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1427
Expedition by John Cabot along the coasts of Newfoundland and Labrador
During this period, fish were in great demand in Europe. Once, Cabot discovered Newfoundland and Labrador, many fishermen went there to fish cod, a popular fish at the time. Also, whaling was a very profitable economic activity. -
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Monopoly of merchant companies
Starting in 1600, the monopoly of the merchant companies belonged to France. -
Creation of the Company of One Hundred Associates
This was a trading company in New France, founded by Cardinal Richelieu. Financed by 100 french shareholders. -
Mercantilist policies
An economic theory that bases a nation's prosperity on the accumulation of gold and silver. The mother country relies on its colony to export goods so that the mother country gets rich. -
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Talon's attempts to diversify the economy
Jean Talon tried to make the colony economically independant through self-production. He set certain measures such as imported seeds, encouraged the growing of hemp, the breeding of domestic animals and many more. -
Creation of the Hudson's Bay Company
This company built trading posts throughout the region to engage in trade with the Cree nation. Fur trade caused the rivalry between France and Great Britain which resulted in many battles. -
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Crisis in the fur trade
Fur fashion was not as popular in Europe and the demand for beaver pelts decreased. Fur trading was too intense and the pelts piled up in warehouses. So, the Kind ordered a slowdown of the fur trade. But it regained strength in 1715. -
Growth of the triangular trade
The triangular trade allows France to get rich by taking advantage of the resources of its colonies and by selling manufactured goods. There were three major principles: boats cannot leave a port empty handed, boats leaving New France and the West Indies must transport natural resources to France and boats leaving France or the West Indies must transport manufactured goods. -
Founding of the Forges du Saint-Maurice; establishment of the royal shipyards
The forges were operated to produce different products that met the needs of the inhabitants. -
Control of the fur trade by the British merchants
After the British won the Seven Years War in Europe, they took control over New France and its fur trade. -
Timber trade took over the fur trade
Timber trade took over the fur trade as the main product being exported to Great Britain is timber. The lumber industry became the engine of the Canadian economy. -
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British protectionism
This was placed in order to protect the economy of the country or empire from foreign competition. -
Founding of the Bank of Montreal
This bank was created since the timber trade was so lucrative. -
Merger of the Northwest Company with Hudson's Bay Company
These two companies were great rivalries at the time and they were very costly, so the British government encouraged them to fuse under the name of Hudson's Bay Company. -
Construction of the Lachine canal
This canal was built in order to transport merchandise inland by water. This way transportation became easier and it reduced costs of production and distribution. -
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Reciprocity treaty
The United States and Canada signed this treaty in order that raw materials and primary manufacturing goods could be traded between the 2 countries without having to pay custom duties. -
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First phase of industrialization
Manufactures were slowly replacing the artisan workshop, machines permitted the division of labour and increased productivity. Industries were concentrated in the cities of Montreal and Québec. -
Macdonald's National Policy
Conservative Prime Minister John A. Macdonald tried to rectify the economic crisis of the 1870s by setting in place the National Policy which included the following: Canada will impose custom tariffs on imported manufactured goods. -
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Second phase of industrialization
Several conditions helped this phase including the following: Québec has many natural resources, many rivers to help with the making of hydroelectricity and an abundant work force. -
Stock Market Crash in New York
After awhile, surpluses accumulated in warehouses which led to companies producing less and to fire workers which resulted for the New York stock market to crash. -
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Great Depression
Because of the New York stock market crash, many banks and factories closed their doors causing the number of unemployed workers to grow and grow. -
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World War II
Canadian allies relied on them to supply them with food and military equipment during World War II. Because of the war, the economic crisis disappeared. This also declined the unemployment rate. -
Creation of Hydro-Québec
In order to nationalize the production and distribution of electricity, the government of Québec bought out most of the private electricity companies and made them into one, Hydro-Québec. -
First major oil crisis
The energy crisis brought the increase in the price of oil. Unemployment grew, interests rates were high and contributed to debts of many Québec families. -
North American Free Trade Agreement (NAFTA)
This treaty eliminates custom duties between the the three counties in North America.
