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1500
Barter System
Around 1500, the different nomadic and sedentary Aboriginal communities used the barter system, which means they traded goods. -
Destruction of Huronia
In the early 1640s, the Iroquois will start running out of fur. They will destroy Huronia in 1649. After the destruction of Huronia in 1649, the French, who now no longer had middlemen, were obliged to go to the Algonquian territory in person in order to obtain their pelt supplies. -
Mercantilist policies
Mercantilism: nation's prosperity on the accumulation of gold and silver. Colonizing states should export the greatest possible quantity of goods in order to become wealthy from profits generated by their exports. The mother countries relied on their colonies for the raw materials necessary for the production of manufactured goods, which they could then sell to other states. -
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Talon's attempts to diversify the economy
Jean Talon tried to make the colony economically independent through self-production. He put in place certain measures to do so. A few examples of the measures he put in place are: he encouraged the growing of hemp, he encouraged the breeding of domestic animals and he ecouraged the farming of hops to make beer. -
Growth of triangular trade
In the 18th century, the French organized commercial trade between France, New France and the West Indies. The purpose of the triangular trade is to allow France to get rich by taking advantage of the resources of its colonies, and by selling manufactured goods to its colonies. -
Completion of the Chemin du Roy
To help with economic trade, Gillies Hocquart wanted to create a road between Montréal and Québec City. That road will pass through Trois-Rivières. This road is called «Chemin du Roy». -
Control of the fur trade by British merchants
After the Conquest, Scottish, English and American merchants settled in Montréal to practice the fur trade. Since they had greater financial means than the French Canadians, they replaced them in the fur trade. -
The timber trade
The lumber industry became the engine of the Canadian economy. The exploitation of our forests will cause the development of new regions, create new jobs and increase the influence of the British merchant class. -
Continental Blockade by Napoleon
In 1806, Great Britain was at war with France. In order to prevent the British from obtaining supplies on the European continent, the Fùrench Emperor, Napoleon the First, imposed a continental embargo, thus forcing Great Britain to find a new source for the supply of forest products.Great Britain quickly turned to the North American colonies for timber supplies. -
Corn Laws
In 1815, Great Britain adopted a series of laws, the Corn Laws, which guaranteed preferential tariffs on the British market to the colonies' grain merchants. Lower Canada will benefit from these laws. -
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British protectionism
Protectionism: policy established by a state or government in order to protect the economy from foreign competition. -
Founding of the Bank of Montreal
The timber trade was so lucrative, that a bank was created. The Bank of Montreal was founded in 1817 -
Merge of the Hudson's Bay Company and the Northwest Company
The Hudson's Bay Company will dominate the fur trade in the Hudson Bay region. However, in 1783, a new fur trading company will be founded, the Northwest Company. There were battles between these two companies. Then in 1821, the two companies were encouraged by the British government to fuse under the name of the Hudson's Bay Company. -
Construction of the Lachine Canal
In order to transport merchandise inland by water, the first canal was built in Montréal in 1825, the Lachine Canal. -
Beginning of the agricultural crisis; falling wheat production
Great Britain will slowly stop buying wheat from Lower Canada. Poor soil, outdated farming techniques, and poor weather conditions will cause an economic crisis in Lower Canada. As a result, Lower Canada will have to buy it's wheat from Upper Canada as of 1830. -
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First phase of industrialization
In the 1850s, Canada had its first phase of industrialization. Manufactures were slowly replacing the artisan workshop. Machines now permitted the division of labor and increased productivity. The machines will also make more goods, in less time and at a lesser cost. -
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Reciprocity Treaty
From 1854 to 1866, Canda will have a reciprocity treaty with the United States. -
Macdonald's National Policy
In 1879, John A. Macdonald implemented his National Policy to revive the economy. His three main objectives are an increase in protectionist tariff, the expansion of railway network and to stimulate immigration. -
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Second phase of industrialization
Several favorable conditions helped this phase:
Québec has many natural resources
Many rivers to help with the making of hydroelectricity
An abundant workforce This phase is characterized by the exploitation of natural resources and the rapid expansion of industrial sectors which developed due to new energy sources: hydroelectricity and oil. New industries will flourish such as:
hydroelectricity
aluminum
minerals
pulp and paper -
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Second phase of industrialization
This second phase was characterized by the exploitation of natural resources and the rapid expansion of industrial sectors which developed due to new energy sources: Hydroelectricity and oil. New industries will flourish such as hydroelectricity, aluminum, minerals and pulp and paper. -
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World war I
Canada's participation in the war effort stimulated the economy as the country became one of the major suppliers for the allied troops. We supplied Great Britain with food and with our factories, we supplied objects needed in the war effort such as guns, uniforms and bombs. -
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The Great Depression
In 1929, the New York Stock Market Crash will affect the economy most of the countries of the modern world. During the 1930s, banks and factories closed their doors. Many bankruptcies occurred. The number of unemployed workers grew and grew. We estimate that 25% of the population was out of work. -
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World War II
The Alles relied on Canadian industries to supply them with foodstuffs and military equipment. Canada's unemployment dropped to virtually nothing. Women started working in factories and goods were rationed. Also the beginning of recycling. -
First major oil crisis
In 1973, the Organization of Petroleum Exporting Countries (OPEC) decided to curb oil production and raise prices, causing an economic slowdown in the Western world. The situation caused an economic recession. -
North American Free Trade Agreement (NAFTA)
On January 1st, 1989, the Canada-United States Free Trade Agreement came into effect, eliminating almost all customs duties between Canada and the United States. The treaty was renegotiated to include Mexico, which agreed to participate in the North American Free Trade Agreement, which came into effect January 1st, 1994.
