The Past During The 19th Century

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THE PAST 17TH CENTURY TO 19TH CENTURY In the 17th century our economy had been excessively reliant on external markets and capital. During that time our economy was colonial. Our investments had first come from France and then Britain. Growth was established on exports of natural resources like furs, fish, lumber, wheat, and minerals, while our imports were of manufactured goods. By the 19th Century, our Canadian economy started to reconstruct from colonial to a continental one. In the 1840s, Britain withdrew from the Commercialism systems that have given priority to imports from the colonies, including Canada. In return, Canada looked to the south for new markets. An agreement between Canada and the US was signed in 1854 and came into…show more content…
Canada was slow to reciprocate to globalization in the 1980s, because our manufacturing sector was not prepared for vigorous international competition. Our country wanted to stay in what we were already use to, by protecting our producers from competition with tariffs and government subsidies. To sum things up, Canada was paying a higher cost to protecting its producers against foreign competition; these included costs to consumers, costs to Canadian exporters, and lost business investments. The cost of this was rising as the years went on. In the 1980s, the Canadian Businesses discontinued its favoritism for high tariffs and started campaigning for free trade. In 1989 the Free Trade Agreement came into effect. The term Globalization was created in the 1960s and became the jargon by the 1990s. The North American Free Trade Agreement was established in 1994 to bring Mexico into the network of free trade. In the 1990s Canada had been described in the past as relying upon the exports of natural resources and resources products as its basic sources of economic prosperity. As a result of our economic wealth so eagerly contributed by resources exports and foreign investments, government policy tended to be indifferent to creating wealth. Alternatively, government policies
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