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1497
Cod fishing
The church didn't allow meat consumption for 300 days out of the year. These were called "abstinence days". Since meat was in high demand, Europeans came here to fish for cod. -
1500
Barter system
The economy of the Amerindians was based on a trading system. The Algonquins traded their pelts, caribou hides and meat in exchange for the Iroquoians agricultural surplus. -
Fur Trade
In the first half of the 17th century, the Amerindian nations and the French met each spring during trading fairs. This kick started the fur economy. -
Mercantilism
The colony would give their raw materials to the mother country, the mother country would turn them into finished products, and then sell them to other states. -
Company of One Hundred Associates
Founded by Cardinal Richelieu, this company was financed by approximately one hundred French shareholders. -
Compagnie des Habitants
This company was created by merchants settled in New France. It took back the monopoly from the Company of One Hundred Associates from 1645 to 1663. -
Destruction of Huronia
Because they were running out of furs, the Iroquoians destroyed Huronia. As a result, the French had to go to Algonquin territory to obtain pelt supplies. -
Lumber Industry Starts
Another intendant, Gilles Hocquart also tried to diversify the economy. The lumber industry will slowly start to develop. -
Economy of New France after 1663
Jean Talon did many things to help diversify the economy. He imported domestic animals from New France to help with animal breeding, encouraged farming of hops to make beer, built a brasserie, sent people to find iron ore, copper and coal, encouraged craft activities and founded a naval shipyard near Quebec city. Agriculture was diversified with the addition of wheat cultivation, and the introduction of the cultivation of cereals, vegetables and hemp. -
The French West India Company
This company was founded by Jean-Baptiste Colbert. It took over the trade monopoly and beaver pelt exports. -
Hudson's Bay Company
This company built trading posts throughout the entire region to engage in trade with the Cree nation. -
Beaver Crisis
In the 1690s, the beaver economy was in crisis. Fur-related fashion went out of style, so the beaver pelts were no longer in demand. They piled up in warehouses, so the King ordered a slowdown on the fur trade. -
Triangular Trade
In the 18th century, the French organized commercial trades between France, New France and the West Indies. The purpose was to make France rich by taking advantage of its colonies' resources and by selling the manufactured goods made from the resources back to the colonies. -
Protectionism
Until the mid-19th century, Great Britain had maintained a policy of protectionism, in which the colonies traded only within the Empire. -
British merchants and traders
More than 200 merchants will establish themselves in the Province of Quebec. They are called "Montrealers". They will export natural resources and import manufactured goods from Great Britain. -
War with France
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. -
Corn Laws
Great Britain adopted a series of laws, the Corn Laws, which guaranteed preferential tariffs on the British market to the colonies' grain merchants. -
Bank of Montreal
The timber trade was so lucrative, that a bank was created. The Bank of Montreal. -
Leaving For The Cities
Farmers will have difficulty surviving on agriculture. They have to leave and settle in the cities or colonize new lands. -
Agriculture Difficulties In Lower Canada
Great Britain will slowly stop buying wheat from Lower Canada. Poor weather conditions, poor soil and outdated farming techniques will cause an economic crisis. As a result, Lower Canada will start buying wheat from Upper Canada. -
Free Trade Doctrine Adoption
The Corn Laws are abolished and free trade was established. -
First Phase Of Industrialization
Quebec went through it's first phase of industrialization. The main power source was coal, children started working, many immigrants will move to Quebec and farmers will leave for the cities. These people work under dangerous and harsh conditions. Industrialization will occur in these sectors: dairy farming, tobacco, food, textiles, shoes and leather, mining and lumber. -
Reciprocity Treaty
United States and United Canada will sign this treaty together. According to this treaty, raw materials and manufactured products could be traded between the two partners without having to pay custom duties. -
Second Phase Of Industrialization
This time working conditions are better. Industrialized sectors are hydroelectricity, pulp and paper, minerals and aluminum. The main energy source is also hydroelectricity. -
Great Depression
During the 1930's, there was a worldwide stock market crash that caused a major drop in the economy.
