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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.

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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.

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Economic Nationalism

Economic nationalism, in Canada, is a movement aimed at achieving greater control by Canadians of their own economy. In recent years it arose in response to the high degree of foreign (especially American) control of the Canadian economy.

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Canopy Growth Corporation

Canopy Growth Corporation was the first cannabis company in North America to be federally regulated and publicly traded. The Canadian company, headquartered in Smiths Falls, Ontario, produces a large portion of Canada’s legal cannabis flower, oils and edibles under its various brands. Its products are sold in all 13 Canadian provinces and territories. With more than two dozen subsidiaries and operations on five continents, Canopy is one of the world’s largest cannabis and hemp corporations. It employs 2,700 people full-time and is worth more than $20 billion.

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Quebec Film History: 1970 to 1989

This entry presents an overview of Québec cinema, from the burgeoning of a distinctly Québec cinema in the 1970s, to the production explosion that followed Denys Arcand’s Le déclin de l’empire américain (1986). It highlights the most important films, whether in terms of box office success or international acclaim, and covers both narrative features and documentaries. It also draws attention to an aspect of filmmaking that still has difficulty finding its place: women's cinema.

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CN Back on the Rails

"The guy was working full time on GM's property and he was driving a Ford," Paul Tellier sputters, his native French bending vowels as he delivers the punch line to his anecdote.

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BCE, Thomson Create Media Colossus

Over the past year, Jean Monty has been buying up properties and piling them on top of one another much like a winner at a blackjack table stacks his chips in multicoloured towers. In February, the chairman and chief executive of BCE Inc. dished out $6.8 billion for control of Teleglobe Inc.

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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 drought in 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.

(This is the full-length entry about the Great Depression in Canada. For a plain-language summary, please see Great Depression in Canada (Plain-Language Summary).)

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Canadian Women's Press Club

The Canadian Women's Press Club (CWPC) was founded in June 1904 in a Canadian Pacific Railway Pullman car, aboard which 16 women (half anglophone, half francophone) travelled to the St. Louis World's Fair. All but one were working journalists who covered the event. The CWPC offered female journalists professional support and development in its mission to “maintain and improve the status of journalism as a profession for women.”

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Canadian Dollar (CAD)

The Canadian dollar, also known as the loonie, for the loon on the $1 coin, is the currency of Canada. Its international currency code is CAD and its symbol $, or C$, to distinguish it from other dollar currencies. As money, it is the measure of value in which all prices in Canada are expressed and the medium of exchange for goods and services. It is divided into 100 cents (¢) and available in material form as coins circulated by the Royal Canadian Mint and banknotes circulated by the Bank of Canada.

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Canada-US Auto Pact

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.

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Bank of Montreal (BMO)

The Bank of Montreal was founded in 1817, making it Canada’s oldest incorporated bank. From its founding to the creation of the Bank of Canada in 1935, the Bank of Montreal served as Canada’s central bank. Today, the various components of the Bank of Montreal are collectively known as BMO Financial Group. BMO is Canada’s fourth largest bank by assets, and the eighth largest in North America. It offers services in three distinct areas — personal and commercial banking, wealth management, and investment banking. BMO is a public company that trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BMO. In 2021, BMO registered $27.19 billion in revenue and $7.75 billion in profit and held $988.18 billion in assets. BMO employs more than 43,863 people who serve more than 8 million customers across Canada.

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Tim Hortons

Tim Hortons is a Canadian restaurant chain known for its coffee, doughnuts and connection to Canada’s national identity. Its namesake, Toronto Maple Leafs defenceman Tim Horton (1930–74), founded the business with Montréal businessman Jim Charade. The first Tim Hortons doughnut franchise opened in Hamilton, Ontario, in April 1964. Since then, Tim Hortons has become Canada’s largest restaurant chain, operating 3,665 stores across the country as of 2016. In 1995, American fast-food chain Wendy’s bought Tim Hortons in a partnership that lasted until 2006. In 2014, the chain was again purchased by a foreign company, this time by Brazilian firm 3G Capital, known for its ownership of Burger King. Despite foreign ownership, Tim Hortons remains a Canadian cultural phenomenon.

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Recession of 2008–09 in Canada

The global financial crisis that began in 2007 dragged much of the world economy into recession, and Canada was not spared. Although the effects on Canada were milder than on the United States and in Europe, the Canadian recession of 2008–09 was still severe enough to generate sharp declines in output and employment and to require significant responses by Canadian policy-makers.

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Exxon and Mobil to Merge

This article was originally published in Maclean’s magazine on December 14, 1998. Partner content is not updated.

On a chilly spring day in 1911, the decision reverberated through the executive offices of the Standard Oil Trust like a thunderclap: the world’s biggest oil company was to be broken into 34 corporate pieces by order of the U.S. government. Upon hearing this, John D.