stephen s poloz : engaging canadians – a # banknoteable process remarks by mr stephen s poloz, governor of the bank of canada, at the canadian museum of history, gatineau, quebec, 8 december 2016. * * * distinguished guests, welcome. welcome everyone. what a great day. a historic day. i would like to give a warm thanks to the young people who came this morning to take part in this event. i am very proud to be here with the minister of finance and the minister of status of women to announce who will be the canadian woman who will appear on one of our bank notes. the bank of canada is responsible for the design, production and distribution of canadian bank notes. and on bank notes, we can celebrate the diversity of canada ’ s culture and society. as governor of the bank, and along with carolyn wilkins, our senior deputy governor, i have long believed that it was time for a woman, in addition to her majesty, to be on one of canada ’ s bank notes. and we also heard from canadians who told us that it was long overdue. so i was very pleased when the minister asked the bank to move forward in our search to find the iconic woman for our bank notes. we started by asking canadians. and let me tell you. they told us. the response was amazing. within two days we received more than 10, 000 nominations. it became clear that this search for an iconic woman was engaging canadians in a very personal way. some people looked within their own profession : engineers googled women engineers. some of my economist colleagues searched for economists, computer scientists and statisticians. some people looked at their alma maters — notable women of queens, or mount allison or the university of british columbia. other people looked geographically, finding women who represented their part of the country. teachers used the nomination process as a way to teach children about canada ’ s history. school kids told us who they thought should be on the money. with every mouse click or turn of a book ’ s page, with every kitchen table discussion or classroom debate, canadians learned more about the women who built canada. we received more than 26, 300 submissions, resulting in 461 eligible candidates. then we turned it over to an independent advisory council. this advisory council, made up of eminent canadian academic, sport, cultural and thought leaders, carefully went through all the nominations. after much research and deliberation, they narrowed down the list of

in turn, prompted firms to implement hierarchical management systems to coordinate their greater numbers of workers and machinery and to speed the flow of information between management and the factory floor. shorter delivery times, reduced inventory holdings, and a better match between production and orders were the beneficial results. similarly, to take advantage of the continuousprocessing technologies of the early 1900s, firms increased the scope of their operations, integrating forward into distribution and retailing and backward into materials processing. this vertical integration reduced transaction costs but required the development of new units within the firm that were not directly tied to production, such as advertising, accounting, and research departments. in the third productivity boom, large multinational and multiproduct firms arose to take further advantage of economies of size and scope. in this episode, firms created multi - divisional organizations, with each product or geographic division having its own manufacturing and marketing departments. such a structure was well suited to a firm with diverse activities as it allowed managers to respond to changes in preferences and technologies relevant to specific areas or products. because the implementation of new technologies often requires new capital, the productivity gains during these boom eras were also dependent on the development of efficient mechanisms to transfer capital to the entrepreneurs and firms best able to transform the potential of the new technologies into new goods and new production processes. in the productivity boom after the civil war, for example, the increased use of secured debt and preferred stock reduced the transaction costs associated with borrowers having better information than lenders about the risks of bankruptcy and provided firms with the external funds needed to support a rapid buildup in the capital stock. in the second productivity boom, the introduction of regular audited financial statements, rating agencies, and newsletters covering firm and industry developments further reduced investors ’ costs of acquiring information about firms ’ finances, which led to a sharp expansion in equity markets and the opening of a new channel of capital flows to that period ’ s large - sized innovators. similarly, the growth in pension funds, mutual funds, and brokerage houses during the productivity boom of the 1950s and 1960s reduced the costs of portfolio diversification and further increased the participation of individual investors and the flow of capital available to innovators. a fourth ingredient contributing to the productivity booms of the past was the availability of a workforce capable of realizing the possibilities offered by technological innovations. in the late 1800s, new technologies increased the demand for unskilled production workers and skilled white - collar workers. employers generally were able to satisfy these demands through