The Negative Impact of the Great Depression on Canada

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During 1920s, people invested in stock market. As the stocks kept climbing higher and higher, more and more people were investing. Some people threw large amounts of money into stock market. Large companies borrowed money to expand their company. On October 29, 1929, known as Black Tuesday, stock market plummeted. People rushed and panicked to sell stocks. Everyone was selling and nobody was buying. The stock market crashed which led to the beginning of the Great Depression known as dirty thirties. It caused long economic slump. Prices fell like stone. Families were left homeless. Men wondered around in search of work. Prairies suffered greatly. Canada was hit hard by the decline of trade. The Great Depression had a negative impact on Canada politically, socially and economically. Canadians were negatively impacted by the lack of the government intervention during Great Depression. When the great depression hit, Mackenzie King was the Prime Minister of Canada. Mackenzie King didn’t deal with the depression. King passed the responsibility to the provincial and local. He believed the depression would solve by itself that he refused to give federal funds to solve unemployment rate. Without taking any action, it deepened the depression even more. In 1930, R.B Bennett defeated King. Bennett role didn’t help fight the depression. He created relief camp for unemployed, single, homeless men. Men in the camp were given food, army-style clothing, shelter and 20 cents a day for 44
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