Shaped by boom-and-bust: a history of the Canadian mining industry since 1859

Abstract

ABSTRACT This article is concerned with the historical evolution of the mining industry in Canada since 1859. The focus is directed on changes that occurred in the industry and allows for the identification of four distinct mining regimes. These regimes are defined using the Regulation Theory, which connects conditions of production, technical progress, financial structures, and social relations. The identification of regimes gives a portrait of continuity and change in the industry. Continuity is present in the active role of the state, the legal framework based on Free Mining Principle and persistent speculation in the industry. Change is illustrated in price cycle, labour share and technological innovation. Interestingly, through time, price cycles have very different outcomes in financial and real economic terms. The most recent upswing in the late 1990s resulted in a punctual increase of financial assets but no significant increase in employment. Through this discussion, it becomes evident that the mechanisms underlying continuity and change have implications on the nature of state intervention and on the distribution of power between the corporate and regional actors like the workers and indigenous communities.