“Since the industrial revolution, we have been plagued with periodic recessions and depressions, described as the "lows" of the business cycle. It should be made perfectly clear that these recessions, unlike famines, are not Acts of God, but simply attributable to the folly and inflexibility of man.”

— Paul Hellyer

Inflation vs. Unemployment, An Address by the Honourable Paul T. Hellyer, Curran Hall Limited, Toronto, February 20th, 1958

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Paul Hellyer 2

engineer, politician, writer 1923–2021

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“No one, I think, can deny that the depression of the agricultural interest is excessive. Though I can recall periods of suffering, none of them have ever equalled the present in its instances. ... [N]or is it open to doubt that foreign competition has exercised a most injurious influence on the agricultural interests of the country. The country, however, was perfectly warned that if we made a great revolution in our industrial system, that was one of the consequences that would accrue. I may mention that the great result of the returns we possess is this, that the immense importations of foreign agricultural produce have been vastly in excess of what the increased demands of our population actually require, and that is why the low prices are maintained...That is to a great degree the cause of this depression.”

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