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Social credit is a distributive philosophy of political economy developed in the 1920s and 1930s by C. H. Douglas.Douglas attributed economic downturns to discrepancies between the cost of goods and the compensation of the workers who made them.
Notable supporters of Social Credit or "monetary reform" in Britain in the 1920s and 1930s included aircraft manufacturer A. V. Roe, scientist Frederick Soddy, author Henry Williamson, [citation needed] military historian J. F. C. Fuller [7] and Sir Oswald Mosley, in 1928-30 a member of the Labour Government but later the leader of the British Union of Fascists.
From 1932 to 1935, Aberhart tried to get the governing United Farmers of Alberta (UFA) to adopt social credit. [2] However, the 1935 UFA convention voted against adopting social credit and UFA Premier Richard Reid rejected the proposals as being outside the province's constitutional powers, so Aberhart entered Social Credit candidates in that year's provincial election.
In the 1940s, Social Credit supporters in Quebec often ran under the name Union des électeurs. This was a social credit organization that was formed in 1939 by Louis Even and Gilberte Côté-Mercier as the political arm of their religious organization, the Pilgrims of Saint Michael. They shared some ideologies, but did not merge or collaborate ...
In the 1930s and 1940s, the social credit movement in British Columbia was largely fractious, and made up of various small groups, the largest of which being the Social Credit League. The British Columbian movement was largely at odds with the Albertan wing and sought to distance itself from William Aberhart's religious preaching.
Aberhart's government did not implement much of the Social Credit policies promised in the party's election platform, because of the province's very poor financial position in the depths of the Depression. The federal government's opposition to Social Credit was a significant block to Aberhart's policy goals.
Social Credit (often called SoCred) was a populist political movement strongest in Alberta and neighbouring British Columbia, 1930s-1970s. Social Credit was based on the economic theories of an Englishman, C. H. Douglas. His theories became very popular across the nation in the early 1930s.
C. H. Douglas, founder of the Social Credit-theory. Photo taken in Edmonton, Alberta, Canada, 1934. In the years around 1920 the British engineer C. H. Douglas developed a theory on banking and welfare distribution, a theory which he called "Social Credit", and which soon became the cornerstone of an international movement with the same name.