Trade+Finance+&+Economy

media type="youtube" key="mUXG4jDcP7s" height="360" width="580" By: Nick and Dylan 8.3 Questions: In the renaissance, we saw a revolution and discovery of economic innovations such as the compass, which allowed ships to trade more freely and increase sea trade. Does Calgary poses the conditions to allow new inventions and discoveries to take place?

In the renaissance, we saw that Italy possessed a strategic geographical placement that allowed it to access lucrative trade routes, which in turn generated large-scale wealth. Does Calgary posses a strong geographical placement that will allow it to accumulate massive wealth?

During the renaissance, competition between city-states actually spurred on even more competition, each allowing them to expand and grow more. In Calgary, do we see the necessary competition that will allow for new innovations and other domains to rocket?

Before the renaissance, we saw a holocaust known as the Black Plague that devastated and destroyed the economy. However, as the plague decreased, many people began moving back to the city-states, and trade increased. In Calgary, do we see events or spirits that can change and strengthen the economy?

Nick's Pharagraph In response to the whether Calgary possess dynamic and outgoing trade to make it a Renaissance city, Mr. Chriton believes this. Further he believes that new innovations such as online banking and electronic money are helping Calgary to do so. He states, “History has shown we’re very creative, and we will keep going,” By this he means that Calgary has a lot of creativity, and that inventions will spur on more inventions and so on. Canada is the fourth biggest city in Canada and growing. With more people interacting, more ideas will be made, thus creating new, unique innovations.

ARJUN + SCOTT + DEVON

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Can Calgary Be A Renaissance City?

Through our research we have discovered that a big factor in the renaissance was of all the money flowing into Italian City-States. So today, if we want to live and experience an Italian Renaissance, which as an dynamic explosion of art, and culture, as well as a manifestation of wealth and prominence, Calgary must have certain conditions to bolster and support the economy, trade, and finance. Below are a few questions that if you could answer, would help us to determine if Calgary Can Be A Renaissance City. Thank you, and your help and knowledge is greatly appreciated.

1. The economy in the Renaissance was fueled by the competition that existed between merchants, so in the markets today, do you see similar competition or does a single company dominate some areas?

2. During the Renaissance the transition from a land-based economy to a trade based economy boosted the need for luxury items, and thus creating demand for the merchants, do you sense a similar switch in Calgary’s economy?

3. In the Renaissance innovations have spurred on the economy, such as gunpowder and the compass, are there any inventions currently that is boosting our economy

4. During the Renaissance, the location of Italy was very key as they were placed in an area of intersecting trade routes, is Calgary similarly located like Italy, or is it’s location a limiting factor in Calgary’s ability to connect with other city-states.

5. Trade expanded and became more fluid with the usage of coins as money, instead of gold and silver. Do we see that today with any other similar inventions (i.e. Credit Cards, mobile banking)

6. In the Renaissance the Medici Bank through their bank controlled the government, giving them money when the government needs it, and sometimes bribing them for services, do you see nay advantages in this, or do you see that today, except in reverse, because in the latest Recession the government acted as a form of insurance for banks by bailing out systemically important firms when they fail?

EXPERT COMMENTS: Vice President, Public & Government Affairs ▪ Calgary Chamber of Commerce ||
 * Geoffrey Pradella

 I think the short answer is ‘yes’ to your question – though inherent in the pre-conditional factors are assumptions about getting things ‘right’ on a go-forward basis, and particularly in a way that leverages previous advancements and strengths. This is definitely a city with solid economic prospects going forward, a large number of leadership individuals in all three categories, and international connectivity (witness today’s announcement of CN Rail’s $100M investment in a new logistics centre to be located in Calgary, and the growth of the warehousing sector in the last 10 years). New thought and technologies are emerging in medicine (Alberta and Calgary are beneficiaries of the former Heritage Fund for Medical Research), oil and gas exploration and development technologies, and related environmental technologies, many of which are oriented toward challenging norms. In an economic framework that is more diversified since the 1970’s, but still largely dependent on or linked to O&G – a constant in the culture is a fear of decline, which is a motivating factor for change.  Lastly, while I wouldn’t have categorised Calgary as a city with a vibrant culture when I last moved overseas in the mid-90’s … on my return to Calgary in 2007 – I witnessed a stunning shift and growth in this sector – including (as simple examples) the staging, by both Calgary Opera and Alberta Ballet – of new, commissioned, major works – something that would have been viewed as a pipe dream only a decade earlier. The mix of culture, and ‘recreational or cultural’ amenities (including restaurants) is nothing like, and far better than this city has ever seen.

Does Calgary Poses The Necessary Conditions To Become A Renaissance City?

When responding to the question whether Calgary could become a renaissance city Mr. Crichton replied no. He said, “Although Calgary could become a Renaissance city it is not ready to take that step”. Calgary is based around one substance; oil”. “Even though oil has been good to us in the past, it will eventually throw us into turmoil”. By this he meant that “once oil is gone so is our economy”. Also another problem that we will have to overcome to become a Renaissance city is whom we trade with. Mr. Crichton explained that we are way to dependent on the United States of America. We get over 73 percent of our goods from the U.S.A so if they decide to stop giving us these necessities we are screwed”. After this interview I had a different perspective on the length that Calgary would have to go to, to become a renaissance city.

- Devon Allchurch

Scott Eveleigh In response to the whether Calgary possess the necessary location with lucrative trade routes to make it a Renaissance city, Stuart Crichton believes that “Yes, Calgary does have the location with lucrative trade routes because it is right beside the oil sands. Specially, he believes that since Calgary’s main economy is oil and there is high demand for oil and gas around the world we have multiple trade routes with different counties that will be shipping oil. Mr. Crichton also said that "With Calgary's oil trade we mostly rely on the United States of America to buy our oil. So if they canceled our trading right into the US or shut their borders Calgary's economy would plummet into a pit.

-ARJUN After our interview with Mr.Chrichton, I have realized that Calgary does have the necessary conditions to be a renaissance city, except for a few set backs. These setbacks include the fact that our economy is isn't diversified, meaning that majority of our businesses are centered on resources mainly oil, and gas. An another set back would be that due to the fact that oil and gas are non-renewable (they will eventually run out), and that since environmentalists are looking at alternatives for these fuels, the oil and gas industry may collapse, with Calgary collapses with it. But Mr.Chrichton believe that these are minor drawbacks to Calgary being a renaissance city because Calgary are inventors as well as opulent. By this Mr.Chrichton believes that there are factors which indicate that Calgary will be a renaissance city. For example there is many innovations in the oil patch and fossil fuel technology. Mr.Chrichton also senses a switch in how to represent social status as there are more Ferrari, Bentley, expensive London furniture dealerships in Calgary. This contribute Calgary to be a renaissance city, because the need for luxury items boosts the economy. Mr.Chrichton also believes that events such as the H1N1 are bringing people more together like the black plague, and innovations such as online banking, and credit cards allow for fluidity of money.