Well, the big election north of the border is finally on, after months of buildup. Matt Yglesias has an ongoing discussion in his comments; I generally agree that it’s the Liberals’ election to lose, and the structural features of Canadian politics favor the Liberals emerging as the largest party—even if they don’t receive an absolute majority of the 308 seats up for grabs. There is widespread disaffection with the Liberals—in part due to several financial fiascos, in part because neither current prime minister Paul Martin nor ex-premier Jean Chrétien had a large fan club to begin with, but that’s unlikely to translate into a plurality win for the new Conservative Party of Canada, and the largest party is almost certain to be the one invited by the governor-general to form a government.

Realistically, there are about five possible governments that could emerge:

• A majority Liberal government. If you’ve got money to wager, this is the odds-on favorite, even with the horrible approval ratings the Liberals have. Requires an outright majority (155+ seats).
• A Liberal-New Democratic Party coalition. The problem with this arrangement is that Martin is trying to move the Liberals to the right and repair relations with the United States; the NDP is populated by hardcore leftists and harbors strongly anti-American sentiments, which would radically complicate Martin’s attempts at rapproachment. Realistically only likely if the Liberals win below 150 seats, but still have a plurality.
• A minority Liberal government, depending on floating support on individual pieces of legislation. Probably unstable over the long term, but more politically palatable than a Liberal-NDP coalition, and increasingly likely if the Liberals are very close to a majority (say 150–154 seats).
• A (probably short-term) Conservative-Bloc Québecois government. Both parties favor devolution of power from the federal government to the provinces, and a short-term agenda focusing on these issues—increased provincial autonomy, reform of the Senate to make it an elected body—might be palatable. In the long term, though, the contrast between the Canadian nationalist Conservatives and the Québecois nationalist Bloc along with the contrast between Conservative laissez-faire economics and BQ social democracy, would force new elections—but ones where both parties would be institutionally advantaged due to an elected upper chamber acting as a check on the (presumably Liberal) new government.

Anyway, this one will be fascinating to watch, and—thankfully—it’ll all be over in about a month, unlike the slow-motion trainwreck on this side of the border.

A few links for those with an interest in goings-on in Canuckistan. Peaktalk is disappointed that the Conservatives have moved to the left on health care, thus forestalling a much-needed national debate on Canada’s health care system. Meanwhile, Collin May of Innocents Abroad is pretty much flooding the zone with current poll results and analysis; barring a major reversal in the next 3 weeks, it’s looking more and more like the Tories will win a plurality and be able to form a government with the support of the Bloc Québecois (as outlined here)—inspired debate or no.

Also of potential interest (and joining the blogroll, at least through the end of the month): Alexandra Taylor, who comes recommended by Colby Cosh, and Points of Information, a group blog recommended by Alexandra.