“Alberta braces for the longest economic slump since 1980s”, warns this Globe and Mail article.
The article’s title illustrates two realities of the Albertan economy: that it is currently not in great shape, but also that this is not the first time it has faced a similar economic downturn. Upon closer inspection, it becomes apparent that the current economic “bust” is cyclical in nature — part of the boom and bust cycle that tends to plague staple economies.
Canada’s economic history is filled with examples of booms and busts, and the consequent misery. However, it seems to be a hard mistake to learn from as the present situation in Alberta has the social cost of rising unemployment, and suicide rates, for example.
Are riding the “highs” of an economic boom worth the (seemingly-unavoidable) lows of the impending bust? Riding the Tornado, a 1986 documentary offers a more “human” perspective to boom and bust cycles in Canada than economic numbers and charts. It is striking because, if not for the camera quality and the decidedly late 80’s/ early 90’s fashion sense, it could easily be mistaken for a documentary released this year.
CLICK HERE to watch the documentary