Explain the Causes and Consequences of the Early 1970s Recession

question 51

Essay

Explain the causes and consequences of the early 1970s recession in Canada. How did the authorities respond, and what were the long-term effects of this response? What do we learn from this case study?

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Definitions:

Confirmation Hearing

A process in the U.S. legal system where a legislative body, often the Senate, reviews and approves or rejects a presidential appointment to a governmental position or judiciary.

Chapter 12 Plan

A bankruptcy provision for family farmers and fishermen allowing them to restructure debts to pay them over time.

Trustee

A person who is entrusted with the management and control of another’s property or the rights associated with that property.

Federal Bankruptcy Law

A collection of laws outlined in the U.S. Bankruptcy Code that governs the process by which individuals, couples, and businesses may declare bankruptcy in the United States.