The Great Depression In Canada and The United States of America The Great Depression is one of the worst recessions in all of history. After the war, many troops returned home looking for a place to work. Not many job offerings are available at the time, leaving families with no income. On ‘Black Tuesday’, October 29th, 1929, the stock markets completely crashed. Investors were left with no return from shares they invested in. After this, the public turned to the banks. When the public turned to the banks, they learned the shocking reality that was that banks had run out of money. Banks were lending out lots of money at the time, and that eventually caught up with them. It would take another 10 years for this recession Is the Great Depression …show more content…
At the time, there were not many things Canada could export. Wheat, pulp, and paper, fish, and minerals were the main exports of Canada. Before the Great Depression, there was a very high demand for these goods. During the depression, the global market was flooded with these goods and the value decreased as a result of little demand. When the 1930’s came around, there was little to no steady work to be found due to the poor economy. Families moved from town to town in hopes to find a good job, but that was very hard to do because most people could not afford to pay others, forcing some small businesses to close down. When work was found, it would be hard to keep that job for long because they would run out of money and close down, or someone would bargain to work at a lower cost. “The miserable failures of capitalist economies in the Great Depression were the root causes of worldwide social and political disasters.” (James Tobin). As the economy went down, people went to the banks for loans and to withdraw money, but the banks were unable to assist them. Easy going banks with lenient rules were a major factor in the start of the Great Depression. During the 1920’s, it was very simple to get a loan from the bank. The lending rules were very lenient at this time, and they started to lose money. Towards the Great Depression, banks did not have enough money to …show more content…
When Black Tuesday came around on October 29th, 1929, the banks lost all the money they had invested with other people 's money. Banks had to shut down, making people lose their jobs forcing them to join the rest of the public. “I grew up in an area of pretty severe poverty. My parents weathered the Great Depression, and money was always a big concern. I was weaned on a shortage mentality and placed in foster homes largely because there wasn’t enough money to take care of the most basic of needs.” (Wayne Dyer). The banks that lost people their hard earned money were a large factor in the causes of the Great Depression. If one event had gone in a positive light, the Great Depression could have been
The Great Depression began with the famous stock market crash known as “Black Tuesday” and later went on to rapidly develop into one of the most dramatic economic declines in the history of Westernized society. Two of the main causes of the Great Depression were the abuse of the stock market and the general distrust of banks instilled within the American public, which led to the decline of the American economy. President Herbert Hoover, elected in 1928, was a firm believer of rugged individualism and that the economy has natural cycles, which prompted him to employ a “wait and see” approach with the American people when the Depression hit. Soon after, President FDR won the 1932 election by a landslide and enacted a collection of programs
In 1929, America underwent an economic crisis. It was the longest and most severe depression of the industrialized western world. This was known as the Great Depression. The cause of this tragic event was partially caused by buying stock in credit. Banks handed out loans to people but when the stock market crashed, they couldn’t pay back the loan.
The Great Depression: The Pinnacle of Desolation The Great Depression; one of the lowest points in human history. The world had entered a deep chasm of despair. People were without the money necessary to feed their families and were thus in a forced migration. The population donned the mask of nomads once more by following the migration of sporadic jobs to feed their starving families.
The Great Depression was a severe worldwide economic depression that took place during the 1930s. The article by Edwin Gay and pictures compiled by Cary Nelson are both descriptions of how the Great Depression was and the several impacts that it had on the American economy. The range of the great depression is unprecedentedly wide according to Edwin Gay. The great depression was believed to have started from the collapse of the US stock market in 1929. This was shown in a picture as compiled by Cary Nelson
The economy of canada had been greatly affected by the great depression. In between
The majority of people made under 2,000 dollars a year (Document 9) which was considered the bare minimum to live off of, the buy all of the basic essentials. These people didn’t have any money to spend on luxury items and couldn’t buy on credit. During this time, some companies priced their goods at a higher price than the majority of people made in a year, like boats that were priced anywhere from 10,000 dollars to 35,000 dollars (Document 8). With nobody to buy from them, these businesses were left without a profit and began going bankrupt. An average family before the depression with two people working full time jobs only made around twenty dollars a week (Document 7).
America had experienced other depressions or “panics,” but none were like the Great Depression. The Great Depression began on October 29, 1929, Black Tuesday, with the stock market crashing. Most people believe that the cause of the Great Depression was the stock market crashing. Although that is what triggered the Great Depression there were many underlying causes that lead up to the stock market crashing. Some of the underlying causes include under-consumption/over-production, uneven distribution of wealth, loose banking and corporate regulations, tariffs policies, and the stock market.
This swept throughout the U.S and by early 1933 thousands of banks closed. In Document ten and eleven Americans were getting caught up with financial problems and could not manage it all and they only brought what they could afford only (Elmer Davis, “If Hoover Fails,” Harpers Monthly, March
There were a variety of causes that caused the Great Depression, but the main cause that started it was a decrease in spending. This led to production decrease because manufacturers and merchandisers did not want to have unused items just sitting on the shelves. In October of 1929 the stock market crashed. The United States stock prices had reached levels that could not be justified by sensible predictions of future earnings. The results of this were catastrophic.
Did you know the Great Depression was the deepest and longest economic downturn in the history of the western industrialized world?The lowest point for America where the economy was at a severe downfall. The Great Depression started on October 29,1929, ended in 1939.How America was able to overcome the Great Depression was because of World War II and big government military spending that finally broke the depression’s back (Doc.5). In these hard times for America it; was able to sustain itself over the downslide of falling stock prices and when the stock market crashed. The Great depression was one the most difficult time for Americans where there were people in severe poverty and often jobless. The causes of the Great Depression was speculation,
"There is no cause to worry. The high tide of prosperity will continue." The Great Depression started on March 25,1929. In the Great Depression people lost started people lost their jobs and half of the banks failed. Why do black people get treated poorly Know one had money for them to have in their bank.
The Great DepressionTopic: the great depressionQuestion: How did the great depression affect americans?Thesis statement:The great depression affected americans because it destroyed their economy. Millions of families lost theirs savings as many banks collapsed in the 1930’s. The Great Depression was the worst economic drop of all times in the industrial world1. The Great Depression began because of a stock market crash in 1929 and came to end ten years later in 1939, around 15 million americans were unemployed and about half of the American banks failed. It was one of the darkest era in the United States.
The Great Depression was not only one of the defining moments in American history, but also one of the most difficult hardships Americans faced. During the Great Depression, which was ignited by the stock market crash of 1929, people faced unemployment, poverty, and changes in government the ultimately shaped America today. Many people believe that The Great Depression began when the stock market crashed on October 29, 1929 (“The Great Depression,” American Express). In the mid to late 1920’s the stock market grew majorly, the stock prices skyrocketed gaining interest from all kinds of people.
The first cause of Great Depression was bank failure. It was one of the main causes of the Great Depression. Throughout the 1930s over 9000 banks failed. In 1920s there were a lot of banks.
The Great Depression was the worst economic downturn in the history, which lasted from 1929 to 1939. It began after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors. Spending began to drop, and it caused declines in employment and some companies began to lay off workers. By 1933, the Great Depression reached its lowest point and millions of Americans were unemployed. The 1920s consisted of dramatic social and political change.