Canadian Banking Analytical Essay by Top Papers

The paper asserts that there is no single set of influences on Canadian banking, as Canadian banking has gone through several radically different periods, each with its own set of influences. However, the author of this paper believes that a good launching point from which to consider the ideology of modern Canadian banking, and its departure from American banking, is the Great Depression. The paper discusses how Canada reacted to this economic disaster conservatively, with Darroch and Kerr noting that "institutions (hierarchies) were preferred over markets," (291). The paper explains that such an approach prioritized stability over innovation, e.g. the kind of currency innovation that had been common in Canadian banks until the crisis of 1866.