Canadian Banking

Paper Summary:

During the evolution of the banking evolution in Canada what became supremely clear was that Canada's branch banks had accumulated a great deal of power over their tenure. Canada's economy had grown almost exclusively through the intermediation and financing of the country's few chartered banks. How did they become so powerful? Why did the situation have to change? These are important questions in Canadian economic history. This study strives to resolve these issues by tracing the development of banking in Canada in the post-1850 era. The primary argument will be that formative years of banking in Canada; i.e., those circa 1850, were critical in establishing the unusually high influence and authority of chartered banks in this country. By making brief comparisons and contrasts with the English and American banking systems, the uniqueness of the Canadian situation in this regard will be revealed. By the end of the paper it will be clear that the lack of government intervention in the economy until the 20th century greatly expanded the legitimacy of the country's banks.

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