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 world, war, boom and/or years:
“So may the outward shows be least themselves—
The world is still deceived with ornament.”
—William Shakespeare (1564–1616)
“The great war that broke so suddenly upon the world two years ago, and which has swept up within its flame so great a part of the civilized world, has affected us very profoundly.... With its causes and its objects we are not concerned. The obscure fountains from which its stupendous flood has burst we are not interested to search for or explore.”
—Woodrow Wilson (1856–1924)
“California is a place in which a boom mentality and a sense of Chekhovian loss meet in uneasy suspension; in which the mind is troubled by some buried but ineradicable suspicion that things had better work here, because here, beneath that immense bleached sky, is where we run out of continent.”
—Joan Didion (b. 1935)
“Why it was that upon this beautiful feminine tissue, sensitive as gossamer, and practically blank as snow as yet, there should have been traced such a coarse pattern as it was doomed to receive; why so often the coarse appropriates the finer thus, the wrong man the woman, the wrong women the man, many years of analytical philosophy have failed to explain to our sense of order.”
—Thomas Hardy (1840–1928)