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Terence Corcoran: Carney and Trump lead the G7 into modern statism

Pursuing a new consensus based on accelerating industrial strategies, state interventions and deficit funding

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Fifty years ago this month Canada officially joined the Group of Seven (G7) nations that represented the most prosperous economies on the planet. They had come together to find ways to emerge out of recessions brought on by a series of events including a global monetary crisis and an oil crisis, situations that parallel today’s global troubles.

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But there is one major shift that makes the G7 of 50 years ago significantly different from the G7 summit set to take place next week in Evian, France. The economic and trade principles that were initially laid down in 1975 in Rambouillet, France, before Canada became a member, have long been abandoned.

One lost principle stands out: free trade. In the........

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