Grade 10 Economy British Rule Flashcards
Did Britain also believe in mercantilism, and if so how would it affect their newly acquired colony-Qc. ?
Yes they did and this led them to set up new trade networks between the colony and mother country.
When did fur exports drastically decrease?
At the turn of the 19th century. (beginning 1800s)
Why did fur exports decrease?
They lost their popularity in Europe.
What new resource became the main exported good in the colony of Qc.?
Timber
Which new economic activity led to the development and opening of new regions in the 19th century?
Timber
What was the colony’s main economic activity?
Agriculture
What was the staple agricultural product of the Western territories?
Wheat
How did the adoption of free trade have a negative effect on the colonies in Canada?
|They were no longer protected by preferential tariffs and therefore had to find a new market (clientele) for their products.
What are preferential tariffs?
It is when the mother country puts an extra tax on any products imported from outside of Great Britain. This will help the colonies and encourage them to buy from each other rather than other countries.
What is free trade?
It is when you do not have to pay an extra import tax on goods that you purchase from outside of your country or colony.
What allowed for the development of new industries during the first phase of industrialization?
British and American capital.
Who invested in new companies and factories during the first phase of industrialization?
The British and Americans.
Why was the bank of Montreal created?
To facilitate financial transactions.
Who acted as creditors prior to the establishments of banks in the colony?
Merchants often acted as creditors.
When did fur exports drastically decrease?
At the turn of the 19th century.
Explain the ethical dilemmas of elite merchants holding powerful government positions.
It was problematic because they would use their government positions to spend tax revenue help develop their industrial activities.
What favored the urbanization process in Canada in the second half of the 19th century?
The new transportation networks and industries led to urbanization.
How did the transportation network contribute to industrialization?
It allowed companies to transport their goods to their market more rapidly.
How did Canadians respond to free trade?
They signed the reciprocity treaty with the USA.
Was the adoption of a free trade policy by the British Empire good or bad for the Canadian colonies?
Bad. We no longer benefited from preferential tariffs which meant our industries had to compete on a global market.
