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HIS263Y1 (268)
Lecture

lecture

3 Pages
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Department
History
Course Code
HIS263Y1
Professor
Heidi Bohaker

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HIS263 Feb 15
The Great Depression
The Crash
Oct 29, 1929
It was called Black Tuesday buy the journalists
The stock market crashed
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
It didnt 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
A whole series of interlocked problems
International stability
Overproduction of key production commodities
Overuse of credit for the purchase of commodities
These things characterize broadly the Western world
The Depression is a global phenomenon
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
It creates a perfect economic storm
World wheat markets are flooded so the price goes down
The output of wheat declines because a drought comes to the prairies in the 1920s
This results in a total collapse of the Western wheat economy
This collapse intersects with the Great Depression
All the spin-offs of the export activity are removed as well
Less Eligibility
The government makes the Depression worst
The federal governments response was not innovative or dramatic
Kings first response was to downplay the problem
R.B. Bennett of the Conservatives hacks away t King at his refusal to see that this
is an emerging crisis
Bennett gets elected and his record is not very active
He creates a Bank of Canada and sets up an Unemployment Relief Act
Provided assistance to the province for two kinds of aid Public works
(infrastructure projects), and direct relief (governments give direct aid to Canadians
either in cash, vouchers or supplies)
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Description
HIS263 Feb 15 The Great Depression The Crash Oct 29, 1929 It was called Black Tuesday buy the journalists The stock market crashed 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 It didnt 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 A whole series of interlocked problems International stability Overproduction of key production commodities Overuse of credit for the purchase of commodities These things characterize broadly the Western world The Depression is a global phenomenon 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 d
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