Great Depression In Canada

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During the Great Depression, the Canadian economy was also impacted by a series of droughts in the prairie provinces, leading to a severe drop in crop yields and prices. By the early 1930’s, some of the provinces were bankrupt since their industrial economies were not diverse enough to make up the losses in some industries. The Canadian Prime Ministers during this time neglected to respond to the increasing unemployment rate and did not implement any policy or regulation to aide the citizens. However, in 1934, the Bank of Canada was established to regulate monetary policy and the Canadian Wheat Board was created to maintain a price floor for wheat to help the prairie provinces. As the Great Depression was approaching the end, the Canadian government took responsibility for the unemployment within the country and initiated the Employment Insurance program to help those that find themselves suddenly unemployed.
Analyzing past economic events will allow people to learn from previous mistakes. The policies and legislation that is currently in place within a country was established for a reason and it is …show more content…

Every company and individual impacts the economy is some way and the collective decisions of those people begin to shape the success of the economy. The governments job is simply to guide those companies and individuals in the right direction and help stimulate the communities interest to continue to put money back into the economy. A proper distribution of money will allow for the people to invest in their community as well as themselves through saving for their future. If people are not saving for their future, they may not be able to participate in the spending as much as others. Overall, the main objective is to get people to make wise economic decisions, since one bad decision can affect the entire community and the future of the country’s

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