The Great Depression of the 1930s in Canada The Great Depression of the 1930's is a benchmark for all depressions and recessions in the past and in the future. In the booklet "The Great Depression of the 1930s in Canada" , Michiel Horn gives an intellectual dissection of the events that occurred during the Great Depression. Michiel Horn's approach leaves the reader with a foul taste for the Dirty Thirties. This essay will summarize Michiel Horns key points as well as discuss the ability of Michiel Horn to report his findings. Michiel Horn is currently the Chairman of the History Department at York University. His interests in the Great Depression revolve around the history of taxation. Therefore, he is interested in making sure that this sequence of events is fully understood so that future generations never allow it to happen again. There are several causes of the Great Depression which Michiel Horn touches on throughout his writings. The initial tool that he used to help understand the situation was to look at statistical data from that time. Through use of this data, a greater understanding of the physical hardships could be quantified and compared to present day. The reading begins with statistics about the shocking rate of unemployment. In 1933, at the height of the depression, the unemployment rate was between 19.3and 27 percent. The industrial activity in 1933 was only 57 percent of the average activity for the years 1925-29. The causes for the Great Depression were easy to see, but hard to fix. The problems included the inability of foreign countries to purchase surplus goods produced by other countries. Before the Great Depression, the British used this tactic to stabilize the market. Unfort... ... middle of paper ... ...ults of the recession. In order for this never to happen again, there is a need to learn from the mistakes in the past and to look for the warning signs. The problem is not just restricted to one country, but is a global problem and needs to be addressed as such. The Great Depression often seems very distant to people of the 21st century. This article is a good reminder of potential problems that may reoccur. The article showed in a very literal way the idea that a depression can bring a growing country to its knees. The overall ramifications of the event were never discussed in detail, but the historical significance is that people's lives were put on hold while they tried to struggle through an extremely difficult time. Bibliography Michiel, Horn. The Great Depression of the 1930s in Canada. Ottawa: The Canadian Historical Association, 1984.
Pindar, Ian. "The Forgotten Man: A New History of the Great Depression by Amity Shlaes." The Guardian, August 9, 2009.
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.
There were many causes for the Great Depression. The first and one of the largest was the stock market crash. Before 1929 the stock market was flourishing and everyone wanted to buy stocks. People were so confident in the stock market that they were buying “on margin”, which meant that brokers would lend them 10% of the money they invested (D1). The problems began when stocks were being over speculated. When people began to realize this, they began selling there shares. On October 29, 1929, 16 million shares were sold (D9). This day became known as “Black Thursday”, the day the stock market crashed (D12). The second reason was the overproduction of goods. Factories had already produced too many goods and now there was no demand for them. The government began to raise tariffs to protect Canadian industries but things only led downhill from there.
"The Great Depression." Current Events 105, no. 9 (November 4, 2005): 2. Canadian Points of View Reference Centre, EBSCOhost (accessed November 22, 2009).
During the 1920’s, America was a prosperous nation going through the “Big Boom” and loving every second of it. However, this fortune didn’t last long, because with the 1930’s came a period of serious economic recession, a period called the Great Depression. By 1933, a quarter of the nation’s workers (about 40 million) were without jobs. The weekly income rate dropped from $24.76 per week in 1929 to $16.65 per week in 1933 (McElvaine, 8). After President Hoover failed to rectify the recession situation, Franklin D. Roosevelt began his term with the hopeful New Deal. In two installments, Roosevelt hoped to relieve short term suffering with the first, and redistribution of money amongst the poor with the second. Throughout these years of the depression, many Americans spoke their minds through pen and paper. Many criticized Hoover’s policies of the early Depression and praised the Roosevelts’ efforts. Each opinion about the causes and solutions of the Great Depression are based upon economic, racial and social standing in America.
The Great Depression America 1929-1941 by Robert S. McElvaine covers many topics of American history during the "Great Depression" through 1941. The topic that I have selected to compare to the text of American, Past and Present, written by Robert A. Divine, T.H. Breen, George M. Frederickson and R. Hal Williams, is Herbert Hoover, the thirty-first president of the United States and America's president during the horrible "Great Depression".
”Families, tribes, dusted out, tractored out. Car-loads, caravans, homeless and hungry; twenty thousand and fifty thousand and a hundred thousand and two hundred thousand. They streamed over the mountains, hungry and restless — restless as ants, scurrying to find work to do — to lift, to push, to pull, to pick, to cut — anything, any burden to bear, for food. The kids are hungry. We got no place to live. Like ants scurrying for work, for food, and most of all for land. “
On Tuesday October 29th 1929 the stock market crashed 15% to trigger to what we now know as the great depression. The depression hit canada hard, no one buying raw materials and all american factories located in Canada were shut down leaving the people of Canada unemployed, poor and hungry. The depression had forced people out of homes and into unemployment camps. Why did things come to this ? Prime Minister William Lyon Mackenzie King Believed unemployment is seasonal and refused to help while so many struggled. Then elected was Bennett a rich Lawyer who knew nothing about running a country resulting in many failed plans. To end all of Canada’s responses the government raised tariffs cutting us off from the world. Though the Canadian government may have tried their responses to the great depression were inadequate and failed to bring the canadian economy back.
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.
Schultz, Stanley K., and William P. Tishler. "The Crash and the Great Depression." American History 102. 1999. Board of Regents of the University of Wisconsin System. 17 Oct. 2011 .
In the 1920 's just after World War 1, Canada experienced economic prosperity but a decade later it would all come crashing down. This decade was known as the Great Depression. During the period of the Great Depression, Canada underwent two political regimes which still didn 't help the country get out of the Depression. What makes this more interestingly is that the two regimes were at the opposite ends of the Canadian political spectrum yet neither parties had a clear framework for lifting Canada out of the Depression.
The Great Depression was the worst economic collapse in the history of the industrialized world that affected everyone from children to elders. The social values of consumerism and isolationism that impacted the way that average Americans behaved was a huge part of what caused the collapse of the global economy. The stock market crash of 1929 set off the Great Depression. Economists also blame the overproduction and underconsumption of consumer goods and food. The doubtful state of the foreign balance and the world’s economy played a role in provoking the collapse as well. The Great Depression was launched due to a chain reaction of social causes, over speculation in the stock market,
"Great Depression in the United States." Microsoft Encarta Encyclopedia 2001. CD-ROM. 2001 ed. Microsoft Corporation. 2001
The US government’s role in the Great Depression has been very controversy. Different hypothesizes argued differently on the causes of the Great depression and whether the New Deal introduced by the government and President Roosevelt helped United States got out of the depression. I would argue that even though not the only factor, the US government did lead the country into the Great Depression and the New Deal actually delayed the recovery process. I will discuss five different factors (stock market crash, bank failure, tariff and tax cut, consumer spending and agriculture) that are commonly accepted to cause the depression and how the government linked to them. Furthermore, I will try to show how the government prolonged the depression in the United States by introducing the New Deal.
McElvain, Robert S. The Great Depression: America 1929-1941. New York: Random House-Three Rivers, 1984. Print.