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Pre WW1 Era
Roosevelts "Square Deal" and the Sherman Anti-trust Act put in place!
The world was embracing Modern Liberalization in order to protect the rights of the working class. -
Elkins Act
Theodore Roosevelt heavliy taxing the livestock and petroleum industries for use of the railroad. Kept the larger companies from having benefits to help further their monopolies, thus protecting the middle-class citizen. -
WW1 Starts
With the entering of WW1 the world economy flourished by producing weapons and ammunition. -
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Roaring 20's
The long-lived prosperity following WW1. The stock market was booming by use of pioneering techniques by companies like Ford such as mass production and welfare capitalism. -
Warren G. Harding gets voted into office
With the fresh memory of the First World War in the minds of the Americans, and the fear of communism ravaging the country, the conservative Republican Warren G. Harding was elected into office.
His platform was based on three principles:
1) Isolationsim - a retreat from the involvement with other countries (especially European)
2) Nativism - the promotion of policies that favor the existing dominant culture and therefore try to reduce immigration
3) a reduction of government involvement -
1920's Prosperity
Those were the days... -
Stock Market Crash
With the crash of the stock market in 1929 came economic scare, which meant the loss of money from big companies. This in turn, meant the loss of jobs for the average citizen. -
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The Great Depression
Following the stock market crash of 1929, the period known as the Great Depression or the "Dirty Thirties" began. As prices skyrocketed, so did the unemplyment rate. Thus leaving the economy of the world in the tank. -
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Canada and the Depression
Canada, while being hit by the depression was not hit nearly as hard as the United States and much of the World due to more government control and use of more liberal economic systems already in place prior to the crash. -
The New Deal
With FDR in office, social programs based on Keynsian Economics were instated in America. It meant that
A) The government would have more involvement and intervention in the economy rather than let it be a pure Capitalist system.
B) An understanding that liberal principles apply to more than the rights and freedoms to industrialists, but also to the average citizen. Specifically the unemployed -
Bank of Canada becomes a Crown corporation
The nationalizing of the Candian Bank is said to be largely what helped Canada in the Depression. ex): In the United States there were hundreds of bank closures. In canada there was one. -
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Post World War II
- Keynsian Economics became very popular after WW2. This was largely because it offered monetary relief to a world who was economically destroyed.
- Germany was forced into paying war reparations, which John Maynard Keynes said he considered a Carthaginian peace, and would be near to impossible for Germany to accomplish. -Liberal economics would continue to gain popularity until the 1970's
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The Postwar Consensus
The time in Britain where both the Conservative Party and the collectivist Labour Party both agreed on keeping the reforms that made up the new British welfare state. -
Hospital Insurance and Diagnostic Services Act of 1957
With the Hospital Insurance and Diagnostic Services Act of 1957, the beginning of government funded health-care was started. By 1958, five provinces—Newfoundland, Manitoba, Saskatchewan, Alberta, and British Columbia - had programs in place which could reap the benefits of the act. However it took another 3 years for Quebec to finally join. -
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Yom Kippur War
The hostilites that broke out in the middle-east during this time lead to many uncertainties in the western world concerning oil prices, which in turn upset the worlds economy and lead to new economic change. -
OPEC embargos the United States
The hostilities taken with the Yom Kippur War, and Americas support of Israel meant a trade embargo of all oil from the enemies of Israel. (Oil trade controlled by OPEC) This meant a new design for world trade, and the postwar prosperity after WW2 came to an end. -
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Economic Recession of 1973-1975
During the 1970's, middle eastern oil prices by OPEC quadrupling coupled with high government spending due to the Veitnam War lead to stagflation in the United States. -
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Thatcherism
Wtih Margaret Thatcher as the Prime Minister of the united Kingdom, several monetarist policies were put in place. over the years that came to be known as Thatcherism. The policies favoured low inflation, and tight control of the money supply. -
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Reaganomics
Reagans approach to the financial crisis was influenced by Hayek and Friedman, and he saw that less government control was the way to economic growth. This came to be known as Reaganomics. -
Reagn lifts petroleum price and allocation controls
The first "Reaganomical" policy to be put in place. Meant less government control over the price of oil, one of the largest markets in the country. -
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Blair's Third Way
Tony Blair's platform of the "third way" meant that he did not follow traditional Conservative or "old Labour Party" approach. The third was was a shift to a more moderate platform that would adompt some Keynsian, and some Thaterite (monetarist) policies. -
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Crash of '08
On October 6th 2008, the stock markets took another plummet due to the corrupt American banking system selling worthless stocks all over the world.
