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The great depression canada
The great depression canada
Presidential response to the great depression
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The Great Depression was a period, which seemed to go out of control. The crashing of the stock markets left most Canadians unemployed and in debt, prairie farmers suffered immensely with the inability to produce valuable crops, and the Canadian Government and World War II became influential factors in the ending of the Great Depression. The 1920’s meant prosperity for Canada. Canadians living in the 1920’s were freer in values, less disciplined, and concerned with material things more than ever before. Many people wanted to get rich quickly, and stock markets in New York, Toronto, and Montreal shot up. On October 24, 1929, many people wanted to sell stocks through the New York Stock Exchange. More stocks were being sold than bought, and they began to slump. The stock crash became known as the Great Crash of 1929. On Thursday October 29, 1929, the stock markets in Toronto, Ontario and Montreal, Quebec also began a steep descent. Suicide became common among men whom the crash meant financial failure and social ruin. After the stock crash a period of Depression occurred and unemployment was common. By 1933, one out of every four workers in Canada was without a job. Men begged for jobs cutting grass or shoveling snow. Wages were so low that even people with jobs ran into debt. Many businessmen went bankrupt and people all over the country were laid off. Many men disappeared in efforts to look for work. The province of Saskatchewan set up Relief Commission in 1931. For many, the acceptance of Relief meant failure. Those who did except Relief received $5.00 a week, or sometimes less. By 1932, many unemployed men were living in Relief Camps across the country. Work in the Relief Camps usually consisted of meaningless tasks. The camps provided its men with a poor diet and bunks to sleep in. Those living outside of Relief Camps could barely feed their families. Meals consisted of starchy foods such as bread and potatoes. With unemployment rates soaring, many people could not afford coal to heat their homes or to pay electricity bills. Single men, 18 years or older, were housed in rooming houses. In 1933, the Federal Government began herding single men into work camps run by the army. Camps held more than 115, 000 men over a four year period. Men in camps were paid twenty cents a day for lumbering or road building. All over Canada peopl... ... middle of paper ... ...rnment became active in the lives of businessmen and workers alike. Mothers received a family allowance. War veterans received money also. Unemployment insurance was created and any man out of work could apply for it. By 1936 some parts of Canada began to recover from the Great Depression. In Montreal Public Holding Projects were underway, and the Trans Canada Airway gave jobs to men. For Canada, the real end of the Great Depression was caused by the start of World War II. The Great Depression lasted ten years and was followed by five years of World War. During the war the need for materials was massive. Chemical factories, aluminum works, and lumber processing all began to employ men. People could begin to buy more than they had during the Great Depression; therefore the manufactures could produce more. Prairie Provinces also benefited because the markets for wheat had began to recover. The Great Depression in Canada posed many problems for Canadians. During this period the economy suffered, unemployment rates raised, and farmers struggled through the drought of the Dirty Thirties. The Great Depression truly was an uncontrollable force assisting the shape of present day Canada.
In the Roaring Twenties, people started buying household materials and stocks that they could not pay for in credit. Farmers, textile workers, and miners all got low wages. In 1929, the stock market crashed. All of these events started the Great Depression. During the beginning of the Great Depression, 9000 banks were closed, ending nine million savings accounts. This lead to the closing of eighty-six thousand businesses, a European depression, an overproduction of food, and a lowering of prices. It also led to more people going hungry, more homeless people, and much lower job wages. There was a 28% increase in the amount of homeless people from 1929 to 1933. And in the midst of the beginning of the Great Depression, President Hoover did nothing to improve the condition of the nation. In 1932, people decided that America needed a change. For the first time in twelve years, they elected a democratic president, President Franklin D. Roosevelt. Immediately he began to work on fixing the American economy. He closed all banks and began a series of laws called the New Laws. L...
During the Great Depression of the 1930's, Canada's Prairie provinces suffered more than any other area in Canada. This time frame brought for the farmers many years of droughts and grasshopper plagues, as each year got worse without any rainfall whatsoever. The impact of the Great Depression on the Prairie provinces was devastating and it's impact on the region was social, political and economical. During this period unemployment reached high levels, prices of products were falling and purchasing power was getting very weak. To try to help out unemployed people, mostly men, the government introduced relief camps.
The depression years of 1929 - 1939 proved to be the worst, and some of the best years for Canada and Canadians. It was a time of extreme highs and lows socially, emotionally, and economically. It was a time that Canada came into her own being on the world wide stage.
Ending in 1939, it had also stopped the priority of an economy based on raw materials and opened up new opportunities. As the Canadian historian James Gray remarked, the Great Depression “brought out more of the best than it did the worst in people,” offering a reminder
The Great Depression was a terrible point in Canadian history, and for most of the world. It was a point in time where thousands of people lost their jobs, and even lost their homes because of the depressed economy. Business was booming in the early 1920s, but when companies tried to expand, and therefore issued stocks, the economy was thrown off. Some investors sold their stocks for high prices, and as a result, everyone else followed. With less of a demand, stock prices became fractions of what they used to be, and on October 29, 1929, the New York Stock Exchange collapsed, followed by the Toronto and Montreal Stock exchanges. This collapse of the stock markets caused a depression like which the world had never seen before. It was important for governments to find methods to deal with the depression, but the Canadian government wasn't very successful in its attempts to deal with the Great Depression.
Firstly, the stock market crash in the late 1920s was one of the main factors that contributed to the onset of the Great Depression. The common goal of many Canadians in the roaring twenties was to put behind the horrors and doubts of World War I, and focus on what was to come in the near future. However, on October 29, 1929, the Stock Market in New York City experienced one of its worst days of all time. The catastrophic impact that the stock market crash had was enough to shift the world in the direction of an economic downfall . The rapid expansion of the 1920 stock market caused the market to hit an all-time high. Prices of shares skyrocketed and surpassed their once realistic value . It was now possible for individuals who could not afford
Many Canadians thought the depression was brought about by the wheat crop crash and not the stock market crash because many Canadians and farmers were dependent on the growth of wheat because it made up a majority of their exports, but seeing as the wheat provinces were hit with a severe drought the wheat crops crashed leaving many farmers out of jobs and money, causing a great affect on Canada. The causes of the great depression were due to over-production and over-expansion because Canadian companies expanded their industries of goods so that they could generate more profits. Yet economic activity shrank in the late 20’s and companies were left with a heavier debt and lack of...
Bennett and Mackenzie King who offered their solutions in solving this situation. Many others had their own ideas. In the West side of Canada, two parties emerged as major political force. It was the Social Credit Party in Alberta and the socialist Co-operative Commonwealth Federation in Saskatchewan. William Aberhart, leader of the Social Credit Party, believed the cause of the Great Depression was because people did not have enough money to buy goods and services. His solution was to give twenty-five dollars per month to every citizens. In addition, J.S. Woodsworth, leader of the socialist Co-operative Commonwealth Federation, believed in capitalism failed the people during the Great Depression and that government should take more actions than that. His solution was to implement policies such as free medical care, unemployment insurance, and old age pensions. In Quebec, the Great Depression also added another nationalist view, as business were dominated by English-speakers, wage earners were French. This problem of unemployment in Quebec also became a cultural problem, and in 1936, the Depression would eventually led the Union Nationale and its leader Maurice Duplessis to power. He blamed the Great Depression on the fact as Quebec 's industries were owned by Americans and English-speaking Canadians. And so, when he was elected as the 16th Premier of Quebec, he took more control over their
October 29th, 1929 marked the beginning of the Great Depression, a depression that forever changed the United States of America. The Stock Market collapse was unavoidable considering the lavish life style of the 1920’s. Some of the ominous signs leading up to the crash was that there was a high unemployment rate, automobile sales were down, and many farms were failing. Consumerism played a key role in the Stock Market Crash of 1929 because Americans speculated on the stocks hoping they would grow in their favor. They would invest in these stocks at a low rate which gave them a false sense of wealth causing them to invest in even more stocks at the same low rate. When they purchased these stocks at this low rate they never made enough money to pay it all back, therefore contributing to the crash of 1929. Also contributing to the crash was the over production of consumer goods. When companies began to mass produce goods they did not not need as many workers so they fired them. Even though there was an abundance of goods mass produced and at a cheap price because of that, so many people now had no jobs so the goods were not being purchased. Even though, from 1920 to 1929, consumerism and overproduction partially caused the Great Depression, the unequal distribution of wealth and income was the most significant catalyst.
...oss national product dropped 40%, 30% of the labour force was out of work, one fifth of the population became dependent on government assistance and wages fell. The close trade bonds and economic reliancy made Canada go into a downward spiral of economic distress.
The Great Depression caused a great deal of impacts on society but by far the workforce took the hardest hit. Through this economic downturn, there was a drastic shift, the traditional aspects that were once reflected in society were now slowly fading away. Male dominated jobs were decreasing because of the emergence of industrialization. Many workers were now out of a job, because companies could now make more money using machinery and cutting back on workers (Saskatchewan History, 211). The stress of not being able to find work forced men to abandon their families. Many lived the life of a “hobo”, missioning around Canada to find work and having a heavy reliance on refuge camps and soup kitche...
Canadians were frustrating, wonderful, and hard. Soldiers returning from the war expected jobs, but were faced with unemployment, inflation and strikes. Inflation had doubled the cost of living where wages had not and those fortunate to be employed still faced immense financial difficulty. Many people joined unions for better pay and working conditions, 1919 saw the most strikes at a staggering three hundred and six, people were angry and discontented. The 1920s were a time of crime corruption and extreme poverty, yet by mid era difficult conditions began to improve. Foreign investors gained confidence in Canada and as a result new industries were developed, The twenties really did 'roar' and with this boom of change Canada underwent the transformation that was the gateway to the future.
In conclusion, every single event that took place during the Great Depression made it that much bigger and ‘great’; no matter if it was political, social, or economic. In economics, it was the Stock Market Crash and the drought that caused the Depression; in politics, it was the rivalry between Bennett and King; and in society, it was the unemployment rates and the Regina Riot. With all these factors the Great Depression really does deserve the original name it was given. From all these events, we can learn a lot about how to prevent such a big event from happening again like so many events do. The word ‘great’ really is perfect in describing the Great Depression.
The Great Depression was the deepest and longest-lasting economic downfall in the history of the United Sates. No event has yet to rival The Great Depression to the present day today although we have had recessions in the past, and some economic panics, fears. Thankfully the United States of America has had its shares of experiences from the foundation of this country and throughout its growth many economic crises have occurred. In the United States, the Great Depression began soon after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors ("The Great Depression."). In turn from this single tragic event, numerous amounts of chain reactions occurred.
The Great Depression was a period of first-time decline in economic movement. It occurred between the years 1929 and 1939. It was the worst and longest economic breakdown in history. The Wall Street stock market crash started the Great Depression; it had terrible effects on the country (United States of America). When the stock market started failing many factories closed production of all types of good. Businesses and banks started closing down and farmers fell into bankruptcy. Many people lost everything, their jobs, their savings, and homes. More than thirteen million people were unemployed.