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HIS263 The Great Depression Tuesday February 15 2011h The Crash 1. Overproduction 2. Overextension of credit The depression was a worldwide event 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 Canadas 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 wouldnt be so bad if you could just produce even more wheat to even it out But, wheat-production in the prairies was in decline in the 20s because there was a major draught in the late 1920s Double whammy Not only are prices falling, but the prairies arent able to produce as much wheat as normal So, there was a total collapse of the wheat economy 1927 $1.46 480 million bushels produced 1933 $0.68 282 million bushels produced
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