Canadian Neocolonialism in Latin America
Park, L.C.; Park, F.W.Publisher: SUPA Research, Information and Publications Project, Canada
Year Published: 1962
Resource Type: Article
Cx Number: CX11858
Discusses the role of Canadian capital in foreign markets and the drive behind Canadian businesses to control valuable assets in Latin American countries.
Abstract: Canadian Neocolonialism in Latin America discusses the role of Canadian capital in foreign markets and the drive behind Canadian businesses to control valuable assets in South American countries. Investing in infrastructure projects, land holdings, electricity and a variety of other industries, the authors highlight how Canada, along with the United States, is guilty of exploiting less advanced economies to profit from their labour. The article begins with a brief history of Canadian involvement in South America and explains how institutions such as The Canadian Bank of Commerce, Scotia Bank and other large firms, operate as large investors intending to exploit weaker economies for monetary gain. The authors refer to Canada as a neo-colonist nation seeking to harness the capital of weaker countries to exploit their underdeveloped regions.
The authors assert that Canadian institutions are "part of the world-wide system" by which financial groups vigorously drive for the maximum profit for themselves. The system finds an extremely profitable expression in the exploitation of less advanced countries by monopoly groups, that is, in the exploitation which is the essence of colonialism, or, put from an alternative point of view, of imperialism. In this exploitation Canadian financial groups (or financial groups based on Canadian holdings) take an active part, in cooperating with their financial allies". Imperialism is usually viewed in relation to the United States or Great Britain and the links between Canada and the developing world are often overlooked. By discussing Canada's involvement, the authors direct attention towards the needs of developing nations and condemn Canada's role as a neo-colonial nation. In their own words, "The real point at issue, one that directly affects Canadians, is the right of the countries whose development is frustrated or distorted by outside control of important resources, industries, or sectors of industry, to assert their sovereignty and nationalize these resources or industries so as to be able to develop their economy on the basis of national needs."
[Abstract by William Stevenson]