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THE DIRTY THIRTIES. THE DARKEST OF YEARS http://adamsmith.wordpress.com/2008/12/20/11739/. REASONS FOR DEPRESSION . STOCK MARKET CRASH buying on margin (buying shares with 10% down and using stock profits to repay loans

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the dirty thirties

THE DIRTY THIRTIES

THE DARKEST OF

YEARS

http://adamsmith.wordpress.com/2008/12/20/11739/

reasons for depression
REASONS FOR DEPRESSION
  • STOCK MARKET CRASH
    • buying on margin (buying shares with 10% down and using stock profits to repay loans
    • Loans very easy to obtain
    • Stock prices over inflated
    • October 29, 1929 New York Stock Exchange collapsed and others followed
    • Investors bankrupt in a day
reasons for depression1
REASONS FOR DEPRESSION
  • PRICE OF WHEAT FALLS
    • 1927 price of wheat plummets globally
    • Farmers unable to pay mortgages and loans
    • Leads to decrease in production, economy slows, layoffs occur
    • US tariffs (taxes on imported goods) and protectionism slows trade
    • Canada dependent on export of primary resources (wheat prairies, newsprint BC, Ontario, Quebec)
reasons for depression2
REASONS FOR DEPRESSION
  • REPARATION PAYMENTS
    • Germany burdened with reparation payments
    • France and Britain have major loans to United States (money to rebuild after WWI)
reasons for depression3
REASONS FOR DEPRESSION
  • DROUGHT
    • 1928 – 1936
    • Wind blew topsoil away – constant dust storms
    • Grasshopper infestation
    • No irrigation systems and reservoirs
effects of depression
EFFECTS OF DEPRESSION
  • MIDDLE CLASS WIPED OUT
  • Canadians lost their jobs, homes, farms, businesses, high suicide rate
  • Pogey, relief, dole, welfare, vouchers, soup kitchens
  • Reliance on charities and gov’t aid not enough
effects of depression1
EFFECTS OF DEPRESSION
  • ANGER AND DESPAIR
  • 1933 – ¼ of Canadians unemployed
  • Young, homeless, jobless men drifting, hopping trains (riding the rods), looking for work
  • Arrested for vagrancy for not having addresses
  • Shanty towns (jungles)
effects of depression2
EFFECTS OF DEPRESSION
  • DISADVANTAGED HURT EVEN MORE
    • Fewer jobs for women (domestic service)
    • Aboriginal families expected to ‘live off land’ so received less relief
    • Chinese population: starvation not uncommon
    • Immigrants viewed with hostility as seen as threats to jobs
    • Jewish anti-Semitism (no Jews allowed signs)
political response to depression
POLITICAL RESPONSE TO DEPRESSION
  • William Lyon Mackenzie King – Prime Minister at start of Depression
  • Would not give “a five-cent piece” to help a Tory (Conservative) provincial government
  • Not in favour of relief
political response to depression1
POLITICAL RESPONSE TO DEPRESSION
  • 1930 King lost to Conservative R.B. Bennett
  • Not in favour of relief
  • Raised tariffs (failed)
  • Gave money to provinces (failed)
  • Feared communism
  • Created work camps
  • Hated by many Canadians (was a millionaire)
  • Ousted in 1935 by King
social response to depression work camps and protest
SOCIAL RESPONSE TO DEPRESSION (WORK CAMPS AND PROTEST)
  • Horrible conditions in work camps for 20 cents a day
  • 170,000 men in camps
social response to depression work camps and protest1
SOCIAL RESPONSE TO DEPRESSION (WORK CAMPS AND PROTEST)
  • 1935 – 1000 men left BC to protest (On-To-Ottawa Trek)
  • Stopped in Regina; leaders went on to meet RB Bennett
  • When RCMP cleared out trekkers, 1 man killed, many injuries, 130 arrested
protest politics
PROTEST POLITICS
  • 1932: creation of Cooperative Commonwealth Federation (CCF)
  • JS Woodsworth leader
  • Became popular as socialist and its Regina Manifesto platform wanted more power in public’s hands
protest politics1
PROTEST POLITICS
  • 1935: Social Credit Party won in Alberta
  • William (Bible Bill) Aberhart leader
  • Capitalism is a wasteful economic system
  • Prairie protest party
federal provincial tensions
FEDERAL/PROVINCIAL TENSIONS
  • Rowell-Sirois Commission 1937
  • Recommended federal gov’t have more taxation power
  • Federal gov’t give poorer provinces grants called equalization payments
  • King acts on two of Rowell-Sirois Commission recommendations.
    • Creation of national Unemployment Insurance program 1940
    • Family Allowance 1944
the end at such a cost
THE END AT SUCH A COST
  • Workers find jobs as country gears up for war
  • Men enlist for service, decreasing unemployment
  • World War II is on its way…