HISB41H3 Lecture : Lecture 5
Document Summary
Period of stifling economic depression - colours everything else. Progress in arts and sports - dionne quintuplets. Throughout the western world - especially n. america - economy never recovered. Worse till 1933 - 30% unemployment in canada. Causes - overproduction - based on optimistic outlooks - companies produced too much stock. When depression hit - there was much less demand in the economy. Companies producing so much stock shut down factories. Germany had reparations - had to get loans from us. Britain and france depended on loan payments - us stopped payments in 1928. Both canada and us dependent on international trade - led to collapse. Dustbowl affect - freak incident - dry conditions - desertification of the west. For people who lived off the land - people just couldn"t live. Effects - decline of canadas gnp by 40% - should grow 1-5% per yr.
