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I just finished reading Adam Tooze’s “The Deluge,” a history of how U.S. economic power changed the course of history during the world wars. It’s almost impossible for people today to realize what a big shift this was — to much of the world’s population, the U.S. has always been the Big Country, the driver of markets, innovation and geopolitical stability.

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North of the world’s largest economy sits Canada, a wealthy, peaceful, nation that is often overlooked in discussions of the global economy and financial markets.

It’s a country that policymakers and investors ignore at their peril.

Contrary to popular belief, Canada is far more than its relationship with the U.S. In many ways, the nation runs counter to many global trends – what Canada enjoys in abundance, much of the world lacks.

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Right now, U.S. hegemony is waning. With only a quarter the population of China, there is essentially no chance that the U.S. can continue to reign supreme in the economic sphere unless China suffers a stunning collapse. But in the longer run, what shifts can we expect in the balance of economic power? Expect the U.S. to make a comeback, since its openness to immigration allows the country’s population to keep growing even after fertility levels out. India’s huge population, of course, will make it a great economic power as well.