Economy

Economy and Development

Period: Jan 1, 1500 to Nov 1, 2016

John Cabot and European Fisheries

Oct 31, 1500

in 1497, John Cabot discovered Newfoundland. He saw the vast amounts of cod, and there was a vast requirement of cod in Europe. Cod was used as the primary source of protein in Europe at the time.

The Trade

Oct 31, 1500

In the 1500's while trading the Natives did not trade for profit. The natives only traded for what they needed to survive and nothing more.

Obsidian tools

Oct 31, 1500

Obsidian tools where commonly traded between the natives. Obsidian tools where the most efficient tools at the time.

Fur Trade Between Natives and Frenchmen

Oct 31, 1600

The french traded with the Algonquins. The french traded mostly arms and other more advanced tools. The natives gave furs.

The Company of 100 Associates

Oct 31, 1627

The Company of 100 Associates had a deal with the French government that allowed them to be the only group in New France to trade fur. The French government would receive taxes from their trade. The Company of 100 Associates were also tasked with increasing the population of New France. The company had no interest in developing the colony, they were focused on making money and they did not want to waste money on populating.

Triangular Trade

Oct 31, 1650

Canada traded with the French colonies.They traded with the Antilles and France, their mother country.

hudson bay company

Oct 31, 1659

In 1659, two coureur de bois decided to go to the area to trade with a group of Aboriginals they had come to know well.The explorers returned with detailed information about the territory and brought back hight quality furs,but were unable to convince the French authorities to finance a commercial expedition to Hudson Bay.They therefore decided to offer their services to the English crown, which funded a maritime expedition to Hudson Bay in 1668, thus creating the Hudson’s Bay Company in 1670.

King Louis XIV

Oct 31, 1661

King Louis XIV began his reign in 1661, and in 1663 he dissolved the Company of One Hundred Associates.To gain control of economic activities in New France, and assert territorial claims in North America, Louis XIV set up crown corporations, companies that were accountable to him, like the Dutch West India Company.This system ended in 1674.

Mercantilism

Oct 31, 1663

Mercantilism is based on nations accumulation of wealth (gold and silver). This was achieved by colonizing territories that had resources that the mother country could export. These resources would be then changed into products which the mother country could sell to colonist for profit. In addition, the production within the colony was restricted to increase demand for these products (metal goods like nails, fur hats, etc).

Shipbuilding and Ironworks

Oct 31, 1738

In 1738 a royal navy shipyard was established in Quebec city, used primarily to build warships.Other industries related to boats, such as tar, rope and barrels were also created.The availability of iron ore in the Trois Rivieres led to new industries like wood stoves, cooking pots, and ploughing equipment.

The rise and fall of the fur trade

Oct 31, 1800

The fur trade continued to be an important economic activity after the Conquest. The new British merchant class increasingly participated in the fur trade. Under British rule, whoever wanted to could get involved in the fur trade. However, it was the Canadiens who did the fieldwork, since they knew the territory and had the expertise necessary for trading with the Aboriginal peoples.

Changes in Agriculture

Oct 31, 1800

In the early 19th century, agriculture, in the form of the family farm, was still the main occupation of the colony’s population. The main occupation of the colony’s population. The main objective of the family farm was to meet their basic needs, but this did not prevent them from also producing a surplus which could be sold at the market and improve their standard of living.

Free trade

Oct 31, 1850

An economic system in which custom duties on trading are partially or entirely abolished between participating countries. 1846 corn laws abolished. 1849 Navigation Act abolished.

Urbanization

Oct 31, 1867

Working class neighborhoods were created close to factories and living conditions were often hard there. Most working class dwellings were made of wood and did not have running water, electricity, toilets. Moreover, these poor working conditions, which were endured by unskilled workers, would drive them to unite in order to demand improvement to their situation.

First phase of industrialization (continued part 2)

Oct 31, 1880

Several factors encouraged industrialization in Quebec. Both people moving to the cities from rural areas and immigrants arriving from europe provided plenty of cheap labour. The St. Lawrence river, canals, and the new railways formed a good transportation system. Raw materials such as wood, leather and farm products were plentiful. The rivers and Lachine Canal provided water power (the first manufacturing industries were powered by coal/steam engines) for driving machinery. (2/3)

First phase of industrialization (continued part 3)

Oct 31, 1880

The New Dominion of Canada provided an enlarged internal market and the tariffs enacted with the national Policy protected industries from foreign competition (3/3)

Working conditions

Oct 31, 1880

All workers where in very bad working conditions. Kids where allowed to work at very young ages. Everyone was working for as long as the boss wanted.

First phase of industrialization

Oct 31, 1880

Industrialisation came to Quebec at the end of the 19th century. During this period there was a change from the old style cottage industry, where skilled craftsmen used slow costly methods to produce goods, to factory production. Factories employed cheap, unskilled labour to operate machinery that mass produced goods quickly at a low cost. Emergence of capitalism skilled craftsmen too costly, too long. Shift to assembly line work more efficient but boring and dangerous. (1/3)

Development of the dairy Industry

Oct 31, 1890

Dairy production was the agricultural sector that experienced the greatest progress after 1880. In addition to milk, farmers produced butter, cheese, and cream. In 1890, more than 80% of cheese production was intended for export, whereas butter was mainly sold in the local market. To support the growth in the dairy industry, the government encouraged the establishment of specialized schools in areas like Saint-Denis.

The great depression

Oct 31, 1930

The great depression started after a phase of economic prosperity. In 1929 the market crashed. All stock prices crashed down and mostly everyone lost all there money. Because of the loans most banks went bankrupt as well.

The Quiet Revolution

Oct 31, 1960

During the 1960s quebec experienced major political, social, cultural and economic changes. This was known as the Quiet Revolution.

Economic Nationalism

Oct 31, 1962

Fear of American Imperialism leads to new economic nationalism. In 1962, the Government of Quebec bought out most of the private electricity companies and integrated them into Hydro Quebec in order to nationalize the production and distribution of electricity. Since the need for electricity constantly increased, Hydro-Quebec quickly played an important role in the provinces economic development.