In late October of 1929, terror seized the stock exchanges of North America. Capitalism’s speculative party, with its galloping share prices and its celebrity millionaires, came to an abrupt stop. The Great Crash, it was called, and it was followed by the Great Depression.
Dileno Dexter Calvin (1798-1884), a timber merchant from Clayton, New York, relocated his business on Garden Island (26.3 ha at the east end of Lake Ontario) in 1836. By 1880 he owned the island; today it remains the exclusive property of his descendants.
Most adult Canadians earn their living in the form of wages and salaries and are therefore associated with the definition of "working class." Less than a third of employed Canadians typically belong to unions. Unionized or not, the struggles and triumphs of Canadian workers are an essential part of the country's development.
The Bank of Canada (BoC) is the country’s central bank, a financial institution that provides banking services on behalf of the federal government. Its operations include four principal functions: to manage the country’s money supply; to act as the federal government’s agent in issuing its bonds and managing its holdings of foreign currencies; to manage various monetary policies that can influence the performance of the economy, such as interest rates; and to manage the overall financial industry in Canada and economic relations with other countries and international organizations. The Bank of Canada’s headquarters are in Ottawa.
Gross domestic product (GDP) refers to the value of all final goods and services produced within a country by all factors of production, regardless of their ownership, usually during one year. Statistics Canada switched to GDP in their calculations of national production in 1986 to facilitate comparisons with other international statistics as most other countries used GDP. Despite its limitations, GDP is considered the best and most concise overall measure of economic performance. It is often used to calculate changes in a country’s standard of living. The growth of inflation-adjusted GDP (known as real GDP) is an important economic performance indicator. The tracking of GDP over time is used as evidence of business cycle performance, as traditionally two consecutive quarters of negative real GDP growth are referred to as a recession. As well, the distinction is often made between the growth of total real GDP (known as extensive growth) and the growth of real GDP per person (intensive growth), with intensive growth often used as an indicator of welfare per person in an economy.
Bombardier Inc. is one of the world’s largest manufacturers of trains and commercial and private airplanes. Headquartered in Montréal, the company was originally incorporated as L’Auto-Neige Bombardier Limitée in 1942. Its founder, Joseph-Armand Bombardier, was a Québécois mechanical engineer who invented one of the first commercially viable snowmobiles. Bombardier Inc. has grown considerably from its beginnings as a snowmobile manufacturer and is now an iconic Canadian company, known for its public transportation vehicles and aircraft such as the C Series.
Coal miners at Bienfait, Saskatchewan, had joined the militant Mine Workers' Union of Canada in 1931. In September of that year they went on strike to win recognition of their union as a prelude to pressing demands for a restoration of wages cut by the local coal operators.
It was a feat of magic befitting Harry Potter. In early July, Allan MacDougall, the head of Vancouver's Raincoast Books, was in the same jam as most Canadian publishers. Collectively, they were owed tens of millions of dollars in back payments by gigantic bookstore chain Chapters Inc.
Ontario and Quebec constitute Central Canada, a region that accounts for over 58 per cent of Canada’s gross domestic product (GDP). The economic history of the region 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 transcontinental fur trade, then rapid urbanization, industrialization and technological change.