How Did The Great Depression Affect Canada

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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
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