Misplaced Pages

Canada Development Corporation

Article snapshot taken from Wikipedia with creative commons attribution-sharealike license. Give it a read and then ask your questions in the chat. We can research this topic together.

The Canada Development Corporation was a Canadian corporation, based in Toronto , created and partly owned by the federal government and charged with developing and maintaining Canadian-controlled companies in the private sector through a mixture of public and private investment. It was technically not a crown corporation as it was intended to generate a profit and was created with the intention that, eventually, the government would own no more than 10% of its holdings; it did not require approvals of the Governor-in-Council for its activities and did not report to parliament . Its objectives and capitalization, however, were set out by parliament and any changes to its objects decided upon by the Board of Directors had to be approved by parliament.

#517482

30-464: The CDC was created as a result of Walter Gordon 's Royal Commission on Canada's Economic Prospects , and the 1968 Watkins Report commissioned by Gordon, in an attempt to redress the problem of foreign ownership in the Canadian economy by stimulating the development of Canadian owned corporations, particularly in the field of natural resources and industry. About 31,000 private shareholders invested in

60-501: A major role in allowing the NDP to overcome a decade of futility at the federal level in Saskatchewan to win a plurality of seats there. Nevertheless, these gains were balanced out by losses elsewhere in the country. Under the slogan, " You win with the NDP", Douglas campaigned for affordable housing, higher old age pensions, lower prescription drug prices, and a reduced cost of living. However,

90-448: A result of declining health and failing to win a majority government in two attempts. He was succeeded by his Minister of Justice and Attorney General Pierre Trudeau , who called an election immediately after becoming prime minister. Trudeau's charisma appealed to Canadian voters; his popularity became known as " Trudeaumania " and helped him win a comfortable majority. Robert Stanfield 's Progressive Conservatives lost seats whereas

120-507: A tax bill. Convention dictated that Pearson would have been forced to resign and call an election had the government been defeated on a full budget bill, but after taking legal advice, Governor General Roland Michener decreed that he would only ask for Pearson's resignation if an explicit motion of no confidence were called in his government. Ultimately, the New Democratic Party and Ralliement créditiste were not willing to topple

150-507: Is compared to CCF vote in 1958 election. 1968 Canadian federal election Pierre Trudeau Liberal Pierre Trudeau Liberal The 1968 Canadian federal election was held on June 25, 1968, to elect members of the House of Commons of Canada of the 28th Parliament of Canada . In April 1968, Prime Minister Lester Pearson of the Liberal Party resigned as party leader as

180-483: The House of Commons of Canada as a Liberal . He was Minister of Finance from 1963 to 1965, during Prime Minister Lester Pearson 's first minority government . Gordon's 1965 budget, which included an 11% tax on construction materials and manufacturing equipment, as well as the expansion of social programs, was attacked by the Opposition parties. Gordon persuaded Pearson to call the 1965 federal election and co-chaired

210-624: The June 1968 general election . After leaving politics in 1968, he returned to business. He continued to argue for economic nationalist causes and in 1970, along with Peter C. Newman of the Toronto Star , economist Abraham Rotstein , and University of Toronto professor Mel Watkins , founded the Committee for an Independent Canada. Canadian historian Jack Granatstein argues in Yankee Go Home? that

240-667: The Mulroney government's program of privatization . Walter L. Gordon Walter Lockhart Gordon PC CC CBE (27 January 1906 – 21 March 1987) was a Canadian accountant, businessman, politician, and writer. Born in Toronto , the son of Lieutenant-Colonel H. D. L. Gordon , DSO, he was educated at Upper Canada College and the Royal Military College of Canada in Kingston, Ontario . Upon graduation, he joined

270-461: The New Democratic Party 's support stayed the same. Prime Minister Lester B. Pearson had announced in December 1967 that he would retire early in the following year, calling a new leadership election for the following April to decide on a successor. In February 1968, however, Pearson's government nearly fell before the leadership election could even take place, when it was unexpectedly defeated on

300-461: The Royal Commission on Canada's Economic Prospects . The commission's reports, issued in 1956 and 1957, expressed concern about growing foreign ownership in the Canadian economy, particularly in the resource sector, and made recommendations to redress the problem. The themes raised in the reports were revisited by Gordon in his government career. In the 1962 federal election , he was elected to

330-725: The CIC "helped to create the atmosphere in which Trudeau's government established the Canada Development Corporation in 1971 to 'buy back' Canada." Gordon was the Chancellor of York University from 1973 to 1977. According to Dr. Stephen Azzi, Walter Gordon is responsible for "New Nationalism" in Canada. This is the idea of supporting stronger ties with Great Britain, to prevent Canada being absorbed by United States. He published his political memoirs in 1977. He died in 1987. In 1976, he

SECTION 10

#1732869838518

360-579: The English Canadian party, met with great success. The créditistes were a populist option appealing to social conservatives and Québec nationalists . They were especially strong in rural ridings and amongst poor voters. Party leader Réal Caouette campaigned against poverty, government indifference, and "la grosse finance" (big finance). The Canadian social credit movement would never win seats in English Canada again. Atlantic Canada bucked

390-534: The Liberal campaign. When the election failed to return a Liberal majority, Gordon, taking responsibility for giving the prime minister poor advice, resigned from Cabinet and returned to the backbench . In 1967, he returned to Cabinet as President of the Privy Council from 1967 to 1968. He was noted for his economic nationalism and his support for new social programs. Gordon disagreed, often sharply, with Pearson over

420-444: The NDP had difficulty running against the left-leaning Trudeau, who was himself a former supporter of the NDP. Douglas would step down as leader in 1971, but remains a powerful icon for New Democrats. This was the first Canadian federal election to hold a leaders debate , on June 9, 1968. The debate included Trudeau, Stanfield, Douglas, and in the latter part Réal Caouette , with Caouette speaking French and Trudeau alternating between

450-526: The ad "a deliberate lie" and insisted he supported one Canada. On the left, former long-time Premier of Saskatchewan Tommy Douglas led the New Democratic Party, but once again failed to make the electoral break-through that was hoped for when the party was founded in 1960. Douglas gained a measure of personal satisfaction - the ouster of Diefenbaker had badly damaged the PC brand in Saskatchewan, and played

480-601: The campaign was based upon the creation of a "just society", with a proposed expansion of social programs. The principal opposition to the Liberals was the Progressive Conservative Party (PC Party) led by Robert Stanfield , who had previously served as premier of Nova Scotia . The PCs started the election campaign with an internal poll showing them trailing the Liberals by 22 points. Stanfield proposed introducing guaranteed annual income, though failed to explain

510-616: The corporation. An early purchase of the corporation was Connaught Laboratories , the original manufacturer of insulin . Major investments owned by the CDC included holdings in petroleum, mines and petrochemicals including Polymer Corporation , an asset transferred to it by the Canadian government. By 1982 the Canadian government had a 49% stake in the CDC . In 1986 the Corporation was dismantled as part of

540-649: The family accounting firm of Clarkson, Gordon and Company , in January 1927. He was a student there for four years, became a chartered accountant in early 1931, and was promoted to partner in 1935. During World War II , Gordon served in the Bank of Canada and the federal Ministry of Finance. In 1946, he chaired the Royal Commission on Administrative Classifications in the Public Service. From 1955 to 1957, Gordon chaired

570-472: The gallows], and threw bottles and rocks. Trudeau, whose lack of military service during World War II had led some to question his courage, firmly stood his ground, and did not flee from the violence despite the wishes of his security escort. Images of Trudeau standing fast to the thrown bottles of the rioters were broadcast across the country, and swung the election even further in the Liberals' favour as many English-speaking Canadians believed that he would be

600-438: The government over the issue, and even had they done so, Pearson would have been entitled to advise Michener not to hold an election until after the new Liberal leader had been chosen, but the incident made it clear that Pearson's successor could not feasibly hope to hold out until the next statutory general election date of November 1970, and would in all likelihood be forced to call an election much sooner. Pierre Trudeau , who

630-500: The hearts and minds of the nation, and the period leading up to the election saw such intense feelings for him that it was dubbed " Trudeaumania ." At public appearances, he was confronted by screaming girls, something never before seen in Canadian politics. The Liberal campaign was dominated by Trudeau's personality. Liberal campaign ads featured pictures of Trudeau inviting Canadians to "Come work with me", and encouraged them to "Vote for New Leadership for All of Canada". The substance of

SECTION 20

#1732869838518

660-515: The languages. A.B. Patterson , leader of the Social Credit Party was not invited to this debate. The assassination of Robert F. Kennedy three days before cast a pall over the proceedings, and the stilted format was generally seen as boring and inconclusive. In this election, for the first time since Confederation, all the MPs were elected as the single member for their district, through First past

690-665: The national trend, with the Tories making large gains in that region and winning pluralities in all four Atlantic provinces. In that region, the Tory brand was strengthened by the leadership of former Nova Scotian premier Stanfield. Voters in Newfoundland, who were growing increasingly weary of their Liberal administration under founding Premier Joey Smallwood , voted PC for the first time since entering Confederation. Notes: "% change" refers to change from previous election x - less than 0.005% of

720-456: The number of citizens that would be covered, the minimum income level, and the cost to implement it. Due to concerns that the term "guaranteed annual income" sounded socialist , he eventually switched to using the term " negative income tax ". These mistakes made the policy impossible for voters to understand and harmed the PCs. What also damaged the PCs was the idea of deux nations (meaning that Canada

750-578: The post. Previously some had always been elected in multi-member ridings through Block Voting. From here on, single-winner First past the post would be the only electoral system used to elect MPs. The results of the election were sealed when on the night before the election a riot broke out at the St. Jean Baptiste Day parade in Montreal. Protesting the prime minister's attendance at the parade, supporters of Quebec independence yelled Trudeau au poteau [Trudeau to

780-572: The right leader to fight the threat of Quebec separatism. The Social Credit Party , having lost two of the five seats it picked up at the previous election via defections (including former leader Robert N. Thompson , who defected to the Tories in March 1967), lost its three remaining seats. On the other hand, the Ralliement des créditistes (Social Credit Rally), the Québec wing of the party that had split from

810-717: The significant expansion in federal expenditures and the decline of sound financial management in Pearson's second administration, which began in 1965. The long friendship between the two men, which had begun in the mid-1930s, gradually unravelled. Gordon supported Pierre Trudeau 's winning 1968 bid for the Liberal leadership , after Pearson announced his retirement in late 1967. Trudeau, after he became prime minister, invited Gordon to join his Cabinet in April 1968. However, Gordon declined over some misgivings about being able to work successfully with Trudeau and decided not to run again for office in

840-495: Was a relative unknown until he was appointed to the cabinet by Pearson, won a surprise victory over Paul Martin Sr. , Paul Hellyer and Robert Winters in the party's leadership election on April 6. He was sworn in as prime minister on April 20. As had been widely expected, Trudeau called an immediate election after he was sworn in as prime minister. The charismatic, intellectual, handsome, single, and fully bilingual Trudeau soon captured

870-559: Was made a Companion of the Order of Canada . He was made a Commander of the Order of the British Empire in 1946 for his war services. In 2009, 1681 Honourable Walter L. Gordon, PC, CC, CBE, FCA, LLD (1906–1987) was added to the wall of honour at the Royal Military College of Canada in Kingston, Ontario . There is a Walter Lockhart Gordon fonds at Library and Archives Canada . Note: NDP vote

900-486: Was one country housing two nations - French Canadians and English-speaking Canadians ). Marcel Faribault , the PCs' Quebec lieutenant and MP candidate, was unclear on whether he supported or opposed deux nations and Stanfield did not drop him as a candidate. This led to the Liberals positioning themselves as the party that supported one Canada. In mid-June, they ran a full-page newspaper advertisement that implied that Stanfield supported deux nations ; Stanfield called

#517482