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HIS263Y1 (268)

the great depression

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University of Toronto St. George
Mc Kim/ Penfold

The Great Depression I. The Crash Black Tuesday (October 29, 1929): the Canadian stock market crashed. Fell 300 million dollars in a single day. It echoed and paralleled the crash on Wall Street (centre of American financial capital). Hints that it is more than a Canadian event, but is rather global The Crash was more a symbolic start then a real one. It did not cause the depression, but it is symbolic in the sense that it creates a bookend. Finishes at the arrival of WWII where government begins to spend, drawing out economic crisis Depression: a whole series of overlapping problems in global economy: international instability, over production of key commodities, over extended credit of popular commodities (cars, wash machines, etc) things that characterize western word; thus, it is a worldwide event. All countries experience downturn, but they play out in different contexts based on global and national variations Canada hit hard, because economy was based on exports of natural resources (80% exportation), but there is a major decline in world trade; thus, declining in exports and revenue source. Another problem is due to international problems intersecting with specific local conditions. Ex. world wheat markets glutted (too much). Likely a price would go down. No big deal if you sell more wheat at a lower price, but at the same time, the output of prairie wheat farms are declining due to a draught that comes in the late 1920s, which kills wheat production. The
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