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1497
Expedition by John Cabot along the coasts of Newfoundland and Labrador
Many European fisherman participated in Cod fishing close to Labrador and Newfoundland Island. Fish was in great demand in Europe for religious reasons -
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Monopoly of merchant companies
Merchant companies had a monopoly, so full control, in the trading industry. -
Creation of the Company of One Hundred associates
This was a trading company in New France. They had a monopoly in the fur trade and could determine the price and quantity of the pelts that were sent to France -
Mercantilist policies
Mercantilism is an economic theory where the mother country wants to get rich. The colonies send their natural resources to their mother country where they are then manufactured and sold. -
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Talon's attempt to diversify the economy
Jean Talon tried to make the colony economically independent through self-production. He brought domesticated animals from France and founded a naval shipyard. -
Creation of the Hudson's Bay company
The company built trading posts throughout the region to trade fur. -
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Crisis in the fur trade
Fur was less in demand in Europe but they were still getting it in New France. There was so much fur in New France since no one in France wanted it. -
Growth of the triangular trade
The purpose was for France to get rich by taking advantage of the resources in the colonies and by selling manufactures products to its colonies. -
Founding of the Forges du Saint-Mauricie; establishment if the royal shipyards
Talon founded a naval shipyard close to Québec City. They used these ships to export the colonies extra products to France. -
Control of the fur trade by British merchants
The regime changed so the British merchants were now in control of the fur trade. -
Timber trade took over fur trade
Fur wasn't as popular in Europe anymore so less people bought which means the companies didn't make as much money. Timber was very popular so to make money the companies turned to timber. -
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British protectionism
Protectionism is an economic policy which protects the economy of the country or empire from foreign competition. -
Founding of the Bank of Montreal
The timber trade created a lot of money and people needed somewhere to store that money, -
Merger of the Northwest Company with the Hudson's Bay Company
There was a rivalry between these companies and it became very expensive. The British government encouraged these companies to merge and they did and became the Hudson's Bay Company. -
Construction of the Lachine Canal
This was put in to transport merchandise inland by water. -
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Reciprocity Treaty
This treaty allowed the United States and Canada to trade raw materials and primary manufacturing products without paying customs duties. -
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First phase of industrialization
Machines were being made. Industries were in the cites of Montréal and Québec City. -
Macdonald's National Policy
Local goods in Canada will cost less for Canadians so more people will buy Canadian products than american ones. -
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Second phase of industrialization
The second phase was characterized by the exploitation of natural resources. Further regions became more industrialized. -
Stock Market Crash (New York)
The Stock Market Crash effect all countries of the modern world. Banks closed, companies went bankrupt and there were a lot of unemployed workers, -
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Great Depression
This was caused by the Stock Market Crash. Jobs were lost and many companies went bankrupt. -
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World War II
The unemployment rate dropped to almost nothing during this time. There was an increase in agricultural products and goods were rationed. This helped the economy because they were selling more stuff and people weren't wasting them. -
Creation of Hydro-Québec
Quebec did not like that the economy of their province was dominated by foreign companies. The Québec government bought out a lot of private electricity companies and turned them into Hydro-Québec. -
First major oil crisis
OPEC decided to raise prices on oil. This caused an economic slowdown and it caused an economic recession in the Western world. -
North American Free Trade Agreement (NAFTA)
There are no customs duties between Canada, the United States and Mexico.
