HIS263Y1 Lecture : lecture
Document Summary
I t was called black tuesday buy the journalists. This crash paralleled the crash on wall street. This is a global event and will have repercussions around the world. The crash was more a symbolic beginning for the great depression. I t didn"t actually begin it and the end is at wwii, when the war economy begins to pull it out. The crash is a symptom of a broader problem. Overuse of credit for the purchase of commodities. This event will play out differently because of local, regional and national variations. Canada was hit particularly hard because canada was very dependant on export, and specifically in export of natural resources. Because there is a slow down in world trade, canadian exports go down by a quarter. The key economies in canada were export driven. The other specific problem is that these international problems intersect with specific local conditions. World wheat markets are flooded so the price goes down.
