Great Depression In Canada

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The Great Depression In Canada and The United States of America The Great Depression is one of the worst recessions in all of history. After the war, many troops returned home looking for a place to work. Not many job offerings are available at the time, leaving families with no income. On ‘Black Tuesday’, October 29th, 1929, the stock markets completely crashed. Investors were left with no return from shares they invested in. After this, the public turned to the banks. When the public turned to the banks, they learned the shocking reality that was that banks had run out of money. Banks were lending out lots of money at the time, and that eventually caught up with them. It would take another 10 years for this recession Is the Great Depression…show more content…
At the time, there were not many things Canada could export. Wheat, pulp, and paper, fish, and minerals were the main exports of Canada. Before the Great Depression, there was a very high demand for these goods. During the depression, the global market was flooded with these goods and the value decreased as a result of little demand. When the 1930’s came around, there was little to no steady work to be found due to the poor economy. Families moved from town to town in hopes to find a good job, but that was very hard to do because most people could not afford to pay others, forcing some small businesses to close down. When work was found, it would be hard to keep that job for long because they would run out of money and close down, or someone would bargain to work at a lower cost. “The miserable failures of capitalist economies in the Great Depression were the root causes of worldwide social and political disasters.” (James Tobin). As the economy went down, people went to the banks for loans and to withdraw money, but the banks were unable to assist them. Easy going banks with lenient rules were a major factor in the start of the Great Depression. During the 1920’s, it was very simple to get a loan from the bank. The lending rules were very lenient at this time, and they started to lose money. Towards the Great Depression, banks did not have enough money to…show more content…
When Black Tuesday came around on October 29th, 1929, the banks lost all the money they had invested with other people 's money. Banks had to shut down, making people lose their jobs forcing them to join the rest of the public. “I grew up in an area of pretty severe poverty. My parents weathered the Great Depression, and money was always a big concern. I was weaned on a shortage mentality and placed in foster homes largely because there wasn’t enough money to take care of the most basic of needs.” (Wayne Dyer). The banks that lost people their hard earned money were a large factor in the causes of the Great Depression. If one event had gone in a positive light, the Great Depression could have been
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