Carmichael: Geopolitics is now a major macroeconomic risk

Canada is back. Back again. Maybe for real this time. 

Foreign Affairs Minister Mélanie Joly reset Canada’s international policy for a messier world this week, delivering a speech in Toronto that could be read as an acknowledgement that influence abroad has become more difficult than sewing a maple leaf on one’s backpack. 

“Now more than ever, soft and hard power are important,” Joly told an audience assembled by the Economic Club of Canada, a significant statement from a government that has so far been fine with missing its NATO commitment to spend two per cent of gross domestic product on defence for the duration of its eight years in power. 

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