In a world seemingly dominated by state capitalism, these developments are welcome signs that market realities dominate

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In a global world seemingly dominated by big government economic interventions and industrial policies fabricated out of the fantasies of politicians and bureaucrats — known as state capitalism — there are developments that suggest markets still prevail.

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Two such occasions, one Canadian and the other international, stand out as welcome signs that market realities dominate. In Ottawa, Industry Minister Mélanie Joly’s major — even embarrassing — backtrack on the $70-billion merger of Teck Resources and Anglo American shows that when the cards are on the table, governments must bow to private markets.

Another victory for market reality over government central-planning fantasies is the political backtracking on electric vehicles and, more broadly, on climate policies in general.

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A few weeks ago, Joly’s staff made a point of correcting a media report that the government’s Investment Act decision on the Anglo-Teck merger would be coming “next month.” Not true, said the minister’s staff. What Joly had said is that the decision would come “in the next months,” thereby pushing the deadline deep  into 2026.

So why was the decision suddenly released this week, essentially within days rather than months? And, more importantly, what happened to all the minister’s blither about how the announced merger deal was not “enough” and that the new company should, among other things, move its primary stock listing to Toronto rather than London?

Based on information released Tuesday by the companies, nothing significant has changed since Joly launched her 

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