HIST362 Lecture Notes - Overproduction
Document Summary
But from making more, they are just adding more to a surplus market, and it causes the prices to drop down even more: pools in trouble, farmers in debt, net farm income by 1932 at minus 3. 1 m, over production (but it wasn"t really the farmer"s fault, farmers also have high debt and in many cases, they cant possibly pay, at the same time the banks wont lend the farmers any money or credit, numbers elusive, estimated 20% of the workforce is out of work in 1931, by 1933, some 30% of the workforce is jobless, hidden unemployment. Alberta"s depression: average per capita income fell from in 1929 to in 1933, well below national average, population remained stagnant, birth rate declined (young people don"t feel optimistic, so they don"t want to marry, and by the time they do get married, their fertility rate of having babies decreases, and no longer to produce as much)
