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Economic Crash. Ch. 3 (p. 63, 66, 85) . Economic Cycle. Economic Cycle. Different stages that an economy can go Prosperity – economy booming, income levels high, unemployment low People spending a lot of money, possibly leading to inflation aka “Boom”

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economic crash

Economic Crash

Ch. 3 (p. 63, 66, 85)

economic cycle1
Economic Cycle
  • Different stages that an economy can go
  • Prosperity– economy booming, income levels high, unemployment low
    • People spending a lot of money, possibly leading to inflation
    • aka “Boom”
  • Recession– production low, unemployment high
    • People have less money, spending little, economy slows down
    • aka “Bust”

- Depression – severe recession, mass unemployment and poverty

  • Recovery– demand for goods increases, more jobs, higher incomes, economy improves
    • Prosperity again
1920s economy
1920s Economy
  • Post-WWI to early 1920s – factories closing down, veterans returning looking for jobs, high unemployment, low spending
    • Recession
1920s economy1
1920s Economy

Early to mid-1920s - economy improved (natural resources and manufacturing)

  • manufacturing (factories) brought many people to cities
  • urbanization = movement of people from rural Canada (country, farms) to urban Canada (cities)
  • industry often located in downtowns, not nice places to live
  • created slums/pollution; wealthy moved away from downtown
1920s economy2
1920s Economy
  • United States replaces Britain as most important trading partner (after WWI, Britain in debt and US wealthy)
  • US companies invest heavily in Canada, export goods to US
  • US companies build branch plants in Canada (ex. auto industry)
    • Branch Plant = factory/office set up in Canada, but owned or controlled by foreign companies
  • by end of 1920s US companies own large proportion of Canadian industries (oil, machinery, chemical, rubber, and electrical industries)
  • Pumped money into Canadian economy, but US benefited the most
  • Recovery to Prosperity

Also during 1920s - Prohibition in Canadian provinces (WWI to early 1920s) o prohibition = sale and consumption of alcohol prohibited

    • prohibition pushed by temperance movement, primarily women
    • soldiers returned, prohibition unpopular, laws repealed early 1920s
      • replaced with government controlled liquor stores
    • national prohibition in United States 1919-1933
    • large bootlegging industry in Canada
      • bootlegging = importing alcohol illegally into US and/or making it yourself to sell
      • extremely profitable, but dangerous
      • often controlled by organized crime (Al Capone, Mafia)
    • “rum-runners” smuggled alcohol across the border to US
      • sometimes caught by US Customs or were killed
tuesday october 29 1929 black tuesday
Tuesday, October 29, 1929 - “Black Tuesday”
  • New York Stock Exchange collapsed (economic disaster)
    • stock market crash = prices of all stocks fall sharply and quickly
    • Canada goes from Prosperity straight to Depression
    • End of Roaring Twenties, beginning of the Great Depression