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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.
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 ...
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.
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.
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Formed in 1932 as the Financial Freedom Federation (FFF), it became the Irish Social Credit Party in late 1935. The party sought to reform Ireland's financial and economic system on lines consistent with the social credit economics as espoused by Major C. H. Douglas. The FFF had split in two factions: one operating under the banner of the ...