HIS263Y1 Lecture : The Great Depression
Document Summary
1932-33, the value of world trade went down by about half. This global event played out differently in the local and regional spheres. canada was particularly hit hard by the depression because its economy was largely based on exports. There was a major decline in world trade, so canada"s exports decline as well by about . This is devastating because the key areas of the economy were export-driven. example: 80% of the products of canadians farms, forests, and mines were exported. so, a worldwide economic crisis would hit canada particularly hard. The other problem in canada was that these international problems intersect with specific local conditions. example: an international issue: world wheat markets are glutted by the 1920s (too much wheat on the world market), which obviously causes the price to go down. This wouldn"t be so bad if you could just produce even more wheat to even it out.
