Hub Podcasts Mark Carney’s theory of the case
Sep 29, 2025
In this discussion, Theo Argitis, Senior VP at the Business Council of Canada, delves into Mark Carney's provocative thesis on economic disintegration and the role of state intervention. Argitis presents Carney's three main pillars, challenges the notion of a permanent economic crisis, and raises concerns about the risks of state activism. He contrasts Carney's framework with those advocating for private investment and highlights how tax perceptions impact political narratives on fairness, revealing the substantial tax burden of high-earning families in Canada.
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Carney’s Global Order Thesis
- Mark Carney frames his agenda as a response to a shifting global order and shorter timelines for adjustment.
- He argues Canada must rethink economic strategy to address structural changes and U.S. unpredictability.
Decoupling From The U.S.
- Carney’s first pillar: Canada is economically disintegrating from the U.S. and should speed up decoupling.
- He recommends boosting internal trade, nation-building infrastructure, and diversifying partners urgently.
The Pragmatist Counterposition
- A pragmatic counterargument stresses geography and market size make the U.S. indispensable for Canada.
- Business leaders urge diversification only as a complement to preserving U.S. market access, not as replacement.