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:
“Two principles, according to the Settembrinian cosmogony, were in perpetual conflict for possession of the world: force and justice, tyranny and freedom, superstition and knowledge; the law of permanence and the law of change, of ceaseless fermentation issuing in progress. One might call the first the Asiatic, the second the European principle.”
—Thomas Mann (1875–1955)
“The circumstances with which every thing in this world is begirt, give every thing in this world its size and shape;—and by tightening it, or relaxing it, this way or that, make the thing to be, what it is—great—little—good—bad—indifferent or not indifferent, just as the case happens.”
—Laurence Sterne (1713–1768)
“In the present civil war it is quite possible that God’s purpose is something different from the purpose of either party.”
—Abraham Lincoln (1809–1865)
“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)
“I stir my martinis with the screw,
four-inch and stainless steel,
and think of my hip where it lay
for four years like a darkness.”
—Anne Sexton (1928–1974)