Excerpt from Canadian Controls of Foreign Business Entry: Present Form and Future Prospects
In contrast to the stringent limitations placed on goods entering into Canada, entry into business activity had always been, until recently, free of restrictions - a fact which set Canada apart from most major industrial economies.
Die openness of the Canadian economy to foreign investment, whether direct or portfolio, was the result of a long-lasting governmental policy which opposed free-trade as having detrimental effects on the infant Canadian industry. In contrast, the inflow of capital and labor was considered beneficial for the economic development of the country and thus was allowed unconditional entry.
This open Canadian attitude, particularly towards foreign direct investment, began to undergo radical changes in the late sixties; following several studies which warned against the reliance on foreign direct capital as a main component in the country's development strategy, the government's stand hardened to the point of preventing several takeovers of domestic businesses by foreign investors.3 In addition, more and more popular resentment against alien interests started to appear in the early seventies. It all culminated in the Foreign Investment Review Act. passed by Parliament on December 12, 1973.
The 1973 law is in substantial contrast with the non-intervention policy that prevailed until then.
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