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In 2015, for the first time in the history of Canadian-American economic relations Canada became a net exporter of accumulated direct investments to the United States. The article examines drivers of Canadian businesses’ expansion in the United States and studies factors behind transformation of large Canadian companies into North American transnational corporations. The article analyzes structure and trends of Canadian FDI in the United States and gives an account of mergers and acquisitions with participation of the Canadian companies on the American market. It is concluded that significant growth of Canada’s FDI in the United States testifies to accelerating integration of Canada's large capital into American financial and industrial groups.

Canada’s Direct Investments in the U.S. and the Evolution of Canadian Capital