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After the discovery by John Cabot in 1497, European fishermen, mainly Bretons, Basques, and Portuguese participated in cod fishing close to Labrador and Newfoundland Island, and the Gulf of St. Lawrence
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The companies that had a monopoly in the trading industry were financed by shareholders that shared the profits and the losses in the proportion to their initial investment.
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Mercantilism prohibits manufacturing in New France. If a product can be made in France, it cannot be made in New France.
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The change in regimes caused the fur trade to change from French merchants to British merchants.
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More then 200 British merchants will establish themselves in the Province of Quebec. They will export natural resources and import manufactured goods from Great Britain. These Merchants are referred to as Montrealers.
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Great Britain was at war with France. In order to prevent the British from obtaining supplies on the European continent, the French Emperor, Napoleon the First, imposed a continental embargo, thus forcing Great Britain to find a new source for the supply of forest products. Great Britain quickly turned to the North American colonies for timber supplies.
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The fur trade was already in decline during this time. Fur was less and less in demand in Europe. Fur was not in fashion anymore.
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Great Britain adopted a series of laws, Corn Laws, Which guaranteed preferential tariffs on the Britain Market to the colonies' grain merchants. Lower Canada will benefit from these laws.
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Great Britain maintained a policy of protectionism that favoured the purchasing of resources from within the empire. It protects the empire from foreign competition.
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The timber trade was so lucrative, that a bank was created. That bank was the Bank of Montreal.
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The Hudson's Bay Company will dominate the fur trade in the Hudson Bay region. Then in 1783, a new fur trading company was founded, the Northwest Company. Each fur trading company will try to attract the Amerindians to their trading posts. In 1821, the two companies were encourages by the British government to fuse under the name of the Hudson's Bay Company.
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In order to transport merchandise inland by water, the Lachine Canal was built.
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In 1846, the Corn Laws, which had guaranteed preferential tariffs on the British market to cereal merchants, were abolished.
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Manufacturers were slowly replacing the artisan workshop. Machines now permitted the division of labour and increase productivity. The machines will also make more goods, less time and at a lesser cost.
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The Reciprocity Treaty was a trade treaty between the United Kingdom and the United States, applying to British possessions in North America. It represented a move toward free trade
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The Victoria Bridge is the first bridge to cross the St. Lawrence linking Montreal to the North American rail network. It belongs to the owners of the Grand Trunk Railways. More than 3,000 people were hired to participate in its construction, which took over 5 years.
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An economic crisis erupted in Canada. During this time, the Canadian market was flooded with goods from the United States. Many Canadian manufacturers were unable to complete with the American market.
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It called for high tariffs on imported manufactured items to protect the manufacturing industry.
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This second phase was characterized by the exploitation of natural resources and the rapid expansion of industrial sectors which developed due to new energy sources: Hydroelectricity and oil. New industries will flourish such as: Hydroelectricity, aluminium, minerals, and pulp and paper.
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The European powers, including Great Britain, faught each other in a world war. Canada's participation in the war effort stimulated the economy as the country became one of the major suppliers for allied troops. We supplied Great Britain with food and with our factories, we supplied objects needed in the war efforts such as guns uniforms and bombs.
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In 1929, the New York Stock Market Crash will affect the economy of most of the countries of the modern world. During the 1930's, banks and factories closed. Many bankruptcies occurred.
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The Allies relied on Canadian industries to supply them with food staffs and military equipment. With the war effort and sending troops to Europe, Canada's unemployment dropped to virtually nothing. Women started working in factories and goods were rationed. With the declaration of war, the economic crisis of the 1930's disappeared. Increase in the production of agricultural products.
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The government of Quebec bought out most of the private electricity companies and integrated them into Hydro-Quebec in order to nationalize the production and distribution of electricity.
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In 1973, and again in 1979, OPEC decided to curb oil production and raise prices, causing an economic slowdown in Western World. This situation caused an economic recession.
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It is an agreement signed by Canada, Mexico, and the United States, creating a trilateral trade bloc in North America. The agreement came into force on January 1, 1994. Most economic analyses indicate that NAFTA has been beneficial to the North American economies and the average citizen.
