Great Depression . The Great Depression. Economic Review. Economic Boom or Prosperity ~ Wealth, strong business, people have money to spend – a period of growth and expansion Recession ~ Less severe than a depression, downturn of economic activity – value of goods declines
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The Great Depression
1. Rise of consumerism led to the overproduction of manufactured goods
2. Overproduction of wheat – led to problems for Canadian farmers who bought new equipment with credit
3. High protective tariffs (taxes) by the United States on exports (goods sold outside of country)
4. Speculation (gambling) on the stock market by buying stocks “on the margin” led to the crash on “29/29”.
Mackenzie King Part 1 –
Ignored the problem, thinking it would solve itself –
Believed Great Depression was a ‘temporary dilemma’ that would solve itself – ‘laissez-faire’… - no government involvement, let market ‘sort itself out’
Immediately voted out of power.
“One of greatest assets a man can have on entering life’s struggle is poverty”
– easy to say for a millionaire…
BENNETT: Very poor policies, and ‘personal touch’/charisma, but people found out after his death that he gave $2.5 million dollars to charities between 1927-1937…
Many letters were found of private citizens writing to Bennett for $, and he would send money in envelopes to them as gifts
KING: Skilled negotiator, but famous for avoiding issues and delaying to see how events would play out… Criticized for not ‘acting decisively’.
Though he was accused of being ‘boring’ – after his death 30 000 pages of journals were found. Turns out he believed in the occult, obsessed with mystical numbers, seances, and with commonly communicate with the dead including his mom, his dog and Wilfred Laurier.
Mckenzie King: lost election in 1930 for doing little to help those suffering and increased tension with provinces:
“I won’t give a nickel to any province who does not have a Liberal government.”
3. Creation of Work camps: ‘Make work’