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Recession in Canada
A recession is a temporary period of time when the overall economy declines; it is an expected part of the business cycle. This period usually includes declines in industrial and agricultural production, trade, incomes, stock markets, consumer spending, and levels of employment. In purely technical terms, a recession occurs when two or more successive quarters (six months) show a drop in real gross domestic product (GDP), i.e., the measure of total economic output in the economy after accounting for inflation. In this sense, recessions are broad and can be particularly painful and challenging times for a country.
Economic History of Canada
The economic history of what is now Canada begins with the hunting, farming and trading societies of the Indigenous peoples. Following the arrival of Europeans in the 16th century, the economy has undergone a series of seismic shifts, marked by the early Atlantic fishery, the transcontinental fur trade, then rapid urbanization, industrialization and technological change. Although different industries have come and gone, Canada’s reliance on natural resources — from fur to timber to minerals to oil, and on export markets for these commodities, particularly the United States — has underpinned much of the economy through the centuries and does so still in many regions today.
Keynesian Economics in Canada
Keynesian economics is a method of analysing the behaviour of key aggregate economic variables such as output, employment, inflation and interest rates. British economist John Maynard Keynes initially developed this analytic structure (and as a result virtually established the modern field of macroeconomics) during the 1930s, as a method of understanding the Great Depression.
Statistics is the science concerned with the collection and analysis of numerical information to answer questions wisely. The term also refers to the numerical information that has been collected. Statistics has many applications in Canada, from government censuses and surveys, to decision making in industry, to medical research and technological innovation.
The Great Depression in Canada
The Great Depression of the early 1930s was a worldwide social and economic shock. Few countries were affected as severely as Canada. Millions of Canadians were left unemployed, hungry and often homeless. The decade became known as the Dirty Thirties due to a crippling droughtin the Prairies, as well as Canada’s dependence on raw material and farm exports. Widespread losses of jobs and savings transformed the country. The Depression triggered the birth of social welfare and the rise of populist political movements. It also led the government to take a more activist role in the economy.