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:
“The life of man in this world is like the life of a fly in a room filled with 100 boys, each armed with a fly-swatter.”
—H.L. (Henry Lewis)
“Our lives laid down in war and peace may not
Be found acceptable in Heaven’s sight.
And that they may be is the only prayer
Worth praying. May my sacrifice
Be found acceptable in Heaven’s sight.”
—Robert Frost (1874–1963)
“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)
“Strange that the mind will forget so much of what only this moment has passed, and yet hold clear and bright the memory of what happened years ago with men and women long since dead.”
—Philip Dunne (1908–1992)