The Political Economy of Canada - Riding the TornadoStreaming Video - 2013
Boom and bust economic cycles are inevitable in countries that are dependent primarily on resource exports - for example, Canada's reliance on minerals, timber, and wheat. Perhaps the most spectacular boom and bust experienced in Canada was the Alberta oil crisis in the '70s and early '80s. A drop in world oil prices meant that business people who knew how to ride a tornado (as one man described the experience) simply cut their losses and moved out and on. Others were completely devastated, left with nowhere to go. But the picture is not completely bleak. Faced with a possible oil boom of its own, Newfoundland is taking the lessons of Alberta to heart.