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Bold bets for our country

It’s time for deliberate action

Few people could have predicted 25 years ago how important the bold bet represented by NAAEC would become to its participants’ prosperity. Yet without it, and without the courage of the leaders of Canada, Mexico, and the United States to incorporate environmental protections into a trade agreement, we might never have seen how NAFTA would grow the North American economy to the benefit of all three countries.

As Deloitte argues in its Bold bets for our country report, Canada needs more strategic thinking like this to address the challenges and opportunities we face as a country. That means not shying away from hard discussions and big decisions that will take us toward the prosperous future we envision 25 years from now.

Bold and courageous decisions will help make Canada the best place to live and work.

Bold, courageous decisions like the one that brought us the North American Agreement on Environmental Cooperation, which made NAFTA possible.

What is a bold bet?

 

In the context of a country it involves action — taken by citizens, government, the private sector — that puts the status quo at risk and steers the economy or society in a new and distinct direction.

Generally rare opportunities that offer great potential value to the country and face little complexity or barriers to implementation (e.g., Montreal Protocol). Jackpots are reasonably simple actions that significantly impact quality of life. These choices are easy, high-impact—and rare. Jackpot choices often appear at singular historical moments, especially when new technologies create simple solutions to longstanding challenges. Jackpots are hard to create deliberately—so when they appear, they should be seized.

Opportunities with great potential value to the country, especially in the longer term, but will need to overcome significant expected challenges. Bold bets are high-risk—and have the potential to deliver significant rewards over the long term and make a highly positive impact on quality of life. A bold bet’s success ultimately depends on courageous leaders who are able and willing to make difficult choices and take decisive action. They most often comprise the three C’s: they are complex, they are contentious, and they are courageous.

Opportunities that provide limited value but are also relatively simple to implement (e.g., creating TFSAs, establishing the long-form census). Simple wins tend to be plentiful, relatively uncomplicated, and have a small but positive impact. These choices are often wise, but they’re unlikely to transform a business, country, or society.

Opportunities that provide limited value but are also relatively simple to implement (e.g., creating TFSAs, establishing the long-form census). Simple wins tend to be plentiful, relatively uncomplicated, and have a small but positive impact. These choices are often wise, but they’re unlikely to transform a business, country, or society.

It's time to lead with courage. Download the report

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At Deloitte, we believe Canada can continue to be the undisputed best place in the world to live and work over the next 25 years. Canada at 175 is our multi-year research initiative to study the issues at the heart of Canada’s future success and provide a perspective on our path to prosperity.

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