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Period: 1500 to
Economy and Development
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Mercantilism
The king of France at the time was very money hungry so the country resorted to exploiting their colonies using mercantilism. Mercantilism is the export of raw materials from a colony to the country to manufacture them instead of manufacture within the colony. -
Fishing Industry
Before the giants in the economy of New France like fur an timber there was fish. This was the first resource that the Europeans had farmed and brought back to France. There were three types of preserving the fish salting the, smoking them and finally sun drying them. They ranged from best to worst in that order and the Europeans exploited the amount of fish greatly. -
Hudson's Bay Company
Creation of the fur trade company and expanse of the fur trade by the creation of more and more trading posts to facilitate the fur trade. -
Colonial Currency
In the colony of Canada the currency has changed many times at first like the mother country the currency was the pound. However this currency did not last long because of the fur trade and distance between the two. Th currency then changed permanently to paper money which the colony gave value. -
The Triangle of Trade
During the early 18th century there was a specialized triangle of trade that the colonies and their mother countries would make us of to to develop economically. The North American colonies would send their raw materials over such as sugar, tobacco and cotton where they would be transformed into finished products. Next the mother countries would send textiles and manufactured products to Africa and in turn Africa would send slaves to North America. -
British Control Over Fur Trade
The british capitalists take over the fur trade in Canada making the french almost obselete in the economy. The british owned most of the large companies and dominated the industry. -
The Favor of Timber Over Fur
This is the point where fur became a minor part in the Canadian economy and timber and wheat became the main aspects because there was less demand for furs and more for timber. -
13 Colonies Economy
The 13 colonies did not participate in mercantilism, the raw products that were found there were also manufactured into finished products in the colony so the british colonies were much wealthier and better protected than that of the french. Under mercantilism the development of the mother country is favored but under protectionism it's the opposite. -
Opening of the Bank of Montreal
In 1817, the first bank in montreal opened and is still open to this day. it greatly helped the economy hwne the citizens could make deposits and loans. This helped the flow and development of the economy. -
Merging of the Hudson's Bay Company and Northwest Company
This is when Hudson's Bay basically bought out the competetion by merging with the Northwest Company and staying under the name Hudson's Bay Company. Thid was the most major company at the time. -
Rise in Wheat in Canada
Around the 19th century Britin could no longer sustain it's demand for wheat and grains, Canada and their other colonies were their solution. This transformed the economy in Canada from being mainly based on fur to being majoritarily attributed to wheat and timber. -
Reciprocity Treaty
The United States and Canada signed the traty that signified little to no trade fees when trading in between countries. Therefore neither country had to pay customs or duties. -
National Policy
The National Policy that facilitated immigration to western Canada, built a railway accross Canada and finally taxed trade between the U.S and Canada. -
First Phase of Industrialization
This first part of industrialization was crucial to the jobs and profit of most of the families in this era. The workers were not skilled, had difficult working conditions and barely got payed but this was the job that the majority of the population had. -
Concentration in the Capital
Very small companies began to grow in size to the point where they reached extreme power and overran the competition smaller companies that were just starting out could not compete. The same was true with non commercial businesses such as banks which was not healthy for the economy. -
World War 1
This kickstarted the exponential increase in birth after the war and the roaring 20s were a direct consequence of the economical state a much higher decline because of the economical boom in the 20s. -
Second Phase of Industrialization
During the seond phase the jobs had been more developped and the working conditions improved but the salaries remained around the same, again most of the population worked in the industrial sector in factories so hte economy was very low income with a lot of work hours. -
The Roaring 20s
A period of mass spending and parties where the birth rate shot up after the first world war and business was booming. Stocks and banks were high and families had a lot of extra spending money keeping the country in a constant state of wealth because of the mass spending. -
Great Depression
The New York stock market crashed forcing many banks to close and many shareholders to lose their investments. This impacted many other countries that traded with the U.S. Nobody spent their money therefore nearly all of the 1930s were spent in an economic depression. -
World War 2
This war was extremely crucial to the economic development of Canada and the U.S. It brought the U.S. out of the depression and started the feminist revolution. -
Creation of Hydro Quebec
In 1944, Hydro Quebec was created impacting the sources of our energy in quebec greatly. Most of our energy now comes from HQs hydroelectric dams. This energy was much cheaper and more sustainable than oil or gas powered so it was beneficial for the people. -
Feminist Movement
After the second World War the feminist movement started because families realized that two incomes are better than one and women learnt a sense of purpose when supporting their families alone during the war. Women then started to protest their rights and began to start being equal to men. -
Quiet Revolution
This revolution took place in the 1900s when Quebecers realized their economies were being dominated by foreign companies and as the name suggests there was no blood spilt. -
Major Oil Crisis
In 1973, the price of oil shot up making it a very valuable resource and since this material was so prominent in the economy it greatly impacted many citizens. This occured because the companies that exported to canada proposed an embargo causing oil prices to go up. -
North American Free Trade Aggreement
This act let's the United States of America, Canada and Mexico have free trade amongst each other. Facilitating trading in general.
