Canada’s Free-Market Example for the SEC
Op-ed by Peter St. Onge, Senior Fellow at the MEI, and John Hartsel, Director of Research & Portfolio Manager at Donald Smith & Co., published on May 17 in The Wall Street Journal.
Vernon L. Smith was awarded the Nobel Prize in Economic Sciences in 2002 for his groundbreaking work in experimental economics. His recent contributions to this field include the discovery of specialization and exchange in a virtual village environment. In particular, how groups might discover self enforcing property rights and achieve trade to support wealth creation. Mr. Smith is currently Professor of Economics and Law at George Mason University in Arlington (VA), a research scholar in the Interdisciplinary Center for Economic Science, and a Fellow of the Mercatus Center. He received his bachelor's degree in Electrical Engineering from Cal Tech, and his PhD in Economics from Harvard. He has authored or co-authored over 200 articles and books on capital theory, finance, natural resource economics and experimental economics. Mr. Smith has served as a consultant on the privatization of electric power in Australia and New Zealand and participated in numerous private and public discussions of energy deregulation in the United States.
Marcel Boyer holds a PhD in economics from Carnegie Mellon University and is currently Professor Emeritus of economics at the University of Montreal. He has been accumulating awards since the beginning of his career. Among others, he has received the Alexander-Henderson Award (Carnegie Mellon University 1971), the Prix Marcel-Dagenais (Société canadienne de science économique 1985), and was elected in 1992 to the Royal Society of Canada (Academy of the Arts, Sciences and Humanities of Canada). Mr. Boyer, who was Vice President and Chief Economist at the MEI between 2006 and 2009, also received the Prix Marcel-Vincent (ACFAS 2002), the Prix Léon-Gérin for excellence in his career in the social sciences and humanities (Prix du Québec 2015), was named in 2013 an Honorary Member of the Canadian Economics Association (the first Quebecer to receive this honour), and was named an Officer of the Order of Canada on December 30, 2015.
Nathalie Elgrably-Lévy has taught economics at HEC Montréal since 1992. She also taught economics for several years at the University of Montreal and at UQAM. She is the author of La face cachée des politiques publiques, published in 2006 by Les Éditions Logiques, and she produced a Quebec adaptation of the 6th edition of Microeconomics, by Pyndick and Rubinfeld. Nathalie Elgrably-Lévy is also a columnist with Le Journal de Montréal and Le Journal de Québec. She worked during part of 2008 as a senior economist with the Fraser Institute. She holds a master’s degree in management from HEC Montréal, with a specialization in applied economics and a thesis on the federal budget deficit. Her research interests focus on assessing public policy. (High resolution photo)
Mr. Falcon worked for 12 years (between 2001 and 2013) as a senior minister in the government of British Columbia. As Minister of State for Deregulation, he reduced regulatory requirements by over 40% during the first mandate of the Gordon Campbell government. He subsequently occupied several other key positions, including Minister of Health, Minister of Transportation and Infrastructure, and Minister of Finance and Deputy Premier of British Columbia. A seasoned businessman, Mr. Falcon is currently Executive Vice President of Anthem Capital, an active investment company that focuses on real estate, mining and energy, technology, and consumer products. (High resolution photo)
Dr. David Gratzer is a physician and writer. His book Code Blue: Reviving Canada's Health Care System (1999), a national bestseller, won the Donner Prize for best Canadian public-policy book. He is the editor of Better Medicine: Reforming Canadian Health Care (2002) and the author of The Cure: How Capitalism Can Save American Health Care (2006), with a Foreword by Milton Friedman. He has served as a senior fellow at the Manhattan Institute of Public Policy in New York for nine years. Dr. Gratzer has been interviewed by CTV, CBC, TVO, and FOX. He is a blogger with Huffington Post Canada, and his articles have appeared in the Toronto Star, the Ottawa Citizen and The Wall Street Journal.
Pierre Lemieux is an economist who has published many books on economic and political issues. In addition to his many academic articles (including the article on property rights he coauthored in the Dictionnaire des sciences économiques of the Presses Universitaires de France), he has signed several articles in the international financial press and has also chaired several international academic seminars. He holds a M.A. in philosophy from the Université de Sherbrooke and a M.A. in economics from the University of Toronto. He is affiliated with the Department of Management Sciences of the Université du Québec en Outaouais.
Peter St. Onge is an assistant professor at the Department of International Business at Taiwan's Feng Chia University. He has served as a fellow at the Mises Institute, where he focused his research on economic history and cryptocurrencies. His popular writings on public policy include fiscal and monetary policy, social policy and technological change. Peter has published numerous academic papers on macroeconomic policy and corporate strategy. He also has a solid experience in fundraising and portfolio management, as he was between 2005 and 2010 general partner of a private equity fund in Washington, D.C. Peter holds a Ph.D. and a M.A. in Economics from George Mason University, and a bachelor in Economics and Political Science from McGill University. He’s fluent in English, Japanese, French and Spanish.
Adam Daifallah is a co-founder and partner at HATLEY Strategy Advisors, a public affairs firm with offices in Montreal and Quebec City, Canada. Before joining HATLEY, Adam practiced law at the Montreal office of Norton Rose Fulbright (then Ogilvy Renault). Previously, he sat on the editorial board of the National Post and was Washington correspondent of The New York Sun. He is co-author of two books on Canadian politics. In addition to his responsibilities at HATLEY, Adam is an instructor at McGill University’s Department of North American Studies and a frequent commentator in newspapers, on radio and on television. Adam is a law graduate from Université Laval, has a BA (honours) in history and political studies from Queen’s University and was a Sauvé Scholar at McGill University. He is a member of the Quebec Bar.
Marie-Josée Loiselle holds a bachelor’s degree in economics from the Université de Montréal and a master’s degree in public administration from ÉNAP. Prior to founding her own firm, Nuno ID, in 2003, she worked for Montréal International in attracting foreign investments and was responsible for the IT sector in the US before moving on to become Director Business Development – Northern Europe. Ms. Loiselle began her career in foreign investments at the MUC Economic Development Office before joining ConjuChem, a California-based biotechnology company that set up operations in Montreal. Today, she helps organizations and businesses understand and exploit business cycle changes in light of Austrian school economic theory. She is frequently asked to comment on various economic issues in the media and writes a column for Canadian Money Saver magazine.
Etienne Bernier, Jr. Eng., M. Sc., is a Chemical Engineering Ph. D. student at École Polytechnique de Montreal, with awards from the Natural Science and Engineering Research Council and the Fonds de recherche sur la nature et les technologies. He has joined the Interuniversity Research Centre for the Life Cycle of Products, Processes and Services (CIRAIG) in 2005. He holds a master’s degree in Physics from the Université du Québec à Trois-Rivières and a bachelor’s degree in Engineering Physics from Polytechnique. His main study interests are energy systems efficiency and the relationship between thermodynamics and the environment.
Kevin Brookes holds a bachelor’s and a master’s degree in Political Science from the Grenoble Institute of Political Studies. He has collaborated with a number of think tanks, and has taught at several universities in France (including the Lyon and Grenoble Institutes of Political Studies). He has a PhD in political science from the University of Grenoble Alpes and has published articles and book reviews on the history of political thought in academic journals such as Raisons politiques, the Revue française de science politique and The Journal of the History of Ideas. He specializes in the analysis of public choice and of political institutions. He was a Public Policy Analyst at the MEI from November 2017 to December 2018.
Sylvain Charlebois is associate professor of marketing and Associate Dean of the Johnson-Shoyama Graduate School of Public Policy at the University of Regina and the University of Saskatchewan. He teaches strategic and international marketing at the graduate level at the Faculty of Business Administration of the University of Regina. Mr. Charlebois was named 2007, 2008 and 2009 professor of the year there, and in 2006 Maclean's magazine recognized him as one of the best professors at his university. He has written numerous scientific articles published in Canada and abroad. Originally from Quebec, he holds a doctorate in marketing, magna cum laude, from the University of Sherbrooke. His area of expertise covers agricultural policy in particular.
After a busy career in Gynecology and Obstetrics at the Montreal General and Royal Victoria Hospitals in Montreal, and as Associate Professor at McGill’s Faculty of Medicine, Dr J. Edwin Coffey has recently exchanged his scalpel for the pen. A graduate in Arts from Mount Allison and in Medicine from McGill, he took his speciality training at the Johns Hopkins Hospital in Baltimore. He has had a longstanding interest in political, economic and legal philosophy and has been an influential leader in the councils of Quebec and Canadian Medicine. He is a former President of the Quebec Medical Association and has served on the Board of the Canadian Medical Association and its Working Group on Health Care Financing in Canada.
Wendell Cox is principal of Wendell Cox Consultancy, an international public policy firm. He has provided consulting assistance to the United States Department of Transportation and several public transit authorities in the United States, Canada, Australia and New Zealand. Mr. Cox was appointed by Mayor Tom Bradley to three terms on the Los Angeles County Transportation Commission. He was elected chairman of the American Public Transit Association Planning and Policy Committee (comprised of transit planning department officials) and the American Public Transit Association Governing Boards Committee (comprised of transit board members). More recently, Mr. Cox served three years as the Director of Public Policy of the American Legislative Exchange Council, where he oversaw the development of state model legislation and policy reports. In 1999, he was appointed to the Amtrak Reform Council by the Speaker of the US House of Representatives, to fill the unexpired term of New Jersey Governor Christine Todd Whitman. Mr. Cox is a senior fellow of The Heartland Institute and a visiting professor at the Conservatoire national des arts et métiers in Paris.
Mr Drouin has more than 25 years of experience in corporate finance, mergers & acquisitions, and executive positions. After 15 years working for BMO Nesbitt, KPMG Corporate finance, and Deloitte Corporate finance as an expert in private and public financings and M&A transactions; Mr Drouin became the CFO and eventually the CEO of one of the largest upstream O&G process equipment provider, trading on the TSX, with offices in North America, Europe, Middle-East, South-East Asia, and Asia. Mr. Drouin also sat on the board of directors of Pétrolia, a junior O&G exploration and production company based in Quebec. At Keira Capital, Mr Drouin covers the Energy and industrial sectors for both financing and M&A transactions. Keira represents several clients in the energy sector in Canada, the USA, and Europe.
After studying at Laval University and at the London School of Economics and Political Science, Claude Garcia joined the Department of Social Affairs in 1969, where he remained until 1978, when he was assistant deputy minister in charge of planning. He was a partner at Hébert, LeHouillier and Associates, actuaries-consultants, from 1978 to 1982. In 1983, he began working at Standard Life Insurance as principal vice president and actuary, and served as president of Canadian operations from 1993 to 2004. He was also a member of the board of directors there from 2000 to 2004. Since then, in addition to sitting on the boards of Cogeco, Cogeco Cable, Goodfellow, BTB Real Estate Investment Trust, and L'Excellence Life Insurance, he serves as a director on the boards of the Institut de recherches cliniques de Montréal and of the Ombudservice for Life and Health Insurance.
F. Pierre Gingras is a specialist in industrial engineering. He worked for 31 years in the construction of hydroelectric projects, including 17 as division manager for the planning and estimation of major projects. He was therefore intimately involved in the Manicouagan, Aux Outardes and James Bay complexes, in addition to his contributions to the refurbishment of many other works. He also directed evaluation and concept studies for a multitude of other projects. Since his retirement in 1997, Mr. Gingras has remained active in the field and contributed to studies for over 50 projects with various consultants, developers and Aboriginal councils. Collaborating with various experts, he sometimes takes part in the presentation of briefs submitted to the provincial government’s public hearings office on the environment, the Bureau d’audiences publiques sur l’environnement (BAPE). (High resolution photograph)
Vincent Geloso is a postdoctoral researcher at Texas Tech University. He holds a PhD in economic history from the London School of Economics and Political Science, with a focus on quantitative methods, business cycles, and Canadian economic history, and a master’s degree in economic history from the same institution. His scientific articles have been published in the Journal of Population Research, Essays in Economic and Business History and Economic Affairs. He is also the author of the book Du Grand Rattrapage au Déclin Tranquille on Quebec’s economic history since 1900, published by Accent Grave in 2013. (High resolution photo)
After studying actuarial science at Laval University, Pierre Girardin joined the Quebec public service where he worked for ten years as an actuary for the SAAQ and the CSST. During this period, he was also employed by the RRQ, where he participated in the drafting of the Supplemental Pension Plans Act. He then worked as a consulting actuary for over fifteen years, notably for Towers Perrin where he was a partner, before creating his own consulting actuary services company. He was a member of the board of directors of the CSST as an employer’s representative and he was a privileged consultant for the Quebec Council of Employers (CPQ) on questions related to CSST pricing and pension plan legislation. Mr. Girardin is also very much involved in community projects. He is among other things president of Cuisines de l’Amitié, an organization that distributes meals and organizes collective kitchens. Mr. Girardin is a Fellow of the Canadian Institute of Actuaries.
Jonathan Hamel is the CEO and founder of the Académie Bitcoin, a Montreal-based consulting firm specializing in Bitcoin and blockchain technology. He has a recognized expertise in emerging markets, notably Africa, where he contributed to various mobile payment and alternative banking projects. A pioneer of the Canadian Bitcoin scene, he promotes these new technologies at numerous financial and technological conferences. Jonathan Hamel is an advisor on the Financial Innovation Committee of L’Autorité des marchés financiers (Québec). (High resolution photo)
Brett House is a Senior Fellow at the Jeanne Sauvé Foundation in Montréal, a Visiting Scholar at Massey College at the University of Toronto, and an Advisor to Tau Investment Management, an impact fund. He recently completed projects as a Senior Fellow at the Centre for International Governance Innovation (CIGI) and as a Chazen Visiting Scholar at Columbia Business School. A macroeconomist, Brett held previous roles across markets, policymaking and academia with Woodbine Capital Advisors, a NY-based global macro fund; the Executive Office of the United Nations’ Secretary-General; the UNDP; The Earth Institute at Columbia University; the International Monetary Fund; Oxford University (Keble College); the World Bank; the University of Cape Town; and Goldman Sachs. Brett pursued graduate studies in economics at Oxford and Cape Town as a Rhodes and Rotary Scholar. He received the 2014 Québec Notable Award in Finance and was named a 2010 Young Global Leader by the World Economic Forum. He tweets on @BrettEHouse. (High resolution photo)
Ian Irvine has been professor of economics at Concordia University since 1978. Mr. Irvine has published studies on public finance, taxation, health economics, income inequality, Canadian employment insurance and social assistance programs, and crime. He holds a doctorate from the University of Western Ontario and has been a visiting professor at the London School of Economics, the University of Sydney, the University of Colorado, and at University College and the Economic and Research Institute in Dublin. (High resolution photo)
Having held various senior positions at Air Canada, Pierre Jeanniot was President and CEO from 1984-1990. He directed its privatization and led the newly privatized airline as its first CEO. He was subsequently appointed Director General and CEO of the International Air Transport Association (IATA) in 1993 and was granted the lifetime title of Director General Emeritus in recognition of his outstanding contribution to international civil aviation in 2002. Pierre Jeanniot is currently Chairman of Thales Canada Inc., a subsidiary of the international “Groupe Thales.” He is also President of Jinmag Inc., a consulting and investment company which provides advice to governments, civil aviation authorities, airlines and other aviation-related companies. He serves on a number of Boards including subsidiaries of Scotia Bank, SECOR Consulting, and diverse aviation-related companies, and is Chancellor of the University of Québec in Montreal (UQAM). Awards received: Officer of the Order of Canada, Chevalier de la Légion d’Honneur (France); the Independence Medal of the First Order (Jordan); Commander of l’Ordre du Québec; Doctorate Honoris Causa, University of Québec; Honorary Doctorate of International Law, Concordia University; and Management Achievement Award, Faculty of Management, and Doctorate of Science, Honoris Causa, McGill University.
Youcef Msaid holds a master’s degree in economics from Cornell University, with specializations in behavioural economics and industrial organization. Since 2008, he has taught economics in several schools including Cégep Garneau, Cornell University, and HEC Montréal. He was a research assistant at Cornell University from 2010 to 2013. Since then, he has been working as a consultant regarding the use of experimental methods and the analysis of big data in business. (High resolution photo)
Francis Pouliot is the CEO of Satoshi Portal, a blockchain-based fintech start-up specializing in digital currency exchange and payments. Director at the Bitcoin Embassy and the Bitcoin Foundation, Francis is one of Canada's leading advocates for blockchain technology and a passionate researcher in the fields of crypto-economics and financial technology. He advises numerous companies and public institutions and is an internationally recognized Bitcoin educator and thought leader. Francis is a former public policy analyst at the Montreal Economic Institute. He holds a master’s degree with distinction in public policy from King’s College London and a bachelor’s degree in international studies from the Université de Montréal.
Frederik Roeder is a German health economist. He studied hospital management, health economics and international business at the universities of Goettingen (Germany), Bayreuth (Germany), Maribor (Slovenia), and Tongji Shanghai (China). Since 2011, he serves as a Visiting Professor for Health Economics at the Lithuanian University of Health Sciences and as a Visiting Professor for Healthcare Management and Economics at Ilia State University (Georgia). Mr. Roeder is the Managing Director of Healthcare Solutions, with a focus on know-how transfer and policy advise from German healthcare to healthcare systems in transition. Besides working with Central and Eastern Europe countries, he also actively works in the currently reformed health system of the Republic of Georgia and in East Asian countries.