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:
“Wild Bill was indulging in his favorite pastime of a friendly game of cards in the old No. 10 saloon. For the second time in his career, he was sitting with his back to an open door. Jack McCall walked in, shot him through the back of the head, and rushed from the place, only to be captured shortly afterward. Wild Bill’s dead hand held aces and eights, and from that time on this has been known in the West as “the dead man’s hand.””
—State of South Dakota, U.S. public relief program (1935-1943)
“For decades to come the spy world will continue to be the collective couch where the subconscious of each nation is confessed.”
—John le Carré (b. 1931)
“I can not believe that war is the best solution. No one won the last war, and no one will win the next war.”
—Eleanor Roosevelt (1884–1962)
“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)
“In everyone’s youthful dreams, philosophy is still vaguely but inseparably, and with singular truth, associated with the East, nor do after years discover its local habitation in the Western world. In comparison with the philosophers of the East, we may say that modern Europe has yet given birth to none.”
—Henry David Thoreau (1817–1862)