...Topic: The Dirty Thirties The Great Depression in Canada took place during the 1930s, and was time of great economic crisis. Since the Great Depression was such a difficult time to live in, it is important to understand the underlying background causes that allowed for this to happen, as well as the economic cycle. Additionally, it is helpful to know the social & economic conditions during the Depression, and how people “escaped” the bad experiences. It all started on Black Tuesday, or Tuesday October 29, 1929, when the stock market crashed. Towards the end of the 1920s, many companies were producing more goods than they could sell. When the stock market crashed, demand was greatly decreased as now one wanted to buy things that they didn’t necessarily need, causing these companies to close. Secondly, many people, companies, and banks were buying stocks, machinery, and other items on credit, so when the stock market crashed, many people could not pay back their debts. Banks and companies closed, and people were evicted from their homes. Thirdly, Canada was too dependent on selling primary products and the US economy. When the US entered the Depression, Canada lost a major market, and soon followed as well....
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...During the Great Depression the Canadian government responded ineffectively to the challenges that the it caused. To begin, Mackenzie king , the Prime Minister of Canada during the beginning of the Great Depression, was more focused on balancing the country’s finances than Canadians well being. The people of Canada began to ask the government to provide financial relief for those in need, King rejected the idea in fear of unbalancing the country’s budget. This refusal to help shows that Mackenzie King felt no remorse for his fellow Canadians who were desperately in need of financial assistance due to the crash of the Canadian economy. King continued to push these obligations onto the municipal and provincial government saying that unemployment...
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...followed. The Great Depression was a dreadful chapter in Canadian history and for most of the world. Many suffered as a result. Canadians lost their jobs as companies struggled to maintain a profit. In Canada, the incomes of families fell by over fifty percent. (Income Inequality in Canada) At the same time, farmers in the Prairies also suffered through a decrease in price for wheat. There were various factors that influenced the occurrence of this tragic event. For instance, the overproduction in industrial and agricultural activities. Furthermore, the stock market crash and the improper usage of credit also created a dent in the Canadian economy. In addition, Canada’s dependence on international trade was another innovator for this disastrous affair....
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...During the 1930s, Canada was impacted in a way unlike any other. This was known as The Great Depression; the economic downfall in Canada’s time. Dramatic rises in unemployment, debt, poverty, starvation, disease and death shook the nation. In response, government and business created barriers such as welfare and retirement pensions to help protect against similar consequences should any downturn occur again. Despite the benefits that developed after the Depression, many factors and events outweighed its positivity. The Great Depression resulted in negative consequences for Canada as it revealed discrimination in society, many had their rights and freedoms taken away and countless people experienced both physical and mental hardships during...
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...The Great Depression starting in the decades of 1930 – 1939, highlighted Canada’s struggle to rebuild their economy. The Great Depression would alert a “reorganization of capitalism which will take a variety of political forms from the New Deal to Fascism" (Klee). The “depression left the majority of Canadians unemployed” and allowed Mackenzie King’s Liberal government to bring Canada out of the depression. (Bennett and King Attempt to Solve the Problems of the Great Depression, 1930-1939). Unfortunately, his government was unable to respond to the crisis and Richard Bennett's Conservative Party would win the Canadian Federal Election of 1930. After Bennett was inaugurated, he would have a rough road ahead of him as he he would be unaware of the disasters, “nor were his Conservative policies capable of dealing with them”...
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...Effects of the Great Depression on other countries During the Great Depression there was a worldwide economic decline in government tax revenues, prices, profits, income and international trade. Unemployment grew at high speed and political upturn developed in many countries. While many first think the Great Depression only affected the United States, it largely affected and involved many countries throughout the world. Every country had direct or even indirect ties; both industrialized countries and those which exported raw materials were hurt and affected as a result of America’s collapsing economy. One of the worst-hit was Canada, because of its economic position. The Great Depression that started in the United States in 1929 quickly reached Canada. At the time, Canada’s economy was just starting to shift from primary industry to manufacturing. Exports of raw materials drop, and employment, prices and profit fell in every sector. It was further affected as its main partners were Britain and the United States. Between 1929 and 1939 the gross national product dropped 40%. Unemployment reached 27% at the depth of the Depression in 1933. Canada did have some advantages over other countries, especially its extremely stable banking system that had no failures during the entire depression, compared to over 9,000 small banks that collapsed in the United States. But, at the same time, was hurt badly because of its reliance and other commodities, whose prices fell by over 50%,...
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...This essay will focus on the question “Was R.B. Bennett a good choice for the 11th Prime Minister of Canada?” To access the extent on how effective R.B. Bennett was on Canada between 1930 to 1935, this essay will help identify whether or not Bennett help shape Canada for good or for bad. After Bennett was inaugurated after former prime minister William Lyon Mackenzie King, he had a rough road ahead of him being elected at the start of The Great Depression. Only having done little to nothing after his first year in office and the public making jokes, Bennett had no choice but to revise President Franklin D. Roosevelt’s “New Deal” to help bring Canada out of the Depression. When the 1930’s election came rolling around, there were many assumptions that prime minster Mackenzie King would not be re-elected back into office. On the Conservative Party, the candidate that was running up against King was R.B. Bennett. When King made his speech in the House of Commons about how he would not give a “five-cent piece to any [Conservative] government,” R.B. Bennett was seen to be the next prime minster. When the Conservatives won 134 seats and the Liberals only won 90, the people of Canada saw a bright future for the country. Bennett’s first year in office was probably the height of his career. When he entered his office he had action on his mind and that’s exactly what Canada got. One of the very first things that R.B. Bennett did as prime minister was creating the Unemployment Relief Act...
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...The Great Depression1929 Contents 1.Introduction 2.causes of great depression 3.Consequences of the depression. 4.Conclusion Introduction The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s. It was the longest, most widespread, and deepest depression of the 20th century, and is used in the 21stcentury as an example of how far the world's economy can decline. The depression originated in the United States, triggered by the stock market crash of October 29, 1929 (known as Black Tuesday), but quickly spread to almost every country in the world. The Great Depression had devastating effects in virtually every country, rich and poor. Personal income, tax revenue, profits and prices dropped, and international trade plunged by half to two-thirds. Unemployment in the United States rose to 25% , and in some countries rose as high as 33%. Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming and rural areas suffered as crop prices fell by approximately 60 percent. Facing plummeting demand with few alternate sources of jobs, areas dependent on primary sector industries such as cash cropping, mining and logging suffered the most. Countries...
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...On October 29, 1929 the stock market crashed and that triggered the Great Depression. That day was known as Black Tuesday and investors realized their shares were overpriced and they tried to to sell them all at once. Many investors lost all their savings and went bankrupt. The cause for the depression dependence on exports of natural resources, optimism, dependence on credit, high tariffs, and low income. Canada’s economy depended on exporting natural resources. Investor thought there will be nothing bad happening in the future, so they didn’t prepare on backup plans. People were depending more on credit as it was efficient because they didn’t have the cash. Many business began to overproduce which was bad because there wasn’t a high enough...
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...R.B. Bennett was a poor Prime Minister during the great depression, causing his people to suffer. He had an illogical approach to solving the problem and instead, created more problems in Canada. After becoming Prime Minister, R.B. Bennett believed that there should be little involvement from the government to the people. This caused him to have a slow approach to start helping the economy. Even afterwards, his old fashioned, traditional way of thinking made him have very little involvement with the efforts to regulate the economy. By having this laid back approach, the citizens of suffered. R.B Bennett attempted to support the economy afterwards by raising tariffs on imports, resulting in more problems in Canada. Bennett’s idea was believed...
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...What is Deflation? Author Talks about The definition Of deflation & When deflation, And it is hard to Tell when deflation Actually poses a Problem-or when It is shown in price Expecations- uses Japan as example. Author Talks about The definition Of deflation & When deflation, And it is hard to Tell when deflation Actually poses a Problem-or when It is shown in price Expecations- uses Japan as example. Deflation is a persistent fall in some generally followed aggregate indicator of price movements, such as the consumer price index or the GDP deflator. Generally, a one-time fall in the price level does not constitute a deflation. Instead, one has to see continuously falling prices for well over a year before concluding that the economy suffers from deflation. How long the fall has to continue before the public and policy makers conclude that the phenomenon is reflected in expectations of future price developments is open to question. For example, in Japan, which has the distinction of experiencing the longest post World War II period of deflation, it took several years for deflationary expectations to emerge. One reason for Why deflation Can be bad for The macroeconomy, Although not necessarily linked. One reason for Why deflation Can be bad for The macroeconomy, Although not necessarily linked. Most observers tend to focus on changes in consumer or producer prices since, as far as monetary policy is concerned, central banks are responsible...
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...Lyon Mackenzie King made as the Tenth Prime Minister of Canada. The historical impact his leadership had on the evolutionary process and growth of a nation; additionally the paper will examine how Canada benefited and the negative implications by William Lyon Mackenzie King’s decisions while in power. The goal of this research paper is to enlighten the reader why Canada precociously went through 22 years multiple periods of transition and evolution. King worked diligently throughout his academic life. He earned five university degrees including an M.A in political economy and earned his L.L.B his educational prowess helped gained essential skills he would use later in life. King worked for Politicians...
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...The main method of selling music moved from sheet music and piano rolls to phonograph records. In hopes to earn more money, the record companies found a way to tie record, sheet music, and piano rolls all together. Thus began the “song plugger”. This was someone who worked to make sure his companies songs would be performed by dance bands or by singers live and on the record, in hopes for a big “hit”. The 1920s was also a daring era where new, smaller, independent (or indie) record companies were born and took risks with the new music and artists. Some of the great independent record companies were Gennett, Paramount, and Okeh. Towards the end of the 1920s, radio went from being an expensive novelty to an inexpensive easy source of entertainment. When the Greta Depression struck the radio had a huge increase in sales, and music entertainment like the phonograph and sheet music to a major plunge. Due to this the small daring indie record companies either went bankrupt or merged with bigger, better off record companies. Small indie record companies wouldn’t be seen again till the 1930s. Near the end of the 1920s film went from silent to sound creating a reason to bring back phonograph records and sheet...
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...Canadian Economy during World War II A New Decade, A New War, A New Economy: With the fall of France during the Battle of Dunkirk, pressure was placed upon Canada and other countries with relation to Britain to enter the war and help the latter fight back against the Nazi army, in any way it can such as providing necessary supplies as well as soldiers making Canada change its decision into making it a total war, and thus WWII officially had started in 1939. This decision had made a large impact upon Canada’s economy in such a way that the war could be seen as something as a sweet poison in which it had help Canada get out of the Great Depression due to it gearing towards war and the re-opening of factories to produce many products to aid the allies. This not only greatly lessened the unemployment rates so much that it almost seem non-existent which can be clearly seen in the comparison of the unemployment rate in 1939 which was 11.4% and that of 1945 which was 1.6%, it also made Canada very wealthy having generated a large sum of money through selling goods to the allies, and with the help of the government introducing several new concepts such as the Unemployment Insurance Act and Wage and Price Controls being imposed to fight wartime inflation, they were able to prevent Canada from going into debt with the large production. Such benefits of the war however still do not justify its atrocious backlash which is the loss of human life, which is why it can be seen as a double ended...
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...History Exam Review Notes WW1: Causes: Militarism: the belief in the power of strong armies/navies to decide issues - Germany began to build up their armies - European nations became alarmed by others military power - Each country tried to build larger/more powerful war machines; new technology Alliance System: Alliances- groups formed in Europe to support each other in attack - War between two nations would involve more than one country - Triple Entente- Russia, Britain, France - Triple Alliance- Germany, Austria-Hungary, Italy Nationalism: a feeling of deep loyalty to one’s own land - Germany wanted to make empire - Nationalism strong in Serbia à led to assassination of Duke Franz Ferdinand Imperialism: industrialized countries building oversea empires; desire to have a bigger empire - Major imperialist countries à France, Britain, Russia - Germany wanted to expand/dominate on global scale, but by the time they wanted to build own empire, no valuable territories remained Assassination of Archduke Ferdinand, 1914 - Serbian Gavrilo Princip shot Austro-Hungarian Duke Ferdinand and his wife, Sophie, on the road back from City Hall; goal was to crush Austria-Hungary’s nationalism Alliances Triple Entente- Russia, Britain, France Triple Alliance- Germany, Austria-Hungary, Italy Schlieffen Plans German General that created a plan that was used by the Germans in hope to defeat France ...
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