Written in 1984, this book is a powerful argument for seeing economic depression as the trough of a long historical cycle that has much more to do with transitions in technology and the social climate than with price shocks and government intervention.

Drawing on extensive business literature and his own first-hand experience in Canadian economic policy-making, Maurice Lamontagne anatomizes the workings of the three types of business cycle: the short-term "inventory" cycle, lasting about forty months; the intermediate "investment" cycle, lasting seven to ten years; and the "long wave," which some theorists say last bottomed out in the 1930s. Each cycle has different causes, effects and urgent policy requirements, yet too often they are overlooked or lumped together.

Business Cycles in Canada is a closely-argued appeal for governments and economists to look beyond short-term fluctuations to the social and technological underpinnings of our economic well-being.

MAURICE LAMONTAGE, 1917-1983, was a professor, senior economic advisor in Ottawa, cabinet minister and Senator.

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Walter Gordon was born in Toronto and educated at Upper Canada College. After a long and distinguished career in business and public service he joined the government of Lester B. Pearson, serving as Minister of Finance. He continued his advocacy for Canadian economic independence, nuclear disarmament and other issues after his retirement from active politics.

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