Eric J Hanson's Financial History of Alberta, 1905–1950

Frits Pannekoek is an associate professor of heritage studies, the
director of information resources at the University of Calgary, and the
author of A Snug Little Flock: The Social Origins of the Riel Resistance
of 1869–70.

In this book, Alberta’s greatest economist traces the complex
evolution of that province’s public financial infrastructure, from its
first decades through to the post–World War II period. He points out
the critical importance of the financial paths chosen by the Rutherford
government, and how these impacted Alberta’s financial habits well
past the early Social Credit years. While external market forces always
influenced the province’s financial decisions, there was wide latitude
for independent action, which was shaped by public expectations,
immigrant experience, and the abilities of the provincial treasurers.

In addition to revenue and debt management, Hanson deals with social
expenditures, particularly in education, public health, and public
welfare. His chapter on the public debt default of 1936 is a critical
one that should be read by those who wonder about when Alberta’s
relationship with the federal government really soured. But it should
also be noted that, except for 1936, the Social Credit government ran
surpluses in the income account for almost the next decade. What always
made Alberta’s finances so fragile was the continuous need for
aggressive investment into infrastructure. Roads, telephones, and
railroads were the key budget drivers. Complex debt structures meant
that often the government was left holding obligations when private
interests failed.

This fascinating book belays the notion that financial history is
boring.