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Great Depression In Canada

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The Great Depression In Canada and The United States of America The Great Depression is one of the worst recessions in all of history. After the war, many troops returned home looking for a place to work. Not many job offerings are available at the time, leaving families with no income. On ‘Black Tuesday’, October 29th, 1929, the stock markets completely crashed. Investors were left with no return from shares they invested in. After this, the public turned to the banks. When the public turned to the banks, they learned the shocking reality that was that banks had run out of money. Banks were lending out lots of money at the time, and that eventually caught up with them. It would take another 10 years for this recession Is the Great Depression …show more content…

At the time, there were not many things Canada could export. Wheat, pulp, and paper, fish, and minerals were the main exports of Canada. Before the Great Depression, there was a very high demand for these goods. During the depression, the global market was flooded with these goods and the value decreased as a result of little demand. When the 1930’s came around, there was little to no steady work to be found due to the poor economy. Families moved from town to town in hopes to find a good job, but that was very hard to do because most people could not afford to pay others, forcing some small businesses to close down. When work was found, it would be hard to keep that job for long because they would run out of money and close down, or someone would bargain to work at a lower cost. “The miserable failures of capitalist economies in the Great Depression were the root causes of worldwide social and political disasters.” (James Tobin). As the economy went down, people went to the banks for loans and to withdraw money, but the banks were unable to assist them. Easy going banks with lenient rules were a major factor in the start of the Great Depression. During the 1920’s, it was very simple to get a loan from the bank. The lending rules were very lenient at this time, and they started to lose money. Towards the Great Depression, banks did not have enough money to …show more content…

When Black Tuesday came around on October 29th, 1929, the banks lost all the money they had invested with other people 's money. Banks had to shut down, making people lose their jobs forcing them to join the rest of the public. “I grew up in an area of pretty severe poverty. My parents weathered the Great Depression, and money was always a big concern. I was weaned on a shortage mentality and placed in foster homes largely because there wasn’t enough money to take care of the most basic of needs.” (Wayne Dyer). The banks that lost people their hard earned money were a large factor in the causes of the Great Depression. If one event had gone in a positive light, the Great Depression could have been

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Overproduction and a faulty banking system were two of many factors that led to the Great Depression. The Smoot-Hawley Tariff also served to deteriorate conditions. Although several would argue about the causes of the Great Depression, one thing is for sure: this economic crisis was the most important economic depression of the twentieth century, which was accompanied by significant deflation and an explosion of unemployment and pushed the authorities to a deep reform of the financial

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Because of the Great Depression, by 1933, nearly half of our country’s banks had already failed. Just four years after the depression began, the national unemployment rate was increased from 3% to an astonishing 25%, meaning that

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The Great Depression was a severe worldwide economic depression that took place during the 1930s. The article by Edwin Gay and pictures compiled by Cary Nelson are both descriptions of how the Great Depression was and the several impacts that it had on the American economy. The range of the great depression is unprecedentedly wide according to Edwin Gay. The great depression was believed to have started from the collapse of the US stock market in 1929. This was shown in a picture as compiled by Cary Nelson

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The Great Depression began with the famous stock market crash known as “Black Tuesday” and later went on to rapidly develop into one of the most dramatic economic declines in the history of Westernized society. Two of the main causes of the Great Depression were the abuse of the stock market and the general distrust of banks instilled within the American public, which led to the decline of the American economy. President Herbert Hoover, elected in 1928, was a firm believer of rugged individualism and that the economy has natural cycles, which prompted him to employ a “wait and see” approach with the American people when the Depression hit. Soon after, President FDR won the 1932 election by a landslide and enacted a collection of programs

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This swept throughout the U.S and by early 1933 thousands of banks closed. In Document ten and eleven Americans were getting caught up with financial problems and could not manage it all and they only brought what they could afford only (Elmer Davis, “If Hoover Fails,” Harpers Monthly, March

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The Great depression was a very long and harsh recession in Canada’s economic market. The stock market crash was a rapid crash that left many companies and millionaires bankrupted. This abrupt shock left many people without food, jobs and sometimes homeless. The citizen were in a crisis 30% of the labour force wasn’t working and the unemployment rate was always above 12%, resulting in 1 in 5 canadians having to depend on governmental help for survival. To this day we’ve never seen such a bigger economic crash because Canada high placement in economic world.

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Since Canada’s economy was so closely linked with the United States, that when the depression hit the United States Canada’s economy suffered as well. Canada was, and still is, a country dependent on trade. In the 1920s, products, such as wheat and lumber were important, and when the US president Herbert Hoover signed the Tariff Act, it raised the taxes on many imports to very high levels. This led to a drastic reduction of trade around the world, especially in Canada. It was estimated back in the thirties that 33% of Canada's Gross National Income came from exports.

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Canadians were greatly shocked and influenced by the economy crisis in the 1930s, which is called the Great Depression. In the end of 1929, the stock market suddenly crashed; people all over the world lost a lot of money. In Canada after the stock market crashed, there were job losses in every industry. Some employers cut wages to try to stay in business, others replace workers with others who would do the same job for less money. By 1933, 30% of the labour force was out of work, and one in five Canadians had become dependent upon government relief for survival.

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The Great Depression (1929-39) was the deepest and longest-lasting economic recession in the history of the Western industrialized world. Beginning on Black Tuesday, October 29, 1929, when the value of the New York stock market fell dramatically, and ending in 1939, the Great Depression was a time when Canadians suffered extraordinary levels of poverty due to unemployment. The unemployment rate was approximately 30 per cent and one in five Canadians depended on government relief for survival. The underlying causes of the depression are dependence on the export natural recourses which made farmers overconfident which meant that they borrowed money to buy more farm land and this put them in debt, buying on

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The majority of people made under 2,000 dollars a year (Document 9) which was considered the bare minimum to live off of, the buy all of the basic essentials. These people didn’t have any money to spend on luxury items and couldn’t buy on credit. During this time, some companies priced their goods at a higher price than the majority of people made in a year, like boats that were priced anywhere from 10,000 dollars to 35,000 dollars (Document 8). With nobody to buy from them, these businesses were left without a profit and began going bankrupt. An average family before the depression with two people working full time jobs only made around twenty dollars a week (Document 7).

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The economy of canada had been greatly affected by the great depression. In between

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There were a variety of causes that caused the Great Depression, but the main cause that started it was a decrease in spending. This led to production decrease because manufacturers and merchandisers did not want to have unused items just sitting on the shelves. In October of 1929 the stock market crashed. The United States stock prices had reached levels that could not be justified by sensible predictions of future earnings. The results of this were catastrophic.

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The first cause of Great Depression was bank failure. It was one of the main causes of the Great Depression. Throughout the 1930s over 9000 banks failed. In 1920s there were a lot of banks.

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