The Great Depression was one of the lowest economic struggles in Canadian history. Throughout this tough time period banks started failing and shutting down. Businesses shut down as well because they were going bankrupt. Additionally the drought that hit in the mid 1930’s caused many people to lose their lives or flee the country. The Great Depression was caused by many social, economic and environmental issues. The biggest issue was the downturn in businesses, with the economy already being at a low because of the stock market crash taking place. The Great Depression started with the major stock market crash that first took place on October 24th, 1929. This crash was not as major as the ones that were to follow because the stockholders were …show more content…
In 1930 alone over 3000 banks collapsed and by the end of 1930 over 9000 banks failed. This was because so many stocks and investments had been traded and lost during 1929. Many people also went into a panic about their money so they started taking what was left of their money out of their banks since they did not want to lose that money. This was commonly known as a run on the bank. After the banks started shutting down many businesses went bankrupt, which led to thousands of unemployed people. “By 1932, one out of every four workers in the United States was unemployed.” During this time the unemployment rate went above twenty five percent. Compare that to the current unemployment rate of approximately six percent helps to understand the magnitude of this unemployment. The people that were able to keep their job were paid a very small amount of money. This is evident when James E. Faust, a man who lived through the depression said “As a young man, I lived through the Great Depression, when banks failed and so many lost their jobs and homes and went hungry. I was fortunate to have a job at a canning factory that paid 25 cents an hour.” The government created relief to help all of those who were becoming unemployed or did not make enough money to keep themselves and their family healthy. The families that took part in relief were given either a small amount of money
The severe economic conditions of the depression brought down and impacted numerous countries including Canada. When Bennett was running for prime minister he had no idea of the economic disasters that would be approaching and was unable to discover or utilize any effective methods to deal with them. During the 1930 election Robert campaigned to combat the aggressive measures of the great depression and when he was elected for the conservative party he immediately distributed $20 million toward helping the unemployed citizens of Canada. Unfortunately, the depression conveyed and produced many problems that no one was capable of adequately handling. Bennett attempted to strengthen Canadian trade by preferential tariffs, but unfortunately it
This tragic event sent Wall Street into a complete frenzy and took out millions of investors. Over the next few years, consumer investment and spending decreased. This caused sharp declines in manufacturing production and rising levels of unemployment. By 1933, 13 plus million Americans were unemployed and nearly half of the country’s banks failed (Coker, 2005). Thanks to the reform and relief measures placed by President Franklin D. Roosevelt helped diminish the most horrible effects of the Great Depression.
The Great Depression was a devastating global economic crisis that impacted countries all around the world, including Canada. The economic downturn had a profound effect on the Canadian economy, leading to widespread unemployment, poverty, and hardship for many Canadians. This essay will explore how the Great Depression affected Canada as a whole and how it impacted different groups of people within Canadian society. Additionally, the government's response to the crisis will be examined, analyzing whether their actions were effective or not in addressing the economic and social consequences of the Great Depression. Through analyzing various historical sources, this essay will argue that the Great Depression had a lasting impact on Canada and its people, highlighting the need for effective government action during times of crisis.
The Great Depression impacted many Canadians politically, socially, and economically. Politically, The Great Depression caused an uprise in fascism governments.
Life during the great depression was a really hard period of time, the great depression lasted for 10 terrible years it was the worst economic disaster. Canada was especially hard
Sade Eubanks Josh McGehee/Lindsey Greear IB English 11 July 28, 2014 The Great Depression between Canada and Brazil The Great Depression was a time of grave economic conditions that followed after Black Tuesday on October 1929. The Great Depression's effects were felt worldwide. In the crisis, US stockholders began to frantically sell their stocks triggering a chain reaction from country to country. Canada and Brazil are two of the many countries that fell into the economic slump the Great Depression had brought.
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
The great depression in Canada started in 1929 and ended in 1939. This essay is going to talk about how the great depression had affected Canada economically, socially as well as politically. The Great Depression had affected Canada significantly as there was a drop in the economy, the economic drop had also affect the citizens living in Canada by a wide margin. A lot of other political systems and parties were also created due to the Great Depression. Thus, to a great extent, the great depression had affected Canada economically, socially as well as politically, as there was an economic job, population changed occurred, and new political parties were created.
The people who were lucky enough to keep the job they had were paid much less than they were before. More and more people were becoming homeless, and some were struggling to support their family. President Franklin D. Roosevelt put reform and relief measures into place,
America had experienced other depressions or “panics,” but none were like the Great Depression. The Great Depression began on October 29, 1929, Black Tuesday, with the stock market crashing. Most people believe that the cause of the Great Depression was the stock market crashing. Although that is what triggered the Great Depression there were many underlying causes that lead up to the stock market crashing. Some of the underlying causes include under-consumption/over-production, uneven distribution of wealth, loose banking and corporate regulations, tariffs policies, and the stock market.
In the early 1930s the labor force in countries that were industrialized saw as much as one forth of its workers unable to find work. Conditions were starting to improve by the mid 1930s, however total recovery did not happen until the end of that decade. This was a very difficult time in United States history and around the world, but it could be said that something good came out of it, central banks throughout the world now try to thwart or moderate recessions. It is unclear whether a change like this would have occurred if not for the
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.
The Great Depression lasted from 1929 until late 1939. People say ¨it was one of the worst economic downturns in history of the world.¨ It began after the crashing of the stock market in OCtober of 1929. People had a hard time finding jobs and all their investments were crashing slowly but badly. People had to start living on the street because they couldn't afford electricity bills, food, clothed etc.
By 1932 factory production was cut in half and thousands of businesses were failing. Banks then started closing and over 10 million people lost their savings. Finally, by 1933, a while forth of Americans had no jobs. The numbers steadily rose. This American collapse sent shock waves all over the world.
The Great Depression was basically caused by significant decrease in stock price at Wall Street, New York in 1929. This crisis affected countless numbers of capitalistic nations, lasting until 1939. This lengthy period of economic disaster paralyzed the global economy.