HISB41H3 Lecture : Canadian History since 1885.The Great recession.docx
Document Summary
Economic, social, and cultural repercussions and old party responses. 1920"s the canadian economy had recovered thanks for the us need of canadian raw materials. Canada became the second largest automobile producer in the world. Only a minority of canadians benefited from the booming twenties (1) international drop of canadian raw materials: The price of wheat declined (lowest price in 300 years). Wheat farmers suffered by natural disasters (severe droughts, sand storms, grasshoppers). Low prices and large decline of wheat income. Farmers & lumber & miners: profits in the primary sector went down. More unemployment in all sectors and in all provinces. 1937 (2/3 of alberta"s population was on welfare) (2) u. s. stock market crash: This greed with easy credit led many americans to invest their money in stocks (buy and sell) Americans who had money lost confidence on american economy and reduced spending on cars, refrigerators, this led to laid-offs.
