-
1500
North America’s role in the European economic system
Merchants start building trading posts in the colony. They demand a monopoly as they are looking to take over the fur trade in New France. -
1500
Slash-and-burn agriculture
The Iroquois' practice a slash-and-burn agriculture. This is the process of cutting wood, burning it, and as it mixes into the soil they start agriculture. They practice this type of agriculture because
by burning wood, it makes the land more fertile (nutrients get into the soil). -
1500
Amerindian Trading System
The Natives traded through the barter system. In the summer time, the senditary and nomadic amerindian groups met up with one another to trade, swap or exchange. The Algonquians exchanged their hunting surplus for the iroquian's agricultural surplus. -
1500
The fisheries
Fish was in great demand in Europe because Christians didn't eat meat on Fridays and because the Catholic church band meat for about five months. The French fishermen would come get the fish, salt it, dry it, and bring it back to Europe. These fishermen soon came in contact with the Amerindians, so they traded with them. -
Alliances and Rivalries
Not only did the French and Native people trade goods and furs but also information and military assistance. Iroquois' were enemies of the Algonquins. English had supplied arms and goods to Iroquois Confederacy, whose aim was to destroy the Huron, who were French allies. -
Triangular Trade
New France sends raw materials, like fur, fish, and wood, to France and Antilles. In exchange, the Antilles supplied sugar, rum, molasses, coffee and tobacco to France and New France. In return to both places, France supplied them with manufactured goods. -
The company of 100 associates
From 1627-1663, the company of 100 associates controlled the fur trade. They were 100 shareholders that invested Start-up capital. Each shareholder received a share of the profits from the fur trade. In exchange, the company was required to populate and manage the territory. However, because of the war with Britain, the company suffered heavy financial losses and was unable to settle the territory. Therefore, in 1663, the King of France took back control. -
The Hudson's Bay Company
In 1659, two coureur de bois went to the unexplored area of the territories northwest of the Great Lakes to trade with a group of Aboriginals they had come to know well and brought back high-quality furs. France was not interested in financing a commercial expedition to the Hudson Bay, so they went to Great Britain who funded a maritime expedition in 1668, later creating the Hudson’s Bay Company in 1670. -
King Takeover
In 1663, the King takes over the fur trade. The French state wanted to create a market in New France where it could sell it finished products and exploit the colony’s resources. This process is called mercantilism. Resources from New France were exported to France, then France would transform them into fnal products and sells them back to New France. The profit they make stays in France. -
British Takeover
In 1760 the British Takeover. The 13 Colonies, although small in territory, had a larger population. They were able to diversify their economy (ex: tobacco & cotton). At the beginning, the Fur Trade continues. In 1783, The Northwest company was created to compete with the Hudson's Bay Company. Fur demand declines, therefore, Northwest company merges with Hudson's Bay Company in 1823. -
Protectionism
From 1760-1840, the colony was under the protectionist policy. This meant they were able to trade only with the mother country. -
Napolean
Napoleon comes to power in France. His goal is to take over the world. In 1806, Napoleon sets up a Naval Blockade around Britain (blocks route to mainland Europe). British no longer have access to wood, therefore they turn to British North America for resources but were declined of the fur trade. Timber now becomes the main economic resource. -
Timber Industry
First Bank of British North America was established, Bank of Montreal. It allowed access to credits to borrow and get a loan to start a business. New Jobs opened up such as lumberjacks, sawmills, and shipyards. This opens up new territories and therefore the need for better transportation (new canals, railroads and the first steamships). -
End of the protectionism policy
Great Britain abandoned its protectionist policies and adopted free trade in 1840. The colonies had to find new markets and therefore turned to the United States and signed the Reciprocity Treaty in 1854. It was a 10 year deal with the USA that allowed British North America access to duty and tariff-free. In 1866, the treaty is not renewed and the United Canada had to find new markets for its products once again. -
Corn Laws
In 1846, the corn laws, which were duties and tariffs on imported agricultural products designed to favour domestic producers, were abolished. This stopped preferential treatment towards British cereal merchants. Now, wheat farmers are now forced to compete. -
First Phase of Industrialization
The First Phase was from 1850 to 1896. Capital financing new industries came from British sources. First industries were powered by coal/steam engines. Food, leather, shoes & textiles were produced and sold in interior markets (local consumption). Craftsmen take too long and are too costly. Factories and assembly lines are more efficient/faster but it is more dangerous and “boring” work (repetition). Unions were looked down upon, with that said it took a while for working conditions to improve. -
The Economic Crisis of 1873
In 1873, the Canadian market was flooded with US goods. So,
in 1879, Prime Minister John A Macdonald tried to rectify the situation by proposing a policy (the national policy) of industrial development. -
Second Phase of Industrialization
The Second Phase of Industrialization was from 1896 to 1929. Québec has many natural resources, many rivers to help with the making of hydroelectricity as well as an abundant workforce. These favourable conditions helped this phase. New industries will flourish such as hydroelectricity, aluminium, minerals and pulp and paper. The main source of energy came from hydroelectricity. Capital came from the US and products were sold in exterior markets. -
Confédération des travailleurs catholiques du Canada
In 1921, the Confédération des travailleurs catholiques du Canada (CTCC) was created to help workers. The Catholic Church wanted to control the unions and at the same time preserve the French Canadian culture and catholic faith. -
The Great Depression
In the 1920s, the Canadian and Québec economies experienced a period of prosperity. After a while, surpluses accumulated in warehouses. Companies started to produce less and proceeded to fire workers. This caused the New York Stock Market to crash in 1929. Banks and factories closed their doors, many bankruptcies occurred, the number of unemployed workers grew and grew and 25% of the population was out of work. This economic recession will be felt throughout the world and lasted for 10 years. -
Baby boom
After the war, Québec’s population increased dramatically. This was a period known as the baby boom. The rate of children per woman was 3.84 -
Quiet Revolution
The Quiet Revolution began in Quebec in 1960. It can be best described as a rapid and far-reaching process of social, economic, and political reform in Quebec from early to the late 1960s. In 1960, the state took charge of the management of certain social programs, including education and health, and thus became a welfare state (when the government takes care of everything). The state also invested considerable sums in the construction of new institutions and public infrastructures. -
Nationalization of electricity
In 1962, the government of Québec bought out most of the private electricity companies and integrated them into Hydro-Québec in order to nationalize the production and distribution of electricity.
Their goals were to manage the development of the territory’s natural resources and encouraged Francophone investors and entrepreneurs to create thriving businesses. -
OPEC
In 1973 and in 1979, the Organization of Petroleum Exporting Countries (OPEC) decided to curb oil production and raise prices
caused an economic slowdown in the Western world and an economic recession. -
Canada-United states Free Trade Agreement
In response to the recessions and recoveries of the 1980s, some economist claimed that the Canadian market was not sufficiently large or competitive to sustain true economic growth. To enlarge markets the Canadian government wanted to increase trade with the United States (main economic partner). On January 1st, 1989, the Canada-United States Free Trade Agreement (CUSFTA) eliminated almost all customs duties between Canada and the United States. -
North American Free Trade Agreement
On January 1st, 1994, the treaty was renegotiated to include Mexico. It was renamed the North American Free Trade Agreement (NAFTA).
