By Sébastien Vincent
The Canadian economy during the war years was very different from that of today. The country had just emerged from a very serious economic crisis when the Second World War broke out, and the war effort required an extraordinary amount of resources.
Much of the population had integrated the armed forces, and women came in large numbers on the labor market. There was a foreign exchange controls, price controls and wage, and many products were rationed. Canadians made more money than ever, but had few opportunities to spend, with production focused primarily on the war effort and not on meeting the needs of consumers.
Much of the population had integrated the armed forces, and women came in large numbers on the labor market. There was a foreign exchange controls, price controls and wage, and many products were rationed. Canadians made more money than ever, but had few opportunities to spend, with production focused primarily on the war effort and not on meeting the needs of consumers.
The economy has emerged much savings in the household sector, savings that could be used to finance public sector borrowing. These economic factors are combining to patriotic fervor associated with the war effort, it is not difficult to see why the government did not have much trouble mobilizing to raise funds from the public.
In 1942, net public debt of the federal government was less than four billion dollars and represented less than 40% of GDP. However, in 1944, annual deficits totaled $ 2.5 billion, which meant that net debt increased each year of a amount equal to 20% of GDP. In 1946, net debt was therefore approximately 100% of GDP, but in 1952 it was reduced to 40%, roughly the level before the war. ( source)
I make bombs and buy bonds.
Buy Victory Bonds.
circa 1941 offset lithograph on wove paper
unknown artist
Credit: Library and Archives Canada, Acc. No. 1983-30-384
" they do not touch them! "
poster produced as part of the second season of Victory Loan
January 1941
photomechanical print
January 1941
photomechanical print
unknown artist
Credit: Library and Archives Canada, Acc No. 1983-30-208
Do your part
poster produced as part of the second season of Victory Loan
January 1941 color lithograph
unknown artist
Credit: Library and Archives Canada, Acc. No. 1983-30-388
Open your eyes
poster produced as part of the second season of Victory Loan
January 1941
lithography
Artist: Gordon K. Odell
Credit: Library and Archives Canada, Acc. No. 1983-30-381
Their future depends on you
Displays produced as part of the second season of Victory Loan
January 1941
lithography
unknown artist
Credit: Library and Archives Canada, Acc. No. 1983-30-379
From June 15, 1941 November 1, 1945, we launched nine successive Victory Loan that report nearly 12 billion dollars, of which 52 per 100 were bought by companies, the remaining bonds being purchased by individuals.
've Got a Date With A Blonde - Bond
poster produced as part of the fifth season's borrowing victoioctobre-November 1943
1943
lithography
Artist: Gordon K. Odell
Credit: Library and Archives Canada, Acc No. 1983-30-1221
hasten his return!
poster produced as part of the fifth Loan campaign victory
October-November 1943
1943
lithography
artist: W. Book
Credit: Library and Archives Canada, Acc. No. 1983-30-341
They also buy Victory Bonds
circa 1943 lithograph
unknown artist
Credit: Library and Archives Canada, Acc No. 1983-30-343
During the First and Second World War, spending and deficits of the federal government took unprecedented proportions. Until then, it was always about going abroad for larger loans, thinking that savings generated in the Canadian economy is not sufficient to meet needs.
However, emissions of Victory Bonds have proved surprisingly popular and lucrative, to mobilize two billion dollars during the First World War and nine billion dollars during the Second. In fact, it has provided much more money in Canada and abroad to finance the war effort. Some are wondering why we can now use a kind Bond Victory to repatriate a portion of the debt held by non-residents
To answer this question, it is important to consider several factors. At the time of war bonds, capital markets in Canada were very primitive compared to today. It was difficult to raise funds, but it was also difficult for Canadians to save, rather than simply raise money.
For example, although fewer people today then had a bank account. The Victory Bonds and certificates and War Savings stamps were therefore provided Canadians with a safe and practical to build a regular saving.
Buy Victory Bonds
poster produced as part of the Sixth Loan campaign victory
April 1944
lithography
artist Archibald Bruce Stapleton (1910 -?)
Credit: Library and Archives Canada, Acc. No. 1983-30-360
We buy victory bonds
poster produced as part of the Sixth Loan campaign victory
April 1944
lithography
Artist: Ron White
Credit: Library and Archives Canada, Acc. No. 1983-30-359
Two things ... thinking
poster produced as part of the Sixth Loan campaign victory
April 1944 color lithograph
artist: Pryne
Credit: Library and Archives Canada, Acc. No. 1983-30-367
seller Your Victory Bonds that letter
poster produced as part of the seventh season of Victory Loan
October 16 to November 11, 1944
1944
lithography
unknown artist
Credit: Library and Archives Canada, Acc. No. 1983-30-396
Aiming high / Aim High
Shows produced as part of the seventh season of Victory Loan
October 16 to November 11, 1944
1944
lithography
unknown artist
Credit: Library and Archives Canada, Acc. No. 1983-30-352
Waiting! : Buy Victory Bonds
poster produced as part of the Eighth Loan campaign victory
1945
lithography
Artist: Ron White
Credit: Library and Archives Canada, No. 1983-30-1193
Consider your obligations
poster produced as part of the eighth campaign of borrowings
victory in April 1945
lithography
unknown artist
Credit: Library and Archives Canada, Acc. No. 1983-30-419
Recommended Reading
Genevieve Auger and Raymonde Lamothe From the frying pan to the firing line. Life Quebec daily during the '39-'45 war , Montreal, Boréal Express, 1981.
Don Gilmour, Achille Michaud, Pierre Turgeon, Canada: A People's History of the Confederation until today , Saint-Laurent, Fides, 2001.
JL Granatstein and Desmond Morton, A Nation Forged in Fire: Canadians And The Second World War 1939-1945 Toronto: Lester & Orpen Dennys, 1989.
JL Granatstein, Canada 's War: The Politics of the Mackenzie King Government 1939-1945 , Toronto, Oxford University Press, 1975.
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