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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.
Statistics Canada is the nation’s central statistical agency. It was established in 1918 as the Dominion Bureau of Statistics and adopted its present name in 1971. Under the Statistics Act of that year, it has the responsibility to “collect, compile, analyse, abstract and publish statistical information relating to the commercial, industrial, financial, social, economic and general activities and condition of the people.” The agency works with government departments to develop integrated social and economic statistics for Canada and the provinces and territories. In addition, Statistics Canada is a scientific research organization that develops methodologies and techniques related to statistics and survey design.
Ottawa Releases Long-Awaited Arctic Development Policy
After extensive consultations with First Nations and territorial governments, the federal government released its policy on developing the Canadian Arctic. It had been in the works since 2017. Eight priorities were identified, with health, infrastructure and economic development leading the way. However, many criticized the policy for not including specifics on how it would be implemented. International law professor and Arctic expert Michael Byers said, “In terms of an actual plan, there’s very little here.”
Canada–US Economic Relations
Economic relations between Canada and the US are of paramount importance to Canada.
The National Policy was a central economic and political strategy of the Conservative Party under Prime Minister John A. Macdonald, and many of his successors in high office. It meant that from 1878 until the Second World War, Canada levied high tariffs on foreign imported goods, to shield Canadian manufacturers from American competition.
Mabel Frances Timlin, OC, FRSC, economist, professor (born 6 December 1891 in Forest Junction, Wisconsin; died 19 September 1976 in Saskatoon, SK). Timlin was an influential economist best known for her interpretation of Keynesian economics. Although she became a professor relatively late in her career, Timlin achieved a series of firsts as a Canadian woman in her field. She remained at the University of Saskatchewan throughout her career.
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.
Human Geography and Canada
Human geography studies the relationships between people and the environments in which they live. Within the field of human geography there are five main areas of study. These areas are economic geography, cultural geography, political geography, urban
geography and environmental geography. In Canada, human geographers might study the status of Indigenous languages or
differences between rural and urban Canadians, among many other topics.
General Agreement on Tariffs and Trade (GATT)
The General Agreement on Tariffs and Trade (GATT) was an international trade agreement. It was signed by 23 nations, including Canada, in 1947 and came into effect on 1 January 1948. It was refined over eight rounds of negotiations, which led to the creation of the World Trade Organization (WTO). It replaced the GATT on 1 January 1995. The GATT was focused on trade in goods. It aimed to liberalize trade by reducing tariffs and removing quotas among member countries. Each member of the 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 five per cent (1993). It was an early step towards economic globalization.
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.
Canada and the Digital Economy
The digital economy is the economic activity conducted through digital technologies such as the Internet. It is also called the Internet economy, the new economy or the web economy. Many scholars see the digital economy as the fourth industrial revolution. As of 2013, it consumed approximately 10 per cent of the world’s electricity. Many of the world’s biggest companies operate in the digital economy. A growing number of Canadians depend on it for their livelihood. In 2017, nearly 5 per cent of all jobs in Canada were in the digital economy. The gross domestic product (GDP) connected to it represented 5.5 per cent of Canada’s total economy — a bigger percentage than mining or oil and gas extraction. However, the often-hidden infrastructure of the digital economy brings new threats to the environment. The rise of cryptocurrencies could also dramatically change how people buy and sell things.
Nobel Prizes and Canada
The Nobel Prizes are awarded annually for achievements that have significantly benefitted humankind. The prizes are among the highest international honours and are awarded in six categories: physics, chemistry, physiology or medicine, literature, peace, and economics. They are administered by the Nobel Foundation and awarded by institutions in Sweden and Norway. Eighteen Canadians have won Nobel Prizes, excluding Canadian-born individuals who gave up their citizenship and members of organizations that have won the peace prize.
Sovereignty is an abstract legal concept. It also has political, social and economic implications. In strictly legal terms, sovereignty describes the power of a state to govern itself and its subjects. In this sense, sovereignty is the highest source of the law. With Confederation and the passage of the British North America Act, 1867, Canada’s Parliament was still legally under the authority of the British Parliament. By 1949, Canada had become fully sovereign in relation to Great Britain. This was due to landmark legislation such as the Statute of Westminster (1931). The Constitution Act, 1982 swept away Britain’s leftover authority. Questions of sovereignty have also been raised by Indigenous peoples in Canada and by separatists in Quebec. The latter, for a time, championed the concept of sovereignty-association.
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.