The balance of payments, or balance of international payments, is an accounting statement of the economic transactions that have taken place between the residents of one country (including its government) and the residents of other countries during a specified time, usually a year or a quarter.
A free trade area as defined by the General Agreement on Tariffs and Trade (GATT) is "a group of two or more customs territories in which duties and other restrictive regulations of commerce ... are eliminated on substantially all the trade between the constituent territories in products originating in such territories."
The General Agreement on Tariffs and Trade (GATT) was an international trade agreement signed by 23 nations, including Canada, in 1947. GATT came into effect on 1 January 1948 and was refined over eight rounds of negotiations, leading to the creation of the World Trade Organization (WTO), which replaced GATT in 1995. GATT was focused on trade in goods and aimed to liberalize trade by reducing tariffs and removing quotas among member countries. Each member of GATT was expected to open its markets equally to other member nations, removing trade discrimination. The agreements negotiated through GATT reduced average tariffs on industrial goods from 40 per cent (1947) to less than 5 per cent (1993). It was an early step towards economic globalization.
E.I. du Pont Canada Company, commonly known as DuPont Canada, is a subsidiary of E.I. du Pont de Nemours and Company, which is headquartered in the United States and known worldwide as the maker of Kevlar, Teflon, Lycra, nylon and cellophane, among many other products. DuPont Canada is headquartered in Mississauga, Ontario. The company has six main product lines, including agricultural, food and personal care products, construction equipment, industrial biotechnology, safety equipment, and polymers and fibres. It is the largest subsidiary of DuPont in the Americas with some $730 million in net sales in 2016.
Manulife Financial Corporation, based in Toronto, is Canada’s largest insurance company and one of the largest in the world. The company’s principal operations are located in Canada, the United States and Asia. Manulife offers life, health and income insurance protection, as well as annuities and wealth and asset management. Founded in 1887, under the name Manufacturers Life Insurance Company Inc., Canada’s first prime minister, Sir John A. MacDonald, was also the company’s first president.
Industrialization is a process of economic and social change. It is one that shifts the centres of economic activity onto the focus of work, wages and incomes. These changes took two forms in Canada, beginning in the 19th century. First, economic and social activities were transformed from agriculture and natural resource extraction to manufacturing and services. Second, economic and social activities shifted from rural cottage industries to urban industrial pursuits. Industrialized production took place under the privately owned factory system, in which a larger proportion of the population expected to be wage earners for all of their working lives. Therefore, industrialization brought major changes, not only in work and the economy, but in the way society was organized and in the relations among different groups in society. Although it has evolved over nearly two centuries, the process of industrialization is considered revolutionary — as the term Industrial Revolution suggests — because it marked the shift from feudalism to capitalism, and from agriculture to manufacturing and services — changes that fundamentally altered human existence.
Canadian Tire Corporation, Ltd., is one of Canada’s most recognized retail franchises. Founded in Toronto by brothers J.W. and A.J. Billes, the company got its start when the brothers bought the Hamilton Tire and Garage in 1922. In 1927, they incorporated the business as the Canadian Tire Corporation. Today the company’s headquarters remain in Toronto, and the business has a store presence in every province and territory except Nunavut. Canadian Tire also owns Mark’s Work Wearhouse and FGL Sports, including the retail companies Sport Chek, Atmosphere and Sports Experts.
The aerospace industry includes the development and production of aircraft, satellites, rockets and their component parts. Aerospace is a major component of Canada's economy, employs tens of thousands of Canadians, and accounts for a large part of Canadian trade with foreign markets. Canada boasts a diverse aerospace sector and is one of just a few countries that produce airplanes. Through close partnership with the United States space agency, the National Aeronautics and Space Administration (NASA), Canada has also launched satellites as well as built sophisticated components used on the International Space Station.
The Automotive Products Trade Agreement of 1965, better known as the Canada-US Auto Pact, led to the integration of the Canadian and US auto industries in a shared North American market. While it brought great benefits to Canada, it was eventually found to be contrary to international trade rules and was cancelled in 2001. By then it had accomplished its biggest goal — an integrated North American industry with a much stronger Canadian presence.
Sun Life Financial, based in Toronto, is one of Canada’s largest insurance companies. It has operations located around the world and offers insurance and other investment products to individuals and corporate clients. Total assets of the company have grown from $74 million in 1915, to $55.8 billion in 2000 and $258 billion in 2016. Its shares trade on the Toronto, New York and Philippines stock markets.
The Boot and Shoe Workers Union was established in Boston 1895 and incorporated the militant Boot and Shoe Workers International Union (founded 1889), which had led a Toronto shoemakers' strike in 1890. The BSWU, led by Guelph-born John Tobin, was committed to resisting mechanization.
The Windsor Ford Strike was a 99-day strike from 12 September to 19 December 1945 by 11,000 employees of the Windsor, Ontario, Ford Motor Company plant. Some 8,000 auto workers from other plants also participated. The Ford workers, who were led by the United Automobile Workers of Canada (UAW), demanded recognition of their union by Ford and mandatory membership for all plant workers. The strike was ultimately resolved through binding arbitration under Supreme Court Justice Ivan C. Rand and resulted in the widely used Rand Formula.