As 1958 dawned amid economic thunderheads rolling in from the South, the Toronto Star grimly warned Canadians: "Major recession has already set in. The bases for confidence in the immediate future are flimsy." At first reading there was indeed cause for worry. By tradition Canada follows the U.S. economy, and signs seemed to indicate that she would follow the U.S. into recession. Factories were on short time, unemployment was climbing toward a postwar peak, and the stock market was a growling bear, with prices near the lowest levels in a year.
The...
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