Rotman Management Fall 2017

GLOBALLY SPEAKING, the standard of living has never been higher. According to the United Nations, 200 million fewer people are now living in extreme poverty than 25 years ago, and life expectancy increased by five years between 2000 and 2015 — the fastest increase since the 1960s. In other words, in many important ways, the world itself is more equal than it has ever been. And yet, in advanced economies, the gap between the rich and the poor is at its highest level in decades — leading the World Economic Forum to identify income inequality as “the most challenging problem the world faces today.” The discourse on inequality often makes a distinction between inequality of outcome (as measured by income or wealth) and inequality of opportunity (attributed to circumstances beyond an individual’s…

MOST READERS PROBABLY REMEMBER that moment when newly-elected Prime Minister Justin Trudeau was asked by a reporter, why he had appointed women to 50 per cent of his cabinet positions — and his now-famous response: “Because it’s 2015.” What is remarkable to me about that moment is not the Prime Minister’s appropriately-feminist response — although that was a welcome surprise; but the fact that the question had to be asked at all. How did we get all the way to the 21st century, and this is still a question? How are people still wondering whether women should have equal positions of leadership in politics, business — or anywhere else in the world? If I think back to my own career, it has been 30 years since I had my first job out…

As tough as it is for talented women to climb the corporate ladder, female entrepreneurs may have it even harder: According to a U.S. Senate report, a paltry 4.4 per cent of the total value of small-business loans went to women-owned businesses in 2014; and last year, Bloomberg reported that women comprised only seven per cent of founders receiving US$20 million or more in venture capital. For investors, fixing the flaws in the entrepreneurship ‘meritocracy’ would result in better decisions and higher returns — ultimately benefiting the entire ecosystem. In my research with Peter Roberts of Emory University, we are using a gender lens to scrutinize the performance of ‘innovation accelerators’ — programs whose explicit goal is to give a boost to new entrepreneurs — with two questions foremost in mind:…

In your time as CEO of TD Bank [2002-2014], you became known for embracing LGBTQ+ issues. Describe how and why you became involved. First, I’ll segue a bit and go back to my eldest son’s wedding a few years ago. As is the custom, he stood up to give a toast, to thank everyone for being there. He proceeded to go on and on about his mother, and all the things he had learned from her; then, he turned to me said, “My dad? Not so much.” Once the laughter subsided, he paused and said: “I actually did get one really important lesson from my father: Do the right thing.” That simple concept has been a core belief and motivator for me throughout my career. And let’s face it, working in financial…

WHILE INCOME INEQUALITY between countries has declined significantly over the past 20 years, it has grown markedly within countries. A combination of accelerating technological change, global integration, domestic deregulation and immigration has been driving major changes in labour markets in most advanced countries. This has resulted in heightened dislocation, pressure on median wages and insecurity — even though these countries have enhanced efficiency and overall national income. At the same time, many developing countries have had difficulty diffusing the benefits of rapid growth and industrialization widely enough to satisfy rising social expectations. The result: In rich and poor countries alike, social inclusion is a burning political issue. The dawning Fourth Industrial Revolution appears likely to accelerate the forces of dispersion. Advanced technologies are being applied and combined in ways that promise…

Canada’s commitment to inclusive growth and its ambitious plan to revitalize its economy, foster long-term growth and strengthen the middle class provides a model for the international community. Central to this plan is Canada’s continued commitment to diversity, immigration and global investment. Canada’s approach recognizes that there are no quick and easy solutions to fostering, broadly-shared growth, which is why its government is using a broad set of policy levers. It began by taking steps to create fairer income distribution through the provision of direct income support. Benefits for low- and middleincome families with children were increased, which is expected to reduce the number of children living in poverty by roughly 40 per cent. Income taxes have also been reduced for nearly nine million middle-class Canadians. The government has taken important steps…