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The Great Depression

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Stewart Mueller

on 7 November 2014

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Transcript of The Great Depression

This depression did finally resulted in expansion of the state responsibility and for social welfare. In 1934 Bennett's government established the Bank of Canada. Which was controlled but monetary policy. In 1940 the government assumed responsibility for the unemployed, jobless by introducing national unemployment insurance scheme and employment service. The depression approved John Maynard, who discussed and argued about if private investments failed to produce full employment, that state will have to create public investment to creat jobs for the unemployed. Not until war broke in 1939, became a deliberate part of government policy. And it was a massive state expenditure required by the war that finally reduced unemployment to basic levels by 1942.

The Roaring 20s Dance
$1.25
Monday, February 17, 2014
Vol XCIII, No. 311
THE 1920
The Roaring Twenties
The Jazz Culture
The 1920s were an age of dramatic social and political change. First time in history more Americans lived in cities rather then on farms. The nations wealth doubled between 1920 and 1929, this economic growth hit may Americans into a "consumer society." People from coast to coast started buying the same goods, listen to the same kind of music, danced the same, and used the same slang. Although the twenties were indeed roaring, many Americans were uncomfortable with this new, urban, racy "mass culture"; in fact the 1920s brought more conflict then celebration to many people.
The freedom that gave young people to go where they pleased and do what ever they want gave them cars( not the Disney movie). Many young people wanted to dance: The Charleston, the cake walk, the black bottom, the flea hop. A lot of jazz bands started playing at dance halls like Savoy in New york and the Aragon in Chicago. 100 million of phonograph records were sold in 1927 alone. The old people objected to jazz music's vulgarity and depravity but the Young ones loved the feeling of freedom on the dance floor
The Great Depression
The Birth of Mass Culture
The " New Woman "
The most familiar symbol of the "Roaring Twenties ". A young woman with bobbed hair and short skirts who was involved in such amiss activities such as drink, smoke. The young woman said what might be termed " unrefined " things, in addition to be more sexually "free" then previous generations. Most young woman in the 1920s did non of these things. Millions of woman worked in well paid jobs (White-collar such as managerial, or administrative work) jobs which allowed them to participate in the burgeoning consumers economy.
The expansion of birth-control devices made it possible for woman to have fewer children, which made new machines like the washing machine and the vacuum cleaner eliminated drudgery of household work.
During the period of the 1920s many people had more money than they knew what to do with. This was the birth off mass culture. People were purchasing consumer goods such as new clothing and electric refrigerators were very popular. Radios became mainstream in households everywhere. Automobiles were also more popular than ever. The Ford Model-T cost only $260 and the banks gave out very generous credit to make the very affordable.
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PROHIBITION
The Crash affects Canada
Black Tuesday
The federal Volstead Act closed every, hotel, pub, bar in the United States. After that point The Federal banded any kind "intoxicant beverages" that could not be sold what so ever. Alcohol was illegal with more then 0.5%. Every liquor trade wasn't selling much at the time, most people simply went to nominally illegal speakeasies instead of ordinary bars. Most bars was controlled by moonshiners and other organized crime figures such as Chicago gangster Al Capone
When the Stock Market crashed in New York on October 29 of 1929 it set off a chain reaction to the word's economies. During WW1 European nations had taken out American loans because the States were not in the war right away. This would have resulted in a huge payday for America but when their economy crashed so did the great powers' of Europe. Canada also lost it's biggest trading partner when the U.S. went into isolation.
The market had been raising all through the twenties. As it rose higher and higher, more invested their savings into the market. In some cases people mortgaged their houses to get money to invest. On September 6th a wave of selling hit the markets and then buying kicked in. For the rest of the month the market swung between buying and selling in a tumultuous pattern. Many loans were taken out and the bank was happily giving them because of the riches of war. By the 23rd the tension in the markets was reaching a breaking point and many investors were completely confused as to the future of the market. The morning of October 24th or what would become known as Black Thursday, began with many brokers making margin calls for more money to cover their positions. More and more they called the less people answered. At about 11:00 am the selling activity reached a peak and for about 6 minutes the markets broke down completely. Crowds began to gather outside the stock exchange market. he bankers, brokers and politicians all stepped forward claiming that the drop in the market was a glitch. Tuesday morning opened with another huge drop and the worst day of the crash, October 29th, 1929 or Black Tuesday had begun.
The promises of the golden 20s was shattered in one day and so did the financial stability shatter in Canada. The crash affected everybody who invested money into the market. The Canadian bluechip stock lost over $5 billion. The spirits of the investors was broken and the whole financial system was destroyed. But that was not it, the worst was yet to come as the economy began to deteriorate and the highest point of the great depression hit in 1932/33.
Why It Happened
The Great Depression in Canada
The Great Depression hit many Countries but not as hard as it hit Canada. It was a social and economic shock that left millions of Canadians unemployed and homeless in many cases.This time of era became "The Dirty Thirties", due to Canada relying heavily on raw materials and farm exports, combined with the disastrous prairies drought. The losses of jobs and saving suddenly changed the country by ushering the birth of social welfare, a variety of populists political movements, and a more activist role for government in the economy.
No Spending, No Jobs
Financial experts wonder what had provoked the Great Depression, such as the crash of the 1920s, the wall street stock market. However there was a public harmony that the Great Depression was resulted from drop of world community prices, which lead to so many declines on people who trying to get a job in global trade and rising the unemployment. Between 1929 and 1933 country gross fell by 42%. By 1933, 30% of the labor force out of work, one of five canadians has become dependent upon government relief for survival.
Government spending cannot be limitless. But cutting in the pace of a deep recession has failed time and again
The country was hit hard by the collapse of the world trade since a third of Canada's Gross national Income came from exports. The four western provinces were the most seriously affected, due to them depending almost exclusively on primary-product exports. When the drought came the economic problems were made worse on the Prairies. The drought, the plagues of grasshoppers and hail storms caused huge crop failures. Saskatchewan experienced the lowest price for wheat in recorded history and saw provincial income fall by 90% within two years. This forced 66% of the rural population on relief. Other western provinces were bankrupt from 1932 onwards. Ontario and Quebec experienced heavy unemployment but they were less severely affected because of their more diversified industrial economies, which produced goods and services for the protected domestic market.
The Depression's effects aggravated by its uneven impact, by a rudimentary social-welfare structure and by misguided government policy. The burden of the Depression was also unequally distributed between social classes. Although wages dropped throughout the 1930s, the prizes declined a lot faster. Therefore the quality of living of property owners and those with jobs increased. Farmers, young people and the unemployed bore the brunt of economic hardship.
The Western Provinces

Uneven Burden of the Depression

The Bennett Government, which defeated Mackenzie King in the 1930 election, initially refused to offer large-scale or relief to provinces, but eventually it gave in and started a Canadian "New Deal" type of relief by 1935. With falling support and the depression getting worse, Bennett attempted to introduce a policy based on the New Deal of Franklin Roosevelt in the U.S. Bennett called for a minimum wage, unemployment insurance, and other such programs. Although Bennett tried the idea was largely unsuccessful. The failure to help the economy led to the federal Conservatives' defeat in the 1935 election. The Liberals, that were led by Mackenzie King, returned to power. Canadian felt very down and lost faith in the liberal party and the Conservative Party, which caused the rise of a new third party: the Cooperative Commonwealth Federation. This was a socialist party which later will become the New Democratic Party.
The depression changed the way many Canadians thought about the economy and role of the state. the economists and R.B Bennett both shared the balanced budget. The depression created reform moments, all reforms included social credit theories of William Aberhart premier of Alberta the "work and wages" program of british Columbia, the union nation in Quebec, H.H Stevens's reconstruction party and the new Democracy movement of W.D Herridge were triggered by the depression.
The communists party of the canadians was virtually outlawed from 1931 to 1936, on 1939 when war was declared, it was banned. The relief camps workers union and the nation unemployment workers association played a significant role in organizing the unskillful in protest marches and demonstration.
Sports During The Great Depression
During the Great Depression, North Americans were all feeling down. Sports were one of things that helped to lift the cold-hard reality of poverty. High school sports became extremely popular especially football and basketball. Boxing became a huge spectator sport and hundreds of people joined.
Literature
If sports were not really your thing, lots of people resorted to writing about how they felt. Journals, poems, songs, and even books were written by average citizens venting their frustration. Some of these poems, and short stories went on to be published and sold nationwide.
The New Deal
Government Aid Efforts
the great depression recovered very slowly. in Canada employment recovered and remained well below trend. 1932, the country was seen as a means to keep the country unified and uplifted in these harsh economic times. Many poor citizens found radio as an escape and used it to restore their own faiths in a brighter future. The latter was used to regulate currency and credit which had been horribly managed amongst Canadian citizens in the prior years
Changed Political Landscape
The Depression changed the way Canadians thought about the economy and the role of the state. In response, the Depression spawned a variety of political reform movements, particularly at the provincial level, which advocated the use of the state to initiate recovery. The Reforms included Social Credit theories of William Aberhart, The Work and Wages by T. Dufferin Pattullo, and the democratic socialism of J.S Woodsworth. The Union Nationale in Québec, led by Maurice Duplessis, H.H. Stevens's Reconstruction Party and the New Democracy movement of W.D. Herridge were also triggered by the Depression.
Recovery
World War II Ends Depression in Canada
Canadian Radio Broadcasting Commission and the Bank of Canada. Both of these corporations were seen as positive moves by the Canadian government to help get the economy back on track. 1937 was an important year in the recovery from the Great Depression. It took the outbreak of World War II to pull Canada out of the depression From 1939, an increased demand in Europe for materials, and increased spending by the Canadian government created a strong boost for the economy.
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