-
1497
1497 - Cod Fishing
John Cabot discovered Newfoundland in 1497 and European fishermen started to participate in cod fishing since there was an enormous amount of fish there. Since the church in France didn't allow them to eat meat a lot, they needed to eat fish and there was currently a shortage on fish. Fisherman would fish the cod, dry them and bring them back to France. -
1500
1500 - Amerindian Economic Activity
The Algonquians and the Inuits main economic activity was hunting and fishing. The Iroquoians main economic activity was agriculture. They used the barter system to trade with each other, which helped benefit everyone. They traded their surplus for things that they couldn't attain on their own territories. -
1608-1760 - Mercantilism
Under the French Regime, the Europeans based the development of their economy on mercantilism. That means that a nation's prosperity depends on its accumulation of gold and silver. The theory also makes it so colonizing states export the greatest possible quantity of goods in order to become wealthy from profits generated by their exports. -
1627-1645 - Company of 100 associates
The company of 100 associates was the first fur trade monopoly in New France. That meant that they were the only company that had the right to determine the price and quantity of pelts that would be sent to France. It was founded by Cardinal Richelieu in 1627 and it was financed by approximately one hundred French shareholders. -
After 1663 - Attempts to diversify the economy
Jean Talon became the intendant in 1663. His goal was to make the colony economically independent through self-production. He imported domesticated animals and gave them to the settlers, introduced different types of agriculture, and built a shipyard near Quebec city. -
1690 - Beaver Crisis
In 1690, the demand for fur related fashion went down because it was becoming easier to get. Pelts started to pile up and the King demanded a slow down in fur trade. Eventually the demand rose again because rodents and insects ate through the mass storages of fur. -
First half of the 17th century - Trading Fairs
During the first half of the 17th century, the Amerindians and the French would meet up in the spring for trading fairs. The Amerindians occasionally fought to be able to give their furs to the French. The Amerindians would give the French fur in exchange for metal objects. -
18th century
The triangular trade is when the French organized commercial trades 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 then selling manufactured goods back to them. -
1729 - Gilles Hocquart
Gilles Hocquart was another intendant who tried to diversify the economy. The lumber industry started to develop. He also wanted to create a road from Montreal to Quebec City through Trois-Rivières, to help with economic trade. -
1760-1867 - Protectionism
Under the British Rule the economic stayed similar to mercantilism, but Great Britain's policy was called protectionism. Protectionism is an economic policy established by a state or government in order to protect the economy of the country or empire from foreign competition. -
1806 - Continental Blockade
In 1806, Great Britain and France were at war. In order to prevent the British from obtaining supplies on the European continent, Napoleon imposed a continental embargo. Great Britain turned to North America for their timber supplies. -
1815 - Corn Laws
In 1815, Great Britain adopted this series of laws, which guaranteed preferential tariffs on the British market to the colonies’ grain merchants. Preferential tariffs encouraged buying products from the colony over imported goods by adding a tax on imported goods. -
1817 - Bank of Montreal
The Bank of Montreal was founded in 1817 because the timber trade was so lucrative. Britain implemented preferential rates favoring the import of wood from United Canada and the British started to invest a lot of money in sawmills and paying workers. -
1821 - Northwest Company and Hudson's Bay Company merge
The rivalry between the these two big companies was costly. They competed and spent large amounts of money on trading posts while the demand for fur declined. In 1821 the two companies merged under the name of Hudson's Bay Company. -
1825 - First Canal
There was a rapid increase in the production because of the industrialization of the colony. In order to facilitate the transportation or merchandise, people invested in the construction of a new transportation network. In order to transport merchandise inland by water, the first canal was built in Montreal in 1825, -
1836 - First Railroad
The first railroad route was inaugurated in 1836. It went from the South Shore of Montreal to St. Jean-sur-le-Richelieu. With the new methods of transportation, it is now easier, safer, and faster to transport goods and this helped the economy. -
1846 - Corn Laws abolished
In 1846, the Corn Laws, which had guaranteed preferential tariffs on the British market to cereal merchants, were abolished. With Free trade, the products coming from the colonies cost more, so they needed to find a new economic partner. -
1854 - Reciprocity Treaty
This treaty was signed between the United States and United Canada. With this treaty, raw materials or primary manufacturing products could be traded between the two countries without having to pay custom duties. It came to an end in 1866. -
1867 - First phase of industrialization
During the first phase of industrialization, there main power source was coal. A railway was created to help transport goods across the country which helped the economy. Works conditions were terrible and salaries were low. Urbanization was also very intense during this phase. -
1900 - Second phase of industrialization
During the second phase of industrialization, hydroelectricity was the main source of energy. They used metals to create canals and trains. Living and work conditions started to get better. They increased their imports and exports to get better materials. -
1929 - Great Depression
People started putting their money in banks, and then people started taking their money back and getting loans. People used the loans to invest in the stock market, but then it crashed and everyone lost their money. There was also a lot of people becoming unemployed. -
1939-1945
World War 2 was a tragic event and many people died fighting for the freedom of their country. Although it was a tragic event the second World War helped Canada out of its Great Depression, since they won the war. It helped people get jobs and it jump started the economy again. -
1960 - Quiet Revolution
The Quiet Revolution started in Quebec after the National Union by Jean Lesage and his liberal party. This revolution brought big changes to to Quebec, like having agriculture as the main economic activity. This allowed farmers to make more money. -
1973 - Oil Crisis
All the countries who were exporting oil decided to raise their prices, which affected the whole North American continent. It massively slowed down the economy and cause an economic recussion. -
1994 - NAFTA
The North American Free Trade Agreement was a treaty signed by Canada, the U.S. and Mexico. This allowed free trade between the three countries. It helped develop the economy of the countries.
