What economic policy was introduced in Canada during the 1930s in response to the Great Depression?

The economic policy introduced in Canada during the 1930s in response to the Great Depression that is most accurate is protectionist tariffs. During this period, the global economy was struggling, and many countries saw a significant decline in trade. In an attempt to protect domestic industries and jobs, Canada implemented protectionist measures, including the introduction of higher tariffs on imported goods. By doing this, the government aimed to encourage consumers to buy Canadian-made products, thus stimulating the local economy and reducing dependency on foreign markets.

Protectionist tariffs were seen as a necessary response to the economic crisis, as they sought to shelter Canadian businesses from foreign competition that could further undermine the economy during such difficult times. This approach contrasts with free trade agreements, which encourage lower tariffs and increased international trade, and the welfare state initiatives, which focused on providing support and economic assistance to individuals. Privatization of state enterprises, while relevant to economic policies in different contexts, was not a primary focus in Canada during the 1930s.

Overall, the introduction of protectionist tariffs during the Great Depression reflects a critical strategy employed by the Canadian government to address the severe economic challenges of the era.