Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeInnovationCanada has a $500-billion opportunity if it acts more like the U.S., Balsillie saysCanada’s economic game plan stuck in the decades-old 'tangible production economy era' You can save this article by registering for free here. Or sign-in if you have an account.Jim Balsillie says those who thrive in today’s economy own and control intangible assets such as data, AI and IP. Photo by Tyler Anderson / National PostCanada can capture a $500-billion economic opportunity if it overhauls its policies to mirror those of the United States, says former BlackBerry Ltd. co-chief executive Jim Balsillie.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe U.S. has adjusted its policies as the global economy transforms, he said, pointing to policies such as the Artificial Intelligence Action Plan, which defines AI as a crucial element of national power, the Genius Act for digital currencies and various tariff and intellectual property (IP) rules to rework global trade in its favour and ensure that U.S. technologies shape future market rules.“These are not isolated, disparate initiatives, but part of a coherent policy framework for economic and security dominance globally. U.S. statecraft for value chains … is a capacity and playbook Canada must build,” he said in a keynote speech at the Financial Executives International Canada conference in Ottawa on Wednesday. “If our policies reorient to 21st-century economic statecraft, I believe we can recapture … $500 billion annually.”Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againBalsillie said those who thrive in today’s economy own and control intangible assets such as data, AI and IP, and the U.S. has “turbocharged their capture,” but Canada’s economic game plan has stayed stuck in the decades-old “tangible production economy era,” while the new assets of the new economy require different strategies.At the same time, he said Canada has also botched the handling of the Canada-U.S.-Mexico Agreement that has entangled the country in a broad range of restrictions that changed how Canada governed data platforms and algorithms to the benefit of U.S. tech giants.Balsillie said Canada can reverse the tide if business leaders and policymakers take action to build sovereign compute capacity for AI, national digital rails — infrastructure that allows digital payments to be transferred between parties regardless of currency or country — and domestic and cross-border enterprise banking focused on small and mid-sized businesses.Tokenization, whereby digital tokens represent everything from financial and physical assets to IP and data on a blockchain, and unified ledgers, which bring together tokenized central bank reserves and commercial bank deposits onto one platform, will play a fundamental role in the future of finance and asset management, he said.“Anything that can be tokenized will be tokenized. Europe and Asia are already building these rails into their financial systems,” he said. “The question for Canada is, who will own, control and regulate the system Canadians use? Without urgent action, we will default to foreign platforms governed by foreign rules.” Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.