 1914 to acquire Abitibi Pulp & Paper Company, Ltd (founded in 1912).

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Exchange Rates

The dollar became the official monetary unit of the Province of Canada on 1 January 1858 and the official currency of Canada after Confederation.

Macleans

CN Cuts 3,000 More Jobs

Necessary downsizing or corporate greed? Canadian National Railway Co.’s announcement last week of plans to slash 3,000 jobs quickly prompted those diametrically opposed views. CN executives said the cuts were required to make the company more competitive.

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Economic History of Western Canada

Manitoba, Saskatchewan, Alberta and British Columbia constitute Western Canada, a region that accounts for 35 per cent of the Canada’s gross domestic product (GDP). The economic history of the region begins with the hunting, farming and trading societies of the Indigenous peoples. Following the arrival of Europeans in the 18th century, the economy has undergone a series of seismic shifts, marked by the transcontinental fur trade, then rapid urbanization, industrialization and technological change.

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Free Trade

A free trade area as defined by the General Agreement on Tariffs and Trade (GATT) is "a group of two or more customs territories in which duties and other restrictive regulations of commerce... are eliminated on substantially all the trade between the constituent territories in products originating in such territories."

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Canada-US Auto Pact

The Automotive Products Trade Agreement of 1965, better known as the Canada-US Auto Pact, led to the integration of the Canadian and US auto industries in a shared North American market. While it brought great benefits to Canada, it was eventually found to be contrary to international trade rules and was cancelled in 2001. By then it had accomplished its biggest goal — an integrated North American industry with a much stronger Canadian presence.

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Aquaculture

Aquaculture is the human-controlled cultivation and harvest of freshwater and marine plants and animals. Synonyms include fish farming, fish culture, mariculture, fish breeding and ocean ranching.

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Collectivism

As the social evils of industrialization and urbanization unfolded in the later 19th century, many Canadians saw the basic problem as an excess of individualism.

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Exports

Exports are goods or services which a nation sells to other nations. During 1996 Canadian sales abroad amounted to $330 billion, consisting of $268 billion (or 81.2%) merchandise, $39 billion (or 11.8%) services and nearly $18 billion (or 5.4%) investment income.

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Reciprocity

Reciprocity was a free trade agreement between the United States and Canada. It mutually reduced import duties and protective tariffs on certain goods exchanged between the two countries. It was in effect from 1854 to 1866 and was controversial at times on both sides of the border. It was replaced in 1878 by the Conservative Party’s protectionist National Policy. It involved levying tariffs on imported goods to shield Canadian manufacturers from American competition. A narrower reciprocity agreement was introduced in 1935 and expanded in 1938. However, it was suspended in 1948 after both countries signed the General Agreement on Tariffs and Trade (GATT).

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Consumer Price Index

Consumer Price Index, a monthly measure of changes in the retail prices of goods and services purchased by Canadians in communities of 30 000 or more across the country.