How Did The Great Depression Affect Canada

Words: 576
Pages: 3
Open Document
Canada was greatly impacted by the Great Depression. There was a world-wide depression that started in the united states in 1929 and then quickly spread to other countries, especially Canada. Between the long years between 1929 and 1939, the total domestic product worth dropped a whopping 40%, that’s barely under half (The United states only dropped 37%). To add on to the terrible things that were happening, unemployment reached 27% at the depth of the great depression in 1933. Many of the companies in Canada shortly closed and went bankrupt. Corporate profits of $398 million, in the year 1929, quickly turned into losses of a huge amount of $98 million once prices fell. Everything just happened so quickly and harshly. What was especially hit …show more content…
During the 1930 election, Liberal Mackenzie King focused on his previous electoral successes with reference to the economic situation, while Conservative opposition leader Richard Bennett declared he would end unemployment or perish in the attempt. The main problems of the Great Depression were mainly unemployment and the drastically declining economy. The respective governments of Bennett (1930-1935) and King (1935-1939) attempted to solve the problems of the depression through tariffs, relief, work programs and legislation. Although both the Bennett and King governments believed changes that tariffs would increase international trade, revitalize the economy and bring an end to unemployment, the success of their application of tariffs differed. In 1930, within six weeks of taking power, Bennett increased the tariff on most Canadian manufactured goods to a record high. He believed this would encourage domestic production and create a market monopoly, which would keep the factories open and provide jobs for 25,000 unemployed Canadians. However, the belief that increasing tariffs to promote international trade was one of the worst mistakes Bennett made during the depression. The depression was world-wide and
Show More

Related Documents: How Did The Great Depression Affect Canada

How Did The Great Depression Affect Canada

the Great Depression on Canadians The Great Depression was more than just an economic slump. There was the drought. There was a shift in population, as families went across the country to find work. There was police overkill, as they violently suppressed the protests. It was a time where pride had to take a back seat, a time where people lived on scraps. The government was not ready to deal with something on the scale of the Great Depression and neither were the people. The Great Depression was…

Words 938 - Pages 4

How Did The Great Depression Affect Canada

During these years 1929-1945 the Great depression had started and World War 2 was approaching. Many Canadians at that time were unemployed and homeless, but not only people were in trouble, but so was the financial markets. This is where Canada was known as the Dirty Thirties, due to Canada’s heavy dependence on raw material and farm exports they couldn’t make a lot of income because of the spread crippling Prairies drought. Like for wheat farmers when depression started, in 1930 the price of wheat…

Words 1581 - Pages 7

How Did The Great Depression Affect Canada

Black Tuesday was October 29, 1929, the day the American stock market crashed. This also negatively affected Canada and all other industrialized countries in the world at that time. This day led to the Great Depression in all these countries. The Great Depression was a severe worldwide economic downturn in the 1930s characterized by mass unemployment, bank failures, deflation, and a significant decline in industrial production and international trade. The crash was fueled by panic selling, where…

Words 373 - Pages 2

How Did The Great Depression Affect Canada

The worldwide Great Depression of the early 1930s has hit Canada the hardest. Its social and economic shock that had led many unemployed, hungry and often homeless in Central Canada. There was a huge halt in Canada's economy when they heavily relied on exports to other countries. The effect of the Depression has closed all their trade markets from Canada, profit rapidly declined and failed businesses that led workers unemployed from getting laid off. A thoughts that buying stocks is a way to get…

Words 199 - Pages 1

Similarities Between Canada And The Great Depression

was a world wide Depression. The United States of America and Canada both suffered from the Great Depression. When the Great Depression hit America it truly made the American dream seem impossible . Most Americans were not able to purchase new automobiles, new houses and other durable goods. Canada was one of the worst affected countries financially and economically the country began to collapse regardless of what was done by political power. The United States of America and Canada both share similarities…

Words 970 - Pages 4

Great Depression Essay

The Great Depression and the Great Recession: History Repeating? As time progresses, we start to see patterns emerge in history. The Great Depression of the 1930’s was a period of economic disaster following World War One. Almost a century later came the Great Recession of the 2000’s following the turn of the century. Both of these economic disasters significantly affected people all over world. When they struck, no one expected them. People’s lives were dramatically changed almost instantly. There…

Words 1138 - Pages 5

The Impact Of Trade Agreements On Health Policy In Canada

HSCI 305 week 12 Trade agreements do affect health policy both in Canada & internationally International trade agreements have a significant impact on health policy in Canada Most obvious area is Canada’s drug policy They provide extensive patent protection to the pharmaceutical industry They protect foreign investments in health service sectors They encourage expansion of the TRADE agreements determine the price of pharmaceuticals by guaranteeing patent protection for drug companies, promote…

Words 1805 - Pages 8

Essay about Unemployment and United States

constant state of lack. In case there is any confusion lack is bad. When a person is financially lacking it not only affects them but their families and their economy. The sad thing is the families of these people are victims to their loved ones lack. As far as the economy goes many people are under the misconception that if they don’t have a job it’s only harming them but the truth is it affects our entire economy. When people don’t have jobs they don’t have money; therefore they are not helping to fund…

Words 1956 - Pages 8

Daniel James Brown's The Boys In The Boat

Brown did a lot of research for this book. He went to Germany and looked at the Berlin Olympic stadium. He walked where Hitler walked, saw the Olympic regatta course, and he must have read many diaries of the boys, since most of them had died when Brown began writing the book. He had many quotes in the book from their diaries that allowed the reader to know exactly how the boys felt as they were going through the training for the Olympics…

Words 863 - Pages 4

Essay about The Great Deppression

The Great Depression and Causes AMH 2020 June 12th 2013 The Great Depression was a time period in history that spanned the majority of the 1930’s; that was a dramatic, economic downturn, the worst in U.S. history. Its affect was felt not only in the United States but by people all over the world. This widespread economic condition is now used in reference as the example of the worst that the economy could ever get. It affected so many people from every economic class, not only affected a company…

Words 2326 - Pages 10