One of the major economic developments in Canada during the 1980s has been the emergence of a significantly higher unemployment rate in Canada than in the United States. By the end of 1985 the rate in the United States had dropped to a bit over 7 percent, almost identical to the rate at the peak of the previous business cycle expansion in mid-1981. In Canada, on the other hand, the rate was about 10 percent, well above the 7 percent in the first half of 1981. This difference in the unemployment rate was the greatest divergence since the labour force survey was initiated four decades ago.

The purpose of this study is to analyze the factual evidence on economic growth since 1973, the 1981-82 recession, and high unemployment in Canada compared to the United States, compared with the longer-term experience in both countries.

This book is one in a series produced by the Fraser Institute which scrutinizes the activities of professions in Canada. The purpose of the studies is to subject these occupational monopolies to the same searching analysis which the Institute applies to the activities of trade unions which are the other major group in society to whom legislation gives powers to restrict entry. This book studies a particular instance where a government is under pressure to tighten the cartelizing powers given to the accounting profession in the Province of Alberta. The objective of Professor Alexander Jenkins is to assess the current conditions under which the services of accountants are provided in the Province of Alberta and to enquire whether the general public in that province will be well served by a tightening of professional control - in particular, enshrining in law that audits in the province may be conducted only by the members of the Institute of Chartered Accountants of Alberta.