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Economy is rather difficult and complicated study. The economy processes in different countries are very difficult to forecast. The development of economy depends on many aspects: historical background, geographical location, presence of different resources and many others. Every region has its pros and cons when it is a talk about economical potential of the region.
We are going to summarize the economical development of the Maritime region, and to give our critical opinion on the situation. The economical analysis is going represent the book of Donald J. Savoie “Visiting Grandchildren: Economic Development in the Maritimes”. The book gives us the description of historical backgrounds and economical development of the region since 1800 till our days. The Maritime region in this book unites three provinces as they all are interconnected in the development of their economy. (Savoie 2006)
Since early times the main direction of the in the region was trade, mostly staples of fish and timber, the region prospered. The Maritime region “experienced substantial growth from 1800 to Confederation, based on a trading system that linked the region with West Indies, New England, and Britain” (Savoie 2006). And it is not a surprise, as the region is located on the sea shoe and it gives great opportunities for developing trade through sea shipping which may lead through all over the world, especially to the countries which have outlets to the sea. The sea trade ways are considered to be very important in every country in every time.
During many years the economy of the Maritime region was supported by the country’s government; a great support and financial funds were given by Canadian government (Maritimes was the colony of Great Britain for some time), but the fundament was given by Britain. The trade was not the only sphere of economy in Maritimes. The shipping industry of the world grew rapidly; the highest point was achieved in the 1860s when “it ranked fourth among merchant marines of the world” (Savoie 2006). The situation had changed in 1970s when Canadian government decided to support other regions of the country and funded other regions’ economies.
The other economical branch of the region, which received development during the 1860s, was the financial one. The colonial, on that time, system counted nine dozen banks, “among which were the two most stable financial institutions in British North America and numerous marine and other insurance companies which played leading roles in the economy of the region” (Slavoie 2006). Later, these financial institutions would become very important in the Canadian financial system. The 1850s are considered to be “the wealthiest, most advanced in the British North American Provinces” (Slavoie 2006). A good financial structure is the best fundamental bases for any economy.
Comparing the Maritimes economy of 1960s and 2001, everybody would make a conclusion that it made a significant step forward in the development of its economy. The changes touched the sphere of public service, especially health care, social services, education. The increasing in the spheres of employment, lowering of poverty also says about the stepping of the economy on a new level. (Slavoie 2006) The improvement in named spheres tells us about a good level of life, what is the result of a good development of economy. But still, the economy of other regions of Canada went forward with the biggest results in the economical fields.
The development of economy strongly depends on the people factor, “population growth is vital for regional economies because the workforce remains an important factor of production and economic growth” (Slavoie 2006-236). The changes in the employment were better in 1981 (35%) and in 2001 it lowered till 9.8%. The growth of population shift is also no the low level with the comparison with 1860s. (Slavoie 2006-245)
What is the problem? The main factor of good workforce is educated staff. The quality of education is growing in the Maritime Provinces, but it is still “leg behind other regions” (Slavoie 2006-247). The problem is that now government finances Ontario and Quebec services (78.6%), while the Maritime region receives 2.6%. The Canadian government decided to finance the most perspective regions from their point of view.
To sum it up, I would like to say that economical development of the region in the percentage correlation to the other regions was much better in 1860s than it is now. The economical indexes are better now, but in comparison with other regions maritime region is on the bottom. The Canadian government pays much attention to other provinces without taking into consideration that the economy of Maritimes lowered significantly in the percentage reference with the other regions.
Maritimes is a very important economic region. We followed its historical development in the economy, considered its geographical close location to the sea, and I do not understand the government’s poor attitude to the region. The Maritimes may become a great economical center, according to its features, but the region needs some financial injections to use all its potential, all its power and to raise from the bottom of the Canadian economy on a new higher level.
The Maritime region has all necessary prerequisites for economy development. Moreover, the region was successful and history confirms it, the only way out of the present economical position is to make financial injections into the most perspective spheres of economy and to provide the country support.
So, the economy of Maritime region prospered and developed till the 1960s, and then the economical indexes lowered, the economy deteriorated and the region is not considered to be developed any more. The economy in the region has always been supported by politics. And when country decided that the Maritime region is not so important from the economical point of view it became to degrade in the question of economy. So, the country has very good prerequisites in the economical question the only what is needed is the financing and government support. The economy is in rather poor position and the actions should be made now till it is not too late. There are a lot of spheres in economy of the region which may be developed and continued.
Works Cited
Savoie, Donald J. Visiting Grandchildren: Economic Development in the Maritimes. University of Toronto Press, 2006.
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