A lengthy period of economic and social hardship with low economic activity and high unemployment
What is an economic depression?
It was the worst depression in history, caused widespread suffering, led to social welfare programs, and helped cause WWII
Why was the Great Depression significant?
1929 through the 1930s
What years did the Great Depression occur?
Unsound banking, WWI debt, unregulated capitalism, low wages, overproduction, too much credit, buying on margin, dependence on the US economy, and US protectionism
What caused the Great Depression?
There were no safeguards to prevent speculation, overproduction, or banking collapse
Why did unregulated capitalism contribute to the Depression?
Canada depended heavily on the US economy
Why was Canada hit especially hard?
Tariffs reduced trade and deepened the global economic collapse
How did US protectionism worsen the Depression?
It dropped about 90 percent
What happened to the New York Stock Exchange?
Many lost everything
What happened to investors?
Banks stopped lending and many went out of business
What happened to banks?
Massive loan defaults occurred
What happened to loans?
About 50 percent
How much did the US economy shrink?
It collapsed due to dependence on the US
What happened to Canada’s economy?
Hunger homelessness fear shame and hopelessness
What was the human cost of the Depression?
About 30 percent
What percent of Canadians were unemployed?
About 30 percent
What percent were underemployed?
Many lost homes and became homeless
What happened to housing?
There were virtually no welfare programs
Why was suffering so severe?
Minorities and women
Who was scapegoated during the Depression?
No money no job no future
What phrase summed up the era?
The worst environmental disaster before climate change
What was the Dust Bowl?
Overproduction soil depletion drought record heat and sandstorms
What caused the Dust Bowl?
Millions of acres became useless
What happened to farmland?
Like the end of the world
How did people describe the Dust Bowl?