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:
“It is impossible to give a clear account of the world, but art can teach us to reproduce it—just as the world reproduces itself in the course of its eternal gyrations. The primordial sea indefatigably repeats the same words and casts up the same astonished beings on the same sea-shore.”
—Albert Camus (1913–1960)
“Surely there is not a capitalist or well-informed person in this world today who believes that [World War I] is being fought to make the world safe for democracy. It is being fought to make the world safe for capital.”
—Rose Porter Stokes (1879–1933)
“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)
“As I drew a still fresher soil about the rows with my hoe, I disturbed the ashes of unchronicled nations who in primeval years lived under these heavens, and their small implements of war and hunting were brought to the light of this modern day.”
—Henry David Thoreau (1817–1862)