Postwar Prosperity • In the postwar economic boom,

mining, forestry, and other natural resources industries remained the heart of the Canadian economy

• The discovery of oil in Leduc, Alberta in 1947 marked Canada’s entry into the international oil market

• Canada also had a healthy manufacturing sector which was mostly concentrated in Ontario

Megaprojects

• The federal government used tax revenue to fund megaprojects. These in turn created more jobs and thus even more tax revenue

• The hidden cost of this economic boom, pollution, would not be recognized until decades later

Canada: the 49th state?

• The economic boom in Canada led to an increased demand for foreign, and especially U.S., investment

• This was (and still is!) problematic for many Canadians

Pros vs. Cons Pros

• More jobs

• Better technology

Cons • Profits go back to

the United States

• U.S. ownership = less Canadian control

You decide…

By 1957, Americans controlled:

• 70% of oil and gas investment

• 52% of mining and smelting

• 43% of Canadian manufacturing

• The labour movement also grew in Canada during the boom

• The results? …Canadians made more money and had more spare time to spend it.

• This was a good combination for the economy