The Second World War and The Boom Years
The turn around brought about by the command economy imposed at the beginning of the Second World War was immense. Unemployment virtually disappeared by 1940 as soldiers were recruited and factories turned to war production. Canada was in the unusual situation of helping Britain financially, through a program similar to the American Lend Lease.
In the twenty-five years after the war, there was an immense expansion in the Canadian economy. Unemployment remained low and the end of wartime production was quickly turned over to making consumer goods. Canada, along with many other developed nations, firmly established itself as a welfare state with publicly-funded health care, the Canada Pension Plan, and other programs.
During this period, the Canadian economy became much more closely integrated with the American one as tariff barriers fell and trade agreements like the Canada-United States Automotive Agreement and the "Hyde Park Declaration" were signed.
Read more about this topic: Economic History Of Canada
Famous quotes containing the words the second, world, war, boom and/or years:
“Read, mark, learn, and inwardly digest.”
—Book Of Common Prayer, The. The Second Sunday in Advent, “The Collect,” (1662)
“No one is to blame. It is neither their fault nor ours. It is the misfortune of being born when a whole world is dying.”
—Alexander Herzen (1812–1870)
“This war no longer bears the characteristics of former inter-European conflicts. It is one of those elemental conflicts which usher in a new millennium and which shake the world once in a thousand years.”
—Adolf Hitler (1889–1945)
“The cohort that made up the population boom is now grown up; many are in fact middle- aged. They are one reason for the enormous current interest in such topics as child rearing and families. The articulate and highly educated children of the baby boom form a huge, literate market for books on various issues in parenting and child rearing, and, as time goes on, adult development, divorce, midlife crisis, old age, and of course, death.”
—Joseph Featherstone (20th century)
“Youth is rather to be pitied than envied by people in years since it is doomed to toil through the rugged road of life which the others have passed through, in search of happiness that is not to be met with in it and that, at the highest, can be compounded for only by the blessing of a contented mind.”
—Samuel Richardson (1689–1761)