ECONOMIC DEVELOPMENT OF CANADA & INDIA

ECONOMIC DEVELOPMENT OF CANADA AND INDIA (1700-1970s)

This research paper summarizes and compares the historical development of the Canadian and Indian economies during the 18th, 19th and 20th centuries (through the 1970s) and discusses the major factors which facilitated or impeded progress.

In the 20th century Canada emerged as a major, sophisticated and balanced industrial economy with high per capita income. The foundations of growth were laid in previous centuries. Canada's precarious early settlement survived due to assistance from its rival mercantilist mother countries, France, and, after 1763, Great Britain. Its ties to Britain's dynamically expanding domestic and foreign trade economy resulting from the commercial revolution of the 18th century and the industrial revolution of the 19th century enabled Eastern and Central Canada to develop their natural resources and to start down the road to industrialization. Other benefits included international peace, domestic political stability and the peaceful achievement of independence, largely achieved by 1867, the tentative resolution of Anglo-French ethnic tensions and federal-provincial strains and the adaptation of political, economic, legal and cultural institutions conducive to growth. These factors, together with massive immigration and capital and technology imports, fueled Canada's westward expansion and the exploitation of its vast mineral and agricultural resources in the late 19th and early 20th century. Su

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Per capita income rose from $2758 in 1900 to $7047 in 1950 and 13,644 in 1973 (Maddison 24). Major economic issues in the postwar period were the lagging development of the eastern Maritime Provinces, income inequality which led to a substantial expansion in Canadian social services, such as public housing, old age pensions and national health insurance. The issue of Quebec's possible separation from the Confederation became acute in the late 1960s and 1970s. In earlier periods of Canadian history, American-Canadian relations were troubled, as a result of two unsuccessful American invasions in 1774-1775 and in 1812, border disputes, and Canadian fears of becoming absorbed by American continental expansion, a constant spur to Canadian development of its west. The first Reciprocal Tariff Treaty was signed in 1854. Since the late 19th century, the United States has displaced Great Britain as Canada's principal source of foreign capital and technology and has become its largest trading partner. The dependence of Canada on the United States has been a frequent source of concern in Ottawa since the late 1950s but the inter-dependence of the economies of the two countries is a fact and, on balance, an important factor in Canada's eco

Category: Economics - E