The Causes of Canadas Great Depression of 1929-1939 Essay

â€Å"On the morning of October 29, 1929, panicked voices shouted over one another. Here and there, men leaned against the walls, hands over their faces as if trying to shut out the scene. In the street outside, a crowd had gathered, trying to learn the news. A man staggered out the door, clutching his hat in both hands. He looked as though he might weep. â€Å"It’s gone,â€Å" he whispered, so quietly only the few closest to him heard. â€Å"It’s all gone.†# The term ‘Great Depression’ according to Kristin Brennan evokes black-and-white images of thin men in threadbare suits and worn-out shoes selling five-cent apples on city streets, of â€Å"grim-faced women lined up three deep to collect bread and milk at relief stations.†# The Great Depression of the 1930s†¦show more content†¦The amount and scope of this control has been growing steadily ever since.# After the First World War, the Canadian government moved away from a laissez -faire economy, taking a more hands-on approach. The expansion of factories that had occurred during World War One allowed Canada to overproduce goods during the 1920s and they began investing in the stock market, often buying on margin that resulted in massive inflation of stock prices.# The world’s financial centre moved across the Atlantic from London to New York. The United States had become the world’s financial capital. While there are significant exceptions (e.g. Britain), generally the industrialized countries experienced an economic boom in the twenties.# Based on expanding on markets and an increased demand for consumer’s goods such as the automobile and electric appliances, economies continued to expand until 1929.# On October 29, 1929, the economic boom of the twenties abruptly came to an end. This was known as Black Tuesday, and many Canadians, particularly those who had bought on margin, lost everything. Coupled with the financial collapse of the s tock market, the prairies were ravaged by a drought that lasted nearly eight years. Unemployment skyrocketed, and many Canadians â€Å"rode the rails† in search of jobs. The Great Depression lasted until Canada declared war on Germany, creating another prosperous wartime economy.# The Great DepressionShow MoreRelated Conscription in World War Two Essay1659 Words   |  7 Pagesfor one, would speak very strongly against supporting conscription. The unity of Canada would be disrupted by Conscription. Because of Kings failure to react upon the situation, Ralston was furious. In reality King knew that conscription will cause a repeat of the Conscription Crisis of 1917. Even though King was consistently being pressured to introduce conscription; he knew that if it would commence-an immediate civil war would erupt. 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