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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.
The notes were intended to be redeemed after two years of issue, when 104 stamps would have been affixed. But the program was cancelled after only about one year. [3] The notes could be returned to the government for redeeming in Canadian currency. [4] Alberta's prosperity certificates have never been listed in the Standard Catalog of World ...
Though C. H. Douglas declined to come to Alberta himself, he sent two assistants to advise the Social Credit Board.. William Aberhart's Social Credit League won the 1935 Alberta general election on a platform of ending the Great Depression by implementing social credit, a new economic theory that posited that poverty could be ended by increasing citizens' purchasing power.
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. However, Douglas himself warned against viewing the Social Credit solely as a scheme for monetary reform.
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.
Social Credit was never able to form a provincial government in Quebec due to the near dominance of social conservative votes by the Union Nationale party from the 1930s into the 1960s. The Social Credit Party, however, soon became a major contender in Quebec for seats to the federal Parliament in the 1960s.
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.
The 1937 Social Credit backbenchers' revolt took place from March to June 1937 in the Canadian province of Alberta. It was a rebellion against Premier William Aberhart by a group of backbench (not part of the cabinet) members of the Legislative Assembly from his Social Credit League.