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HIS263Y1 (268)
Lecture

feb 15

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Department
History
Course
HIS263Y1
Professor
Mc Kim/ Penfold
Semester
Winter

Description
February 15, 2011 The Great Depression I. The Crash th - Canadian stock market crashed on Black Tuesday: October 29 1929 - This crash echoed and paralleled the more famous crash on wall street - More than a Canadian eventglobal event - Had repercussions with the whole world - Wall street crash was more a symbolic bookend for the great depression than the 1929 crash - Bookend at the end is the start of WWII - Overextended credit overproduction of key commodities - Economy dependant on exports: wheat, pulp and paper etc - Decline in world tradeCanadian exports decline a quarter by 1932 - These international problems intersect with local conditions (perfect economic storm) - Wheat glut: too much on the world market price goes down - Result is the total collapse of the wheat economy - Price per bushel goes down II. Less Eligibility - William Lyon Mackenzie King is in power at the time - Government response is not innovative or dramatic - King
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