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MARCH 25 and exam infocdn

MARCH 25 and exam infocdn - March 25th 2008 Lester b...

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March 25 th 2008 - Lester b Pearson and Canadian nationalism o relations between Canada and the US are troublesome in the 1950s and 60s o need to protect that Canadian economy and industry versus the necessity of trading and economic relationship to neighbours in the south liberals had to wrestle with this issue - Walter gorden o great economic nationalists o warned that a government agency needed to be setup for creeping foreign investment in the Canadian economy o 1963 Pearson appointed gorden as the head of the finance department o Gorden set up the Canadian development corporation- a national government organization to oversee investment: foreign and domestic Met with a great deal of approval o Gordon goes wrong in his first draft budget- people felt that gorden was becoming to nationalistic Cabinet did not support it in 1963 Asked him to tone down his nationalism- this was unthinkable to gorden Gorden was anger of the lack of the commitment between Pearson and the cabinet 1965 gorden quits office - Pearson government racked by controversy with economic nationalism o one is in 1963 with regard to banking infiltration of American banks within the Canadian society Citibank corporate met with officials to discuss opening an American bank into the Canadian economy individual in Pearson’s cabinet debating on allowing the Americans come into the banking industry or saying no this question plagued the Canadian government for three years until 1966 when America was protesting against Canadian economic nationalism by this time gorden and Pearson made up and gave gorden the go ahead to deal with the Citibank issue gorden published a report called the watkings report in 1968 argued against the purchase of the Mercantile bank against the Citibank corporation bank act came before cabinet and certainly banking interests would receive majority protecting such that foreign investment cannot be a stakeholder with Canadian banks not everyone agreed that the state should be involved in such a large degree with regulating foreign investment - both conservatives and liberals found it difficult to recognize the different views of Canadian nationalism and the economy The 1960s and Canadian culture
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- represented a clear break from the 1950s - 1960s Canada represented a time when Canadians where question the foundations of the 1950s - The liberation of manners - J.M Bumsted suggests that there was no clear break between the 1950s and 60s o The changes were already started in Canada in the 1950s - 1960s was still a generational reaction and was rooted in a sense of optimism - Also a period of confrontation for many Canadians - Movement for change in Canada dealt with the middle class expectations of the nature of their lives and role within society - According to Cyrill Levitt a lot of the children that started to lead some of the
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MARCH 25 and exam infocdn - March 25th 2008 Lester b...

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