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After World War I, the United States attempted to rebuild itself both politically and economically. Unfortunately, the United States economy was very unstable; therefore, the stock market crashed in October of 1929. Many people were investing their income and savings into speculative ventures and even borrowing money from brokers and banks in order to pay for the stock in cash. The stock market crash caused financial turmoil which resulted in many businesses closing and countless layoffs. With so many people unemployed or underemployed, businesses continued to fail and unemployment was at an all-time high. Also, the dust bowl was going on at about the same time, therefore farmers were hurting as well and crops were not flourishing. By 1932,…
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When the great depression started in late 1929, Canadians responded ineffectively to the challenges of the Great Depression. The Canadian government and individual Canadians did not respond effectively compared to the New Political Parties whom responded very effectively. The government responded ineffectively as they were unable to help individuals. Instead, they were deciding on which level of government would be responsible to provide relief for its citizens. For example, Prime Minister R.R Bennett was against spending money on relief programs for the unemployed, stating that the provincial and municipal governments were responsible.…
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The Great Depression was one of the hardest times in history for Canada. It began after the stock market crash of October 1929, which wiped out millions of investors. The stocks which people invested their savings in couldn’t be converted into money. Many lost all that they had trying to pay back bank loans. This is led to homelessness and poverty.…
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Between the years of 1929 and 1939, many people worldwide was devastated and desperate due to the Great Depression. American citizens often starved with having little to no food in their homes. The Dust Bowl left many with dried-up, withered away crops. The drought affected farmers and their fields greatly. With the stock market crash of 1929, 659 banks closed. Depositors were left with nothing. The financial gains from the previous year were gone. Many suicides were committed; businessmen did not want to live with what lay ahead of them. Due to the Hawley-Smoot Tariff Act, European countries no longer wanted to buy American-made items due to the increased tariffs. This would result in egregious conditions, leaving many Americans hopeless. Soon, the Depression would become worldwide.…
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In late 1929, the Grat Depression started in United States and reached in Canada unexpectedly rapidly, up to 27% of unemployment forces man businesses to close and bring millions of losses. The Canadian government came with a series of solutions, some are…
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After the election, King's first success was the reduction of trade barriers between Canada and the United States. The agreement was followed by another in 1938 that reduced tariffs between Great Britain, the United States, and Canada. However, through most of the 1930s, Canada remained in the grip of the depression, the effects of which were magnified by a drought in the Prairie provinces of Alberta, Manitoba, and Saskatchewan. When the economic situation improved somewhat in 1937 and 1939, the Liberal government took credit.…
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The Great Depression was a rough time for Canadians everywhere. Businesses failed, families fell apart and the country was just in shock. The Great depression had many negative impacts on the people of Canada and Canada itself as a country.Rights and freedoms had been taken away, discrimination was present to everyone and everyone had endured physical and emotional hardships. .…
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The Great Plains has many agricultural activities and has a high agricultural sector in North America despite the dry climate, poor soils, and low vegetation. Many settlers moved to the Great Plains when farming became the largest economic sector in the region during the 19th and 20th centuries. The Great Plains economy became dependent on its primary sector, which this dependency brought the Great Plains vulnerable to decisions of distinct financial institutions, governments, and transportation authorities. By the 1890’s, many homesteaders and farmers abandon their lands due to the drought and the Great economic depression at the beginning of the 1890’s. Also, many farmers leave the Great Plains during the Great Depression in the 1930’s. The…
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People used credit to by huge amounts of tock 1929, the stock matket crashed A wiedespread loss of jobs and saving Many companies closed In 1932, industrial production was only at 58% of the 1929 level, the second lowest level in the world after the United States. Total national income fell to 55% of the 1929 level, again worse than any nation other than the U.S Called dirty 30’s due to Canadas heavy reliance on raw materials,and farm exports, combined with ehe deflation of the Prairies due to drought Canada's economy at the time was just starting to shift from primary industry (farming, fishing, mining and logging) to manufacturing.…
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Many canadians believed that the depression was brought up by the 1928 wheat crop crash rather than the Wall Street Stock Market crash. Due to this many people fell into unemployment and food started to run low. Canada's economy continued to plummet until 1933 and another wage cut of 15% was issued, for all the unemployed single men and families a relief program was in effect which sent them to British Columbia. Around 30% of Canada’s National Income in the 1930’s came from exports, the four prairie provinces were dependant of export of wheat. There were no jobs for unemployed individuals and for those that were employed the income was low and furthermore there was a high chance that it would be lost. The majority of the individuals were dependant…
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Why did Australia lead the world into Depression in the late 1920s and suffer its effects so gravely and for so long?…
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NAFTA (North American Free Trade Agreement), was the agreement that Canada made with the United States and Mexico in 1994, which stated that they could trade goods amongst each other without tariffs (Nafta, 2012). This greatly contributed to Canada 's economy, as these countries traded with each other even more. Even if NAFTA was only present in Canada for 6 years of the twentieth century, these six years were affected by it, defining Canada to what it is today. NAFTA has created many job opportunities for Canada, gave Canadians a choice and variety of goods to choose from, and generated economic flow within Canada (Markville, 2011). Also generating economic flow was probably the main economical occurrence in the twentieth century, the rise and fall of the 1920s and 1930s, leading up to the Great Depression. The mid 1920s were very beneficial and good to most of Canada. After recovering from the economic hard times from after World War 1, parts of Canada saw economic good times (Markville, 2008). People in Canada could afford many things that they could not before, and also had much more time for leisure activities because of all the technological advances of the time (Ascension, 2012). Then in 1929, the New York Stock Market had crashed and had started the Great Depression (Ascension, 2012). The Great Depression was a huge tragedy leaving many people in poverty and in bad times and bad conditions. This event definitely helped shape Canada to what it is today, as Canadians now know how to deal with these types of situations. The rise and fall had also helped Canada become more autonomous because it had recovered, fallen, then dealt with its problems on its own, with minimal direct help from Britain. Later on, Canada had also shown its independence by declaring war on Germany (during WW2) 7 days after…
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Canada’s dependence on the sale of exports and natural resources in the 1920s was another underlying cause of the Great Depression. Due to their optimism of the future many businesses had overproduced their goods and began to stockpile them in warehouses. In the late 1920s they realized that there was not enough demand for their products. Suddenly, there was less demand for Canadian natural resources because factories in other countries using those resources had huge stockpiles of goods and started producing less. Since these foreign factories had huge stockpiles of goods they no longer needed to purchase natural resources from Canada until they had sold all of their stockpiled goods. The government soon raised tariffs on foreign imported goods to protect Canadian businesses and their workers. They did this so that imported products would cost more than domestic goods, causing Canadian consumers to buy domestic goods over the foreign goods due to the price difference,…
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The great depression had many causes from different places of the world, in North America and Europe it was caused by insufficient purchasing power of the middle and wealthy classes, the fallen of crop and commodity prices, the stock market dependence on borrowed money, and the wrongheaded government policies (including high tariffs that reduces international trade and contracted the money supply) . President Hoover thought it was caused by the disruptions of World War I, and the poor structure of American banks. It caused many suicides, massive employment, disrupted lives and destroyed fortune. In Canada, they had fallen from the export prices and sales, the overseas loans, and the fall in the residential construction. The federal government must…
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The Great Depression was one of the most severe economic situations the world has ever witnessed. The efforts of the Canadian government to aid the country with the economic crisis that plagued the nation from 1929 to 1939 was ineffective. This was shown as relief camps offered people little comfort, people were reluctant to use “the dole” as they wanted to show their pride, and the weakness of the government made people question the strength of its leaders.…
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