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ECONOMICS 12
RECENT YEARS
Vien Samson
Aileen Yang
Wendy Zeng
TABLE OF CONTENTS
 EVENTS
 ECONOMIC THEORIES
 THE DIFFERENCE IN WEALTH
 THEORISTS
 PRIME MINISTERS
 HISTORY OF THE ISSUE
 BIBLIOGRAPHY
EVENTS
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The Great Recession – 2008/2009
Canada was one of the last industrialized nations to enter into a downturn.
The United States economy collapsed from within, while the Canadian economy
was being hurt by its trade relationship with the United States.
Commodity prices continued to rise through to June 2008, supporting a key
component of the Canadian economy and delaying the start of recession
The Bank of Canada has since announced that it has two consecutive months of
GDP decline (Oct -0.1% & Nov -0.7%)
Fort McMurray – 2015
On May 1, 2016, a wildfire began southwest of Fort McMurray, Alberta
It is wept through the community, destroying approximately 2,400 homes and
buildings and forcing the largest wildfire evacuation.
https://www.youtube.com/watch?v=bYNfUtZOdX0
ECONOMIC THEORIES
Keynesian Economic Theory (19391948)
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Based on the ideas of British economist John
Maynard Keynes
He argued that government should focus on
maintaining a strong economy and high
employment by stimulating demand through
tax cuts, deficit spending and investment in
public works
This theory became very popular in the
Western world because it made social
programs a form of counter-cyclical spending
rather than a socialist intrusion into a free
market
Marxist Economic Theory (Recent
Years)
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Based on the ideas of German economist
Karl Marx
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Production belongs to labor- workers
produced all value within society
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Struggle between social classes, specifically
between the bourgeoisie (capitalists) and
proletariat (workers)
DIFFERENCE IN WEALTH
1939-1948
RECENT YEARS
• Lobster, shrimp and other shellfish stocks
sustained the industry and proved to be a
grown Canada’s manufacturing sector,
lucrative overseas export product.
• Still, output from Alberta’s oil sands was still
allowing Canadians to become a world
expected to almost triple from 2012 to
leader in new industries like car-building and
2035. As a result, Alberta was expected to
continue to dominate the Canadian economy
chemical processing
• Another part of the shift in economic power
• While the 1947 discovery of oil in the
to the West was the growth of
Saskatchewan, because of its own shale oil
province of Alberta put Canada on the map
reserves and its vast potash reserves used in
as a petroleum superpower.
making fertilizer
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Wartime industrialization had dramatically
THEORISTS
John Maynard Keynes
• An English economist whose ideas
fundamentally changed the theory and
practice of macroeconomics and the
economic policies of governments.
• He built on and greatly refined earlier work
on the causes of business cycles, and is
widely considered to be one of the most
influential economists of the 20th century
and the founder of modern
macroeconomics
• His ideas are the basis for the school of
thought known as Keynesian
economics and its various offshoots
• Initially developed this analytic structure
during the 1930s, as a method of
understanding the Great Depression
Karl Marx
• Born in 1818 in Trier, Prussia
• He focused on economic theory and in
1867, he published the first volume of
“Capital (Das Kapital)”
• He spent the rest of his life working on
manuscripts for additional volumes but
they were unfinished
• Died in London on March 14,1883 of
pleurisy
PRIME MINISTERS
William Lyon Mackenzie King
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Born November 17, 1874 in Berlin, Ontario
Prime Minister for almost 22 years combined (1921-1926, 19261930, 1935-1948)
He wanted to reduce trade barriers
Published the unemployment insurance
Introduced family allowances and proposals for health insurance
Died July 22, 1950 in Kingsmere, Quebec
Justin Trudeau
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Born December 25, 1971 in Ottawa, Ontario
Eldest son of former Prime Minster Pierre Elliot Trudeau and Margaret Trudeau
His achievements ranges from the child tax benefit and Canada Pension Plan
changes to the reopening of the Kitsilano Coast Guard station
Trudeau led his party to a remarkable victory in October 2015, which won a
majority in Parliament. He unseated Conservative Party leader Stephen Harper,
who had served as prime minister since 2006.
HISTORY OF THE ISSUE
1939-1948
 Health Insurance
• Defining the Problem: further declines in the limited number of medical, dental and
nursing personnel available in rural areas
• By 1942–1943, the Medical Procurement and Assignment Board was producing
statistics that provided a firm foundation for the development of post-war plans to
address personnel shortages and to enhance the health of all Canadians.
BIBLIOGRAPHY
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http://www.cbc.ca/news/business/gdp-q2-statistics-canada-1.3742437
http://www.huffingtonpost.ca/2016/07/06/canada-international-trade_n_10836454.html
http://www.marxist.com/canadian-perspectives-2016-preparing-next-stage-struggle.htm
http://www.huffingtonpost.ca/2016/07/22/canadian-economy-outlook_n_11146348.html
http://globalnews.ca/news/2685437/canadas-economy-to-take-a-hit-from-fort-mcmurray-wildfires-economists/
http://www.marxist.com/canadian-perspectives-2016-preparing-next-stage-struggle.htm
http://www.historymuseum.ca/cmc/exhibitions/hist/medicare/medic-3c01e.shtml
http://www.thecanadianencyclopedia.ca/en/article/william-lyon-mackenzie-king/
https://en.wikipedia.org/wiki/Great_Recession_in_the_Americas
https://www.youtube.com/watch?v=bYNfUtZOdX0
https://upload.wikimedia.org/wikipedia/commons/thumb/d/d5/William_Lyon_Mackenzie_King_1947.jpg/220
px-William_Lyon_Mackenzie_King_1947.jpg
http://www.straight.com/files/v3/images/16/02/justintrudeautorontopride.jpg
http://www.news1130.com/2016/10/19/pm-trudeau-talks-liberals-planned-2017/
http://www.biography.com/people/justin-trudeau
http://no-i-in-team.weebly.com/uploads/9/1/5/2/91521810/agenda-_october_18_2016.pdf
http://www.historyguide.org/images/marx-bio.jpg
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