The decade preceding the Great Depression was a time of economic prosperity for Canada. It was also known as "The Roaring Twenties." Due to a boom of Canadian exports and by the growth of major industries, of which the most important were newsprint, automobiles, mining, radios, farming equipments, and utilities such as hydroelectric power. It made Canada one of the fastest growing economies in the world. However, this period ended very quickly. On October 29th, 1929, a day that would also be known as "Black Tuesday", the U.S stock market crashed causing a ripple effect throughout the world. This of course had a great impact on Canada as it had a high level of dependency on the U.S. During the 1920s, the majority of the Canadians did not have enough cash to purchase these new technologies which included stocks, so they mostly relied on credits or loans. Therefore when the stock market crashed, many Canadians were targeted into instant debt and faced difficulty trying to sell their personal belongings. Furthermore, the decrease in demand for natural resources, the lack of variety of primary exports, and the tariff competition from other countries, made Canada easily vulnerable in trades. Also, the expansion of C...
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... machineries and weapons for the upcoming war.
In conclusion, Mackenzie King and R.B. Bennett tried to bring Canada out of the Great Depression, but their policies proved to be a hinder to the economy instead of helping it. It ultimately took until 1939 and the outbreak of World War Two for the Canadian economy to return to the 1920s standards. However, one of the most important lasting effects of the Great Depression was the establishment of fundamental reforms. It included Unemployment Insurance Act, the Family Allowances Act, the Old Age Security Act of 1951, the Canada Pension Plan of 1964, and the Canada Health Act of 1966. Under R.B. Bennett and Mackenzie King, the first elements of Canada 's welfare were created. The Great Depression also expanded federal government activity. But in the end, the Great Depression and their policies did prolong the misery.
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