Browse "Economic"

In the mid-1930s, at the height of the Great Depression, Prime Minister R.B. Bennett’s political demise seemed inevitable. He sought to reverse the tide running against his Conservative Party. In January 1935, he began a series of live radio speeches outlining a “New Deal” for Canada. He promised a more progressive taxation system; a maximum work week; a minimum wage; closer regulation of working conditions; unemployment insurance; health and accident insurance; a revised old-age pension; and agricultural support programs. But Bennett’s 11th-hour proposals were seen as too-little, too-late. He lost the 1935 election to William Lyon Mackenzie King and the Liberals.

Capitalism is an economic system in which private owners control a country’s trade and business sector for their personal profit. It contrasts with communism, in which property effectively belongs to the state (see also Marxism). Canada has a “mixed” economy, positioned between these extremes. The three levels of government decide how to allocate much of the country’s wealth through taxing and spending.

The economic history of what is now Canada begins with the hunting, farming and trading societies of the Indigenous peoples. Following the arrival of Europeans in the 16th century, the economy has undergone a series of seismic shifts, marked by the early Atlantic fishery, the transcontinental fur trade, then rapid urbanization, industrialization and technological change. Although different industries have come and gone, Canada’s reliance on natural resources — from fur to timber to minerals to oil, and on export markets for these commodities, particularly the United States — has underpinned much of the economy through the centuries and does so still in many regions today.

Nova Scotia, Prince Edward Island, New Brunswick and Newfoundland constitute the Atlantic provinces of Canada, a region that in 2016 accounted for 6 per cent of Canada’s gross domestic product (GDP). The economic history of what is now Atlantic Canada begins with the hunting, farming and trading societies of the Indigenous peoples. Following the arrival of Europeans in the 16th century, the economy has undergone a series of seismic shifts, marked by the early Atlantic fishery, the transcontinental fur trade, then rapid urbanization, industrialization and technological change.

Ontario and Quebec constitute Central Canada, a region that accounts for over 58 per cent of Canada’s gross domestic product (GDP). The economic history of the region begins with the hunting, farming and trading societies of the Indigenous peoples. Following the arrival of Europeans in the 16th century, the economy has undergone a series of seismic shifts, marked by the transcontinental fur trade, then rapid urbanization, industrialization and technological change.

Manitoba, Saskatchewan, Alberta and British Columbia constitute Western Canada, a region that accounts for 35 per cent of the Canada’s gross domestic product (GDP). The economic history of the region begins with the hunting, farming and trading societies of the Indigenous peoples. Following the arrival of Europeans in the 18th century, the economy has undergone a series of seismic shifts, marked by the transcontinental fur trade, then rapid urbanization, industrialization and technological change.

The fur trade began in the 1600s in what is now Canada. It continued for more than 250 years. Europeans traded with Indigenous people for beaver pelts. The demand for felt hats in Europe drove this business. The fur trade was one of the main reasons that Europeans explored and colonized Canada. It built relationships between Europeans and Indigenous peoples. (This article is a plain-language summary of the fur trade. If you are interested in reading about this topic in more depth, please see our full-length entry, Fur Trade in Canada.)

The Great Depression of the early 1930s was a worldwide social and economic shock. Few countries were affected as severely as Canada. Millions of Canadians were left unemployed, hungry and often homeless. The decade became known as the Dirty Thirties due to a crippling drought in the Prairies, as well as Canada’s dependence on raw material and farm exports. Widespread losses of jobs and savings transformed the country. The Depression triggered the birth of social welfare and the rise of populist political movements. It also led the government to take a more activist role in the economy. (This is the full-length entry about the Great Depression in Canada. For a plain-language summary, please see Great Depression in Canada (Plain-Language Summary).)

The Great Depression took place in Canada and around the world in the 1930s. The term “Depression” is used to describe an economic decline that lasts for a long time. During the worst period of the Depression about 30 percent of Canadians were unemployed. This made life very difficult because Canada had few social programs at the time. This changed because of the Depression. In the 1930s the government created social programs to help those in need. It also became more involved in the economy. (This article is a plain-language summary of the Great Depression in Canada. If you are interested in reading about this topic in more depth, please see our full-length entry, Great Depression in Canada.)

During the fur trade in Canada, items of European manufacture (historically referred to in the literature as Indian trade goods) were traded with Indigenous peoples for furs. These items include, for example, metal objects, weapons and glass beads. (See also Trade Silver.) In various ways, however, cultural exchanges went both ways. Some Europeans, namely the voyageurs, adopted various Indigenous technologies and clothing during the fur trade, including the use of moccasins, buckskin pants and hats, and snowshoes.

Gifts of silver were presented and traded to Indigenous peoples in Canada by European fur traders. Trade silver was made by silversmiths in Quebec City, Montreal, London and various American cities, including New York, Philadelphia and Detroit. (See also Fur Trade in Canada and Trade Goods of the Fur Trade.)

The development of steam-powered railways in the 19th century revolutionized transportation in Canada and was integral to the very act of nation building. Railways played an integral role in the process of industrialization, opening up new markets and tying regions together, while at the same time creating a demand for resources and technology. The construction of transcontinental railways such as the Canadian Pacific Railway opened up settlement in the West, and played an important role in the expansion of Confederation. However, railways had a divisive effect as well, as the public alternately praised and criticized the involvement of governments in railway construction and the extent of government subsidies to railway companies. This is the full-length entry about Railway History in Canada. For a plain-language summary, please see Railway History in Canada (Plain-Language Summary).

 Reconstruction is the process of readjustment to a peacetime economy following WWII. Many believed the end of the war would mean a return to the economic depression of the 1930s, with falling production and widespread unemployment.

The Aivilingmiut of Nunavut are walrus hunters. Like many regional groups of Inuit, they’re named after the animal that once kept them alive.

Revolutionary industrial unionism, or syndicalism, a broad international movement dedicated to organizing all workers into single, unified labour organizations designed to overthrow the capitalist system by means of industrial actions, including the general strike.