Bank of Canada Governor Stephen Poloz made an impassioned defense of economic openness and implored Canadians to forego protectionism in a speech marking the country’s 150th anniversary. Poloz chronicled in detail how Canada has benefited throughout its history from the free movement of goods, people and capital—from colonial days to the North Atlantic Free Trade Agreement. His conclusion: Canada’s economy does best when it is open to the rest of the world. The lesson is that “when trade barriers are falling, when people are coming to our shores and when investment is rising, Canadians prosper,” Poloz said, according to prepared remarks provided to reporters ahead of the speech in Oshawa, Ontario. “The flip side is that responding to tough economic times by turning inward rarely succeeds.” Poloz’s efforts to remind Canadians of the benefits of globalization come at a time of heightened protectionism elsewhere, that is already threatening to undermine Canada’s trade sector. It won’t do any good if Canada goes down that path, he said. “The bottom line of our history is that openness and economic progress go hand in hand,” said Poloz. “What experience has shown is that the fears of openness are misplaced. Protectionism does not promote growth and the costs are steep.” It’s not just goods. Canada has benefited from waves of immigration, and has long relied on foreign investment to finance its infrastructure, Poloz said. For example, Poloz described how foreign capital helped finance Canada’s nation-building railways in the 19th century, and how foreign investment was a key ingredient to the boom years of the early part of last century. Canada would be a nation of 10 million, not 36 million as it is today, if not for international immigration, he said. The speech didn’t make reference to monetary policy or current economic conditions.