Have you ever felt the need to give up? Pressured with difficult issues, later to find you made the wrong turn losing everything? What normally separates the successful from the hopeless, is their ability to maneuver through tough times, and if made wrong decisions correct them for a later day. Henry Ford once said “ Failure is only the opportunity to begin again, only this time more wisely”. After the First World War, many countries were left with an immense amount of debt load. Not many jobs were being produced for veterans and cities were war struck. Nations and the world at large, was in a catastrophic mess. Chances of things looking like before the War were slim. By the 1920’s, all views of negativity had changed. Canada’s economy seemed …show more content…
Although, the Great depression is said to have not been sparked by anything, many have stated that the market crash was definitely a major outcome (History, 2016). During the booming 20’s inflation was rising at an all time high. Investors were gambling on the economy hoping for a greater outcome. The mass majority of canadians believed that the good times would last forever. Banks were speculating that loans would be paid back on time, and so lent money to all. The belief, that demand for goods would increase, lead many farmers to borrow money from financial institutions, buying more land, building more factories, and hiring more workers. The bubble finally popped. On October 29, 1929 the market had collapsed. To many Canadians, the drop in market was something unanticipated. After the market crash, everything went bad. At a time when Canada’s economy depended on agriculture, the prairies was hit with a drought lasting for years. Many farmers were forced to find jobs elsewhere. Food and provision was extremely hard to afford. By the time The Great Depression was all over, one of 12 people left the prairies never to return (Record, 2013). The U.S. raised duties on many imports, and since Canada’s economy heavily dependent on trade with the U.S., it suffered the most. Prime Minister Bennett tried to follow suit with the Americans, only to affect the Canadian economy. By 1933 Canadian exports crashed from …show more content…
The impacts of the Great Depression were uneven. Many individuals before this fiasco, struggled every day to have cloth on their backs and a roof over their heads. These individuals were affected by the disaster the most. Yes it affected all, but for those individuals such as farmers, young people, small businessmen and the unemployed bore the brunt of economic hardship the most (Struthers, 15). Many people couldn’t take the pressure and because of this took their lives. Trying to free themselves from the misery of the Depression. At the same time most race were being discriminated against. The jews weren't being allowed to immigrate to Canada trying to flee the Nazi Germany. Blacks and chinese weren’t allowed to enter Canada and the few lucky ones were rudely addressed. They would be checked without warrants and if found not permitted to stay in Canada, were shipped back to where they came from. The number of people Canada deported rose by more than 5,000 during and after the Great Depression (Struthers, 15). The chinese in particular were brought from China before the depression for cheap labour. The were overworked and treated with harsh conditions. When trying to bring their family members it was made very difficult for them. Also, the birth rate in Canada was decreasing, as most people couldn’t afford to bear the responsibility of children. Very unjustly and for no reason, many individuals
During the 1930's in Prairie Canada, the Great Depression created harsh conditions and it was a struggle until it ended. The event which triggered the Great Depression was the Stock Market crash of October 24, 1929 in New York. Another important cause was that: Later in the 1930's, the wide adoption of the gold exchange in many countries was widely criticized as a great mistake which greatly contributed to the severity and length of the Great Depression. 1 In Canada, wheat, the most important export, was being over-produced around the world, despite the fact that the 1928 supply of wheat was still available in 1929.
The great depression was a very sad and hard time. This was a time where people had little money, no available jobs and just had a hard time with everything. Many people had nd any way to make money whether it was cutting kid’s hair in neighborhood, picking fruit, selling iron cords house to house or even painting a house for 5 dollars. Even though this was a very hard time some people still had hope that things would get better. This was a really bad time until Franklin Roosevelt who was for the government supporting the Americans and not the other way around became president.
It was not until October 29th, 1929 that the Canadian economy but more importantly the world experienced the ‘Great Depression’. Large amounts of money were lost over the period of five days, as investor’s worldwide scrambled to withdraw th...
The depression years of 1929 - 1939 proved to be the worst, and some of the best years for Canada and Canadians. It was a time of extreme highs and lows socially, emotionally, and economically. It was a time that Canada came into her own being on the world wide stage.
On the day of October 29, 1929 the Great Depression had begun. This was due to the worth of the New York stock market falling intensely. The Great Depression was a time when Canadians suffered extraordinary levels of poverty due to unemployment. It shaped Canadian’s political views, and also their views about their country and role of the government. Canadians joined together in various new political parties, labor groups and other organizations that represented detailed regional, economic or political interest. Canadians scrambled through the crisis with a makeshift blend of private and public charity. Private Citizens in wealthier provinces recognized the dilemma of Saskatchewan and sent hundreds of carloads of fruit, vegetables and clothing westward. This showed that Canada is a crew of kind and supportive individuals.
The Great Depression was a terrible point in Canadian history, and for most of the world. It was a point in time where thousands of people lost their jobs, and even lost their homes because of the depressed economy. Business was booming in the early 1920s, but when companies tried to expand, and therefore issued stocks, the economy was thrown off. Some investors sold their stocks for high prices, and as a result, everyone else followed. With less of a demand, stock prices became fractions of what they used to be, and on October 29, 1929, the New York Stock Exchange collapsed, followed by the Toronto and Montreal Stock exchanges. This collapse of the stock markets caused a depression like which the world had never seen before. It was important for governments to find methods to deal with the depression, but the Canadian government wasn't very successful in its attempts to deal with the Great Depression.
Firstly, the stock market crash in the late 1920s was one of the main factors that contributed to the onset of the Great Depression. The common goal of many Canadians in the roaring twenties was to put behind the horrors and doubts of World War I, and focus on what was to come in the near future. However, on October 29, 1929, the Stock Market in New York City experienced one of its worst days of all time. The catastrophic impact that the stock market crash had was enough to shift the world in the direction of an economic downfall . The rapid expansion of the 1920 stock market caused the market to hit an all-time high. Prices of shares skyrocketed and surpassed their once realistic value . It was now possible for individuals who could not afford
Many Canadians thought the depression was brought about by the wheat crop crash and not the stock market crash because many Canadians and farmers were dependent on the growth of wheat because it made up a majority of their exports, but seeing as the wheat provinces were hit with a severe drought the wheat crops crashed leaving many farmers out of jobs and money, causing a great affect on Canada. The causes of the great depression were due to over-production and over-expansion because Canadian companies expanded their industries of goods so that they could generate more profits. Yet economic activity shrank in the late 20’s and companies were left with a heavier debt and lack of...
The Varied Impact of the Great Depression on American People The experiences of Americans during the Great Depression varied greatly. For most, the Great Depression was a time of hardships and trials. The way that people were tried were different though, some languished in a collapsed economy, while others had to struggle to make a living in the remote regions of the country. The years berween 1929 and 1933 were trying years for people throughout the world.
Great Depression was one of the most severe economic situation the world had ever seen. It all started during late 1929 and lasted till 1939. Although, the origin of depression was United Sattes but with US Economy being highly correlated with global economy, the ill efffects were seen in the whole world with high unemployment, low production and deflation. Overall it was the most severe depression ever faced by western industrialized world. Stock Market Crashes, Bank Failures and a lot more, left the governments ineffective and this lead the global economy to what we call today- ‘’Great Depression’’.(Rockoff). As for the cause and what lead to Great Depression, the issue is still in debate among eminent economists, but the crux provides evidence that the worst ever depression ever expereinced by Global Economy stemed from multiple causes which are as follows:
...oss national product dropped 40%, 30% of the labour force was out of work, one fifth of the population became dependent on government assistance and wages fell. The close trade bonds and economic reliancy made Canada go into a downward spiral of economic distress.
The Great Depression was a period, which seemed to go out of control. The crashing of the stock markets left most Canadians unemployed and in debt, prairie farmers suffered immensely with the inability to produce valuable crops, and the Canadian Government and World War II became influential factors in the ending of the Great Depression.
The stock market crash of 1929 was the primary event that led to the collapse of stability in the nation and ultimately paved the road to the Great Depression. The crash was a wide range of causes that varied throughout the prosperous times of the 1920’s. There were consumers buying on margin, too much faith in businesses and government, and most felt there were large expansions in the stock market. Because of all these positive views that the people of the American society possessed, people hardly looked at the crises in front of them.... ...
In conclusion, every single event that took place during the Great Depression made it that much bigger and ‘great’; no matter if it was political, social, or economic. In economics, it was the Stock Market Crash and the drought that caused the Depression; in politics, it was the rivalry between Bennett and King; and in society, it was the unemployment rates and the Regina Riot. With all these factors the Great Depression really does deserve the original name it was given. From all these events, we can learn a lot about how to prevent such a big event from happening again like so many events do. The word ‘great’ really is perfect in describing the Great Depression.
The Great Depression was a period of first-time decline in economic movement. It occurred between the years 1929 and 1939. It was the worst and longest economic breakdown in history. The Wall Street stock market crash started the Great Depression; it had terrible effects on the country (United States of America). When the stock market started failing many factories closed production of all types of good. Businesses and banks started closing down and farmers fell into bankruptcy. Many people lost everything, their jobs, their savings, and homes. More than thirteen million people were unemployed.