Economy and Development

Timeline created by Markella Drizos
In History
  • 1427

    Expedition by John Cabot along the coasts of Newfoundland and Labrador

    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.
  • Creation of the Company of One Hundred Associates

    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

    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.
  • Creation of the Hudson's Bay Company

    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.
  • Growth of the triangular trade

    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

    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

    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
    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.
  • Founding of the Bank of Montreal

    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

    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

    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.
  • Macdonald's National Policy

    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.
  • Stock Market Crash in New York

    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.
  • Creation of Hydro-Québec

    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

    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)

    North American Free Trade Agreement (NAFTA)
    This treaty eliminates custom duties between the the three counties in North America.
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    Monopoly of merchant companies

    Starting in 1600, the monopoly of the merchant companies belonged to France.
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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.
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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.
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    British protectionism

    This was placed in order to protect the economy of the country or empire from foreign competition.
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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.
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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.
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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.