In your own words, define the term "laissez-faire" as it applies to economics. What is the role of laissez-faire economics in the process of globalization? Cite some examples of how we can see this in Canada and abroad.
LAISSEZ-FAIRE - The idea that government should not interfere with economic affairs, or trade, especially on a global scale.
Laissez-faire allows for competition and variety among companies that produce the same product, as well as allowing the possibility of trans-national companies to exist. If the government where to control all production (socialism/communism) then every company would be under the state that it is located in and would probably be the only company dealing with the production of said product. With laissez-faire companies are able to take advantage of locations all across the globe taking advantages of the resources and labour in each area. Thus creating a wider reach of technologies and consumers. This connects the world globally through friendly trade without having to worry about political complications between companies. It also allows the companies to earn more than they would than in a single state, and in general earn more than most states.
An example of where canada does not use Laissez faire would be Lcbo (Liquor Control Board of Ontario), the province of ontario puts a tax and restrictions on when alcohol can be distributed. This limits the profits for the companies that produce the alcohol and only the Ontario provincial government benefits from this. A laissez-faire way of doing this would be that any store, Walmart, etc. would be able to sell such items without the governments tax on the items. Walmart would then gain more revenue, be able to sell alcohol anywhere at any time as long as too costumers of the appropriate age. Opening up a larger portion of revenue without such taxes, the price of liquor would drop, and people would have more opportunities to buy it.
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