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Some of the lessons we should learn from our recent economic experience. The speaker's belief that "unless we firmly understand the force of events which has led us to the current pass, we are very unlikely to seize the present opportunity to rebuild a more certain and more prosperous future." Politicians and counter-inflationary policy. Reference to Ronald Reagan's politics in the United States, and Margaret Thatcher's in the United Kingdom, dealing with inflation. First lesson: "inflation can be beaten but it requires enormous political courage and more circumspect view of its deleterious side effects." Correcting some views of inflation. The persistence of a high level of unemployment, even after a victory against inflation. Causes of recent unemployment. Another lesson: the importance of government maintaining a certain fiscal capacity, with discussion. The current recession exposing the impotence of government as a lever out of our current difficulties, and also serving to illustrate the true character of some of our societal institutions. A discussion of the union movement and lessons learned about unionism. Deriving a lesson from our current experience as concerns industrial strategy. "As goes the world demand for raw material, so will go the Canadian economy." A discussion of focus. Recognizing our inherent long-term dependence as trades to earn our standard of living; making decisions in a different way than we have in the past. The pursuit of a national industrial strategy. Some examples of how our orientation of national policies is hampering us. A final lesson to be derived from recent experience: the extent to which we can rely on natural market forces and the extent to which we must rely on government to channel or redirect them.