The Politics of Capital: The Crisis and Transformation of Canada's Big Bourgeoisie, 1917-1947

This study examines the changing mentalité as well as the shifting accumulation and political strategies of Canada's big bourgeoisie during the transformative period from 1917 to 1947. Engaging literatures from a range of disciplines and subfields within history, the study pursues biographical case studies of five leading business and political figures from different regions and associated with different sectors of the economy. The group includes Howard P. Robinson (1874-1950), Charles Dunning (1885-1958), Sir Edward Beatty (1877-1943), Sam McLaughlin (1871-1972), and C.D. Howe (1886- 1960). In an era when American investment surpassed British investment for the first time and created a new dependency for the country's economic elite, the crisis of the old political economy of the National Policy period became apparent as business leaders and institutions struggled to maintain their economic and political power. This challenge became more pronounced with the onset of the Great Depression and the rise of social democratic and socialist alternatives, including a strong labour movement. For members of the economic elite whose residual worldview was associated with finance capital, compromise on key issues was difficult and some members questioned the efficacy of democratic governance in a time of economic crisis, but the eventual political defeat of this response cleared the way for ideological and political adjustments. The tendency of the scholarly literature to focus on the themes of economic dependency and political continuity in this period has concealed the more complex story told in this study: of finance capital's political failure and the eventual triumph of a form of managerial capitalism that accepted government intervention without ceding ideological ground.