The economic landscape of Canada underwent a significant transformation in 1971, marking a pivotal moment in its trajectory. This shift heralded the ascendancy of Creditism, where the dynamics of economic growth became increasingly intertwined with the expansion and contraction of credit.

Gone were the days when capitalism operated solely on capital accumulation and investment principles. Instead, Creditism emerged as the dominant force, emphasizing the pivotal role of credit growth in driving economic expansion.

Credit Growth’s vitality becomes synonymous with Economic Growth’s vigour in this new paradigm. The economy thrives with robust credit expansion as businesses and individuals leverage borrowed funds to spur investment, consumption, and innovation. Conversely, a slowdown or contraction in credit growth casts a shadow over economic prospects, leading to stagnation or downturns. In the direst scenarios, a credit contraction can plunge the economy into depression.

Understanding these fundamental truths is paramount for grasping the intricacies of economics in the 21st century. In essence, the pulse of the modern economy beats in rhythm with the fluctuations of credit growth.

Therefore, policymakers, analysts, and stakeholders alike must recognize the pivotal role of credit in driving economic fortunes.