HIS263Y1 Lecture : the great depression
Document Summary
The great depression: 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". Another problem is due to international problems intersecting with specific local conditions. 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 1920"s, which kills wheat production. The effect of this is a total collapse of the western economy. Price of wheat bushels are going down, but also the output because of draught: double whammy .
