well positioned to face the strains of both the current recession and a more muted recovery. in farming, you are not in full control of your destiny, and your work is never done. shocks frequently come from above. you may hope for the best, but you must plan for the worst. even on the eve of summer, you know that it will soon be a long, cold winter, followed by another spring. the cycle begins anew, and the process is renewed as you constantly innovate by investing in new equipment and crop varieties. ultimately, you are keepers of the land to pass on to the next generation. and so it is with financial stability. in a highly integrated global economy, shocks frequently come from abroad. we plan for the worst by trying to build a system that can absorb blows rather than amplify them. canada has a strong system, but this crisis has proven that even the best is not good enough. just like farmers, policy - makers need to innovate to make our financial system more resilient and efficient. this means more robust core funding markets, a better bank capital regime, and, more broadly, a series of measures to reduce procyclicality. the bank will continue to work with our domestic and international partners to build such a financial system, so that the economic harvest in saskatchewan and across canada can be more consistently bountiful.

enough to internalize the costs – both political and fiscal – of promoting public goods such as the rule of law ; common standards for trade, products, and services ; and the liberalization of trade. many of their decisions, such as the repeal of the corn laws in england, were unpopular at the time, but ultimately proved beneficial. 2 we should all hope that similar courage will begin to guide participants in the current doha development round of trade negotiations. for a further discussion, see x. sala - i - martin, " the world distribution of income : falling poverty and … convergence, period, " the quarterly journal of economics. cxxi, no. 2 ( may 2006 ) : 351 – 397. see m. king, speech at a dinner for kent business contacts, ashford, kent, u. k., 16 january 2006, which cites the example of protests against the use of foreign hops in beer. so, is there anything different about this period of integration? i would argue that there are three aspects. first, the sheer scale of the process is unprecedented ; second, the relative size of the emerging economies being integrated into the core of the global economy means that their policies matter for advanced economies, as well as for their own ; and third, the widespread adoption of supply - chain management by business further enhances the depth of integration. in terms of scale, it is safe to say that never in history has economic integration involved so many people, both in raw numbers and as a percentage of the global population. for example, when north america and the periphery of europe were integrated during the latter half of the 19th century, their total population was half the size of the then - advanced countries. the comparable ratio for postwar japan was 10 per cent. contrast that with china and india today, which alone represent 2. 5 times the current population of advanced countries. 3 of course, the entire populations of china, india, and other emerging markets are not being instantly integrated into the global economy. if you adjust for the percentage of the population in the traded - goods sector, however, the effective global labour supply quadrupled between 1980 and 2005, with most of the increase taking place after 1990. 4 this trend is set to continue : the globally integrated labour force is projected to double again by 2050. 5 similarly, the scale of cross - border flows of goods, services, and capital is now unprecedented. the global economy has opened dramatically – merchandise exports now make up