Podcast
Questions and Answers
What was a major cause of the Great Depression?
What was a major cause of the Great Depression?
How did economic dependence contribute to the Great Depression in Canada?
How did economic dependence contribute to the Great Depression in Canada?
What impact did overproduction and falling prices have on Canadian businesses?
What impact did overproduction and falling prices have on Canadian businesses?
What did many countries do during the Great Depression to protect their own businesses?
What did many countries do during the Great Depression to protect their own businesses?
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How did the stock market crash impact consumer behavior?
How did the stock market crash impact consumer behavior?
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Study Notes
Causes of the Great Depression
- Overproduction and underconsumption of goods led to a surplus of products and a subsequent drop in prices, making it difficult for businesses to stay afloat.
Economic Dependence in Canada
- Canada's economy was heavily reliant on international trade, particularly with the United States, making it vulnerable to global economic downturns.
- The country's dependence on a few staple industries, such as agriculture and mining, left it exposed to market fluctuations.
Impact of Overproduction and Falling Prices
- Canadian businesses suffered greatly due to the oversupply of goods and the resulting decline in prices, leading to reduced profits and widespread bankruptcies.
Protectionist Measures
- Many countries, including the United States, implemented protectionist policies, such as tariffs and trade barriers, to shield their own businesses from international competition.
- These measures, however, ultimately worsened the global economic situation by reducing international trade and deepening the depression.
Stock Market Crash and Consumer Behavior
- The stock market crash of 1929 led to a sudden and severe loss of wealth for many individuals, causing a sharp decline in consumer spending and confidence.
- As a result, people became cautious and hesitant to make purchases, further exacerbating the economic downturn.
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Description
Test your knowledge about the causes, impact on Canadians, and government response to the Great Depression in Canada. Explore key terms and events related to this significant period in Canadian history.
