Lasting Effects Of The Great Depression Essay

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

The collapse of the stock market in 1929 marked the downfall of America along with the constant dustbowls. Document 3 shows a chart of the stock market crash of 1929 and how it increased the rate of unemployment in the United States. It

The stock market crash of 1929 sent the nation spiraling into a state of economic paralysis that became known as the Great Depression. As industries shrank and businesses collapsed or cut back, up to 25% of Americans were left unemployed. At the same time, the financial crisis destroyed the life savings of countless Americans (Modern American Poetry). Food, housing and other consumable goods were in short supply for most people (Zinn 282). This widespread state of poverty had serious social repercussions for the country.

Most say the onset of the Great Depression was spurred on by the stock market crash. Although economists don’t think that it was the only reason for Canada being in such a terrible state. In the 20s, people had, in their spending frenzy, bought large quantities of stock though credit, stock that they could not afford. People owed money to businesses and banks, and accumulated debts that they couldn’t pay off. In 1929, when it came time to pay, they didn’t have the money, and profits dropped drastically. The values of the stock became completely worthless. With no money and no jobs, people had to leave their homes either because they couldn’t pay for them, or they moved to search for a job.

The Great Depression- The Great Depression was one of the worst times for the Western Industrialized World, when it came to its economy The depression originated in the U.S, after a fall in stock prices that began around September 4, 1929. Cities were hit hard, especially those dependent on heavy industry. The Great Depression affected anybody that was indebted. Some countries affected; Canada, Germany, Great Britain. Not everyone was affected in the same way during the Great Depression. Many of the rich weren't affected at all but the poor couldn't do anything about it. Thousands of homeless families camped out on the Green Law in New York City, which was an empty reservoir during the Great Depression. During the 1930s, manufacturing employees earned about $17 per week. Doctors earned around $61

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.

The Great Depression was not just a little event in history, hence the word “great”, but a major economical setback that would change Canada, and the world, forever. The word “great” may not mean the same thing it does now; an example of this is the ‘Great’ War. These events were not ‘good’ or ‘accomplishing’ in any way, quite the opposite, but in those times it most likely meant ‘big’. What made it big are many factors, both in the 20’s and 30’s, which can be categorized into three main points: economics, politics and society. With all these events, compressed into ten years, this period of economic hardship of the 1930’s truly deserves the title the “Great Depression”.

Intro: Following the crash of the US market on October 29, 1929. Unemployment rates peaked in 1933 (500,000) which was twice of what it was in 1921. 1 in 5 people were unemployed. The great depression was devastating for Canada due to it dependency on farming natural resources. For example, Saskatchewan experienced record low prices in record history. Provincial income went down 90% within two years. This caused Canada to become an unjust society due to its actions during the depression; it’s treatment of Jewish refugees, and its detainment of Japanese Canadians.

The Great Depression also is known as the Dirty Thirties happened in the 1930s. It left Canada and the world in shock. Millions of Canadians were without jobs, and many became homeless. Countries across the world were affected by the Depression, such as the U.S.A. The USA was hit the hard which affected Canada. USA rely on Canada for fish and wheat when the U.S economy goes down Canada suffers. The U.S didn’t buy any more fish,wheat,minerals,pulp and paper from Canada. Many countries put high tariffs on goods,trading slowed down,people had to pay back their credit money they had borrowed from the government.Farmers were hit the hardest in Canada because if you could not pay for the land you would get evacuated. Droughts and grasshoppers infection started to happen which brought more suffering. Meat prices went up,some stores were closed down,Immigrant dropped 90% violence and crime went up. Men that didn’t have houses were sent to reliefs camps,the military setup 20 000 men to work sometimes works was useful,other times they would make work projects. They got 3 daily meals, work clothes,medical care, and 20 cents a day.The men would work 44 hours of cleaning brush,building roads,planting trees and constructing the public building.On April 1935, 500 men went on strike for better living conditions,more pay and fewer hours this has been just like the Winnipeg general strike. This depression made Canada what it is today,the economy is in better shape,people can find jobs and immigrants are taking over

The Canadian government was, for the most part, unsuccessful in its attempts to deal with the depression. Mackenzie King was the Prime Minister of Canada from 1926-1930 and re-elected in 1935-1948. Prime Minister King was unsuccessful in dealing with the depression in Canada. Richard Bennett was elected from 1930-1935 in response to King’s failed term. However, Prime Minister Bennett would only serve one term and would also prove to be unsuccessful in dealing with the depression in Canada. Throughout the depression years; there were a few policies that did help Canadian citizens but none went far enough to provide real relief from the severe conditions.

However, the stock market crash could not be to blame for the beginning of the Great Depression. In fact, "the crash actually revealed underlying problems that led to the Great Depression" (Schultz, 2006). Thus, the fact that farms had been struggling for years, overspending of the country forced people into debt, and the banking system itself was unstable. These prevalent issues at the time of economic struggle is what forced Canada into a Depression that they would never

After the stock market crash of 1929, the prosperity of the 1920s descended into poverty. The Great Depression of the 1930s was the worst economic crisis in modern history and it had a significant impact on the lives of Canadians. People lost their livelihoods and the ability to provide for their families. Wages plunged and unemployment rose throughout the decade. Across Canada people faced many challenges during this period of social and economic turmoil. Farmers in the prairies suffered greatly during the 1930s, as drought and nature exasperated the economic crisis. Canadians in cities struggled to find jobs that would provide for their families. Many men left their homes and families to search for work. The Great Depression caused

Often referred to as the ‘Dirty Thirties’, was the Great Depression in Canada. Starting October 29, 1929, the New York stock markets decreased value caused many citizens in Canada to lose their jobs, homes, and other belongings. Over five years, the national spending in Canada fell 42 percent and 30 percent of eligible working Canadians were without a job until 1939, when it dropped to 12 percent. The four western provinces; British Columbia, Alberta, Saskatchewan and Manitoba were impacted most severely, as they relied on exports for goods. Canadians in the prairies lost farms due to the severe drought that was occurring. Ontario and Quebec were impacted most by striking unemployment rate, but had factories near to produce goods and services.

Many people speculate that the stock market crash of 1929 was the main cause of The Great Depression. In fact, The Great Depression was caused by a series of factors, and the effects of the depression were felt for many years after the stock market crash of 1929. By looking at the stock market crash of 1929, bank failures, reduction of purchasing, American economic policy with Europe, and drought conditions, it becomes apparent that The Great Depression was caused by more than just the stock market crash. The effects were detrimental beyond the financial crisis experienced during this time period.

The world had faced two main economic problems. The first one was the Great Depression in the early of 20th Century. The second was the recent international financial crisis in 2008. The United States and Europe suffered severely for a long time from the great depression. The great depression was a great step and changed completely the economic policy making and the economic thoughts. It was not only an economic situation bit it was also miserable making, made people more attention and aggressive until they might lose their lives. All the society was frightened from losing money, work and stable. In America the housing market was the main factor of the great depression. A crisis of liquidity appeared in the banks forming a credit crunch. This period was influenced by over extended stock market shortage of water in the south and over trusting. The American government put down some regulations to control the productions which were essential for the war.