Trade+Finance+&+Economy

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1) During the Renaissance, many entrepreneurs created new innovations, and changed the way people conducted business at this time. Do you see some innovations and changes in the economy of Calgary?

In response to whether Calgary possess innovation in its economy to make a Renaissance city, Todd Hirsch of Hirsch, a senior economist at ATB Financial believes that Calgary does have innovation occurring in the economy. Further, he believes Calgary is a centre of innovation of the oil and gas sector, especially for the development of the oil sands. He states, “There is a lot of innovation occurring in Calgary’s oil and gas sector. An example would be the development of SAGD systems to better extract bitumen from the oil sands.” He refers to Steam Assisted Gravity Drainage systems, which is a more efficient and less invasive way to exploit Alberta’s environment and the working people of this province. SAGD systems work by injecting steam into the layer of mixed oil and sand, heating the oil and bitumen and reducing its viscosity. The oil or bitumen than flows, by gravity, to a collection well. SAGD systems remove the need for large strip mines currently used in the oil sands to extract the oil, reducing environmental impact and development and running costs. From this, Todd Hirsch believes that Calgary is on the path to becoming a Renaissance city.

2) During the Renaissance, many people began to challenge the status quo, and adopt humanism, which places emphasis on the individual. The economic system changed significantly to reflect this new way of thinking by people focusing on individual wealth and success. Do you see new developments in the area of thinking in Calgary? Specifically do people conduct business with a focus on individual thinking? -Todd Hirsch, ATB Financial

Yes, in calgary, entrepreneurialism is a center piece of the city, allowing anyone who has a good idea to present it and make money of it. -Todd Hirsch, ATB Financial

3) During the Renaissance, trade expanded beyond the necessities of life and began to trade luxury items. This affected the economy greatly because it contributed to the economy having more a variety of industries; do you see this happening today Calgary? Specifically, does Calgary have a variety of industries to support the economy? In response to whether Calgary possesses Economy, trade and finance to make it a Renaissance city, we found that Todd Hirsch of ATB Financial believes that there needs to be a more variety of industries. Further in this sense he believes that there is not enough diversity in the oil and gas sector and in engineering, there should be a more focused approach on agriculture. Todd Hirsch states towards this topic that: “we use the money from oil to buy luxury to make our way of living easier and more comfortable”. Todd Hirsch also states: “There is to much focus on energy in Calgary and a smaller approach to art. By this he means that we focus too much on the oil and gas energy other then on art and that this city does not look that appalling at an architect standpoint because Calgarians only focus on the oil and gas industry. -Todd Hirsch, ATB financial There needs to be more industries other than oil and gas and engineering, their is not enough diversity. Their should be expansion in agriculture, engineering and finance. Calgary uses oil to sell money to trade for luxury items from other places. Their is to much focus on energy in Calgary. -Todd Hirsch, ATB Financial

4) During the Renaissance in Northern Italy the independent city republics invented the principle of capitalism, which set off vast trade. Has Calgary become the centre of capitalism? Specifically, do you see people extorting the environment, and other people for wealth and personal property?

Calgary is a centre of capitalism, We are all using the earths natural resources for our personal gain. but calgary is trying to figure out a way to find better ways to extract oil without hurting the earth. -Todd Hirsch ATB Financial [|Binary Options]