Chapter 15 - Post WWII to Present

General Agreement on Tariffs and Trade (GATT):
- Signed in 1947.
- Aimed at providing an international forum for encouraging free trade among member states.
- Regulated and reduced tariffs on traded goods.
- Established a common mechanism for resolving trade disputes.

Military Expenditures:
- Ottawa reduced military spending from 1946 to 1948.
- Funds redirected to infrastructure projects such as the Trans Canada Highway.
Trade Stability:
- European nations were allowed to use US credit to purchase Canadian goods.
- Maintained export levels for Canada.
Performance Indicators:
- Strong consumption spending.
- Robust business investment.
Natural Resources:
- Significant oil and gas discoveries in Alberta (1947).

Consumption vs. Investment:
- Rising luxury goods consumption diverted resources from capital investment.
Monetary Policy Adjustments:
- Ottawa raised interest rates by contracting the money supply; aimed to discourage consumption spending.
- Introduced accelerated depreciation allowances to stimulate firm investments.
Export Changes:
- Trade pattern shifted to primarily exporting to the United States.

Leadership Change:
- In 1948, King retired, resulting in Louis St. Laurent becoming the new Prime Minister.
Government Priorities:
- Increased focus on education, training, and immigration to support economic needs.
- Acceptance of skilled immigrants fitting into the industrial economy.

Newfoundland Joins Confederation (1949):
- Newfoundland was financially troubled, requiring assistance from Canada.
Judicial System Changes (1949):
- The Supreme Court became the court of last resort. (Previous appeals could go to the British Judicial Committee of the Privy Council)

Rapid Economic Growth (1950-1956):
- Growth was stimulated by the Korean War, resource development, and changes in demographics.
- Canada contributed military forces to the UN Command during this conflict.
Petroleum Industry Expansion:
- The petroleum sector experienced notable growth; however, the natural gas field faced regulations limiting foreign ownership.
St. Lawrence Seaway:
- Established as a Crown Corporation in 1954 and opened in 1959.
- Lowered shipping costs for Western grain, increasing farm revenues.
- Improved accessibility to Quebec iron ore, impacting steel production in Central Canada and the US.
Resource Developments:
- Increased uranium output.
- Nickel production and Quebec asbestos sectors expanded.
- Cheap hydroelectric power attracted metal refining industries.

The Baby Boom:
- An increase in marriage rates led to a surge in housing demands.
- Rise in automobile sales and consumer goods including radios and televisions for entertainment of families.
- Emergence of children as a market for new toys (e.g. hula hoops, Davy Crockett hats).

Resource Investment Completion:
- Major investments in resource exploitation reached completion.
Oil Dependence:
- High costs of Western oil resulted in the East purchasing Middle Eastern and Venezuelan oil.
- Government faced a considerable wartime debt crisis by 1958, leading to refinancing efforts.
Monetary Policy Tightening:
- Bank of Canada under James Coyne pursued tight monetary policies, raising interest rates.
- Higher interest rates drew capital inflows, appreciating the dollar but hindering economic growth.
Policy Debate and Changes:
- Public opposition led to Coyne’s resignation.

Full Employment Era:
- Rising consumption levels and a shift to service sector jobs marked this decade.
- Increased affluence driven the demand for higher education; undergraduate enrollments quadrupled since the 1950s.
- 2020 enrollment statistics for McMaster indicated over 33,000 students.

Automatic Transit Development:
- The GO Train service was initiated on the Lakeshore line in response to post-war suburban growth.
- On launch day, the service transported 8,000 riders, averaging 15,000 riders per day within eight months.
- In its first year, 2.5 million used the service.
- Expansion included GO Transit bus services in 1970, increasing regional connectivity.
Highway Developments:
- Notable infrastructure developments included the opening of the Sault-Ste. Marie and Queenston-Lewiston International Bridges and the officially named Macdonald-Cartier Freeway (Highway 401) in 1965.

Oil Policy Changes:
- Ontario implemented bans and safety measures concerning transport and road safety amid rising fuel costs.
Establishment of TATOA (Toronto Area Transit Operating Authority):
- Created as a Crown agency in 1974 to manage regional transit systems, which led to developments like Metrolinx.
Economic Response to Crisis:
- (1973) The Yom Kippur War triggered an oil embargo by Arab states leading to a surge in oil prices.
- Severe stagflation was experienced during the recession between 1973 - 1974.
Trudeau’s Policies:
- Anti-Inflation Act implemented in 1975; it froze prices and wages and was upheld by the Supreme Court in 1976.
- Trudeau introduced a multiculturalism policy in 1977.

Quebec Referendum (1980):
- Marked a significant political event reflecting shifting attitudes toward sovereignty.
Monetarism vs Keynesianism:
- The economic management approach shifted from Keynesian policies to Monetarist laissez-faire strategies.
National Energy Program (1980):
- Induced price freezes on Western Canadian oil which negatively impacted the oil industry in the West and caused tensions with Central Canada.

Events of 1982 and Beyond:
- Constitution Act and Canadian Charter of Rights repatriated (giving full sovereignty).
- The introduction of the Loonie (1987) and the Free Trade Agreement (FTA) signed with the USA in 1989.
- Canadian GST implemented in 1991.
- Signing of the North American Free Trade Agreement (NAFTA) in 1994.

References to Indigenous Issues:
- The federal recognition of indigenous land claims increased during the late 20th century, addressing past injustices.
- Context of the 1990s included significant cultural shifts and public discourse around indigenous rights.
Technological Advancements:
- The introduction of the Blackberry (1996) and the iPhone in Canada (2008).
Political Changes:
- Legalization of same-sex marriage, candidacy of new political figures, and commitments to environmental agreements.
Recent Historical Events:
- Pandemic in 2020 impacting global economies, introduction of new trade agreements like CUSMA.
- Ongoing concerns regarding Indigenous Peoples' treatment, highlighted by the discovery of burial sites linked to residential schools.

Contemporary Canada:
- Despite historical shortcomings and challenges, Canada is recognized for its quality of life, progress in social issues, and a general sense of national pride.

Notable Years and Events Summarized: