How would you feel you have everything one moment and nothing the next? This was the reality that many Canadians were forced to live through during the “dirty thirties”. While a few people were still able to live comfortably, many more lived a desolate, impoverished life after the success of the 1920 's. The collapse of the stock market, the overproduction and over dependence of staple products, the excessive buying of stocks on loan and more caused many long and short term effects for the youth, working class and old alike. One of the darkest times in Canadian history was the Great Depression, due to economic, social and political impacts which affected the entire country.
The Great Depression was a devastating economic time for the whole …show more content…
Due to the collapse, companies went into bankruptcy and due to the economy 's state, they were forced to fire and stop hiring employees. This led to vast unemployment all across Canada. All provinces experienced a very rapid decline in work output and a significant increase in unemployment. Although unemployment was mostly affecting the working class it touched all of the people living in Canada in one way or another (Dictionary of American History, 2016). Since all businesses were in a decline, work was very scarce. Many low class workers with less skills than other employees could not find employment. Many middle class employees were also hit by the hardship of unemployment as they struggled to keep their jobs for long periods of time. Finally, economic derailment occurred when the stock market crashed on Black Tuesday and many people lost substantial amounts of money due to their stock holdings. As stock prices drastically went down on Black Tuesday many people watched as they fell into debt. Any hope that the roaring 20’s had put into the minds of citizens was quickly shattered as stocks hit rock bottom prices and were sold off rapidly to avoid any further loss (Canada History, 2013). When the stock prices fell many Canadians had bought substantial amounts of stocks on loan hoping to make profit off them when they go up because …show more content…
The author discussed how the economic downturn caused devastation, how people were socially impacted and how the government suffered at the end of it all. Although the effects listed were very impactful in The Depression timeline there were also many other effects that made The Depression such a harsh time. The Depression was a brutal time for the citizens, small businesses and companies alike. However in the author’s opinion, it taught Canada and the world how to avoid another incident like it and served as a wake-up call for
The Great Depression was a devastating economic time for the whole …show more content…
Due to the collapse, companies went into bankruptcy and due to the economy 's state, they were forced to fire and stop hiring employees. This led to vast unemployment all across Canada. All provinces experienced a very rapid decline in work output and a significant increase in unemployment. Although unemployment was mostly affecting the working class it touched all of the people living in Canada in one way or another (Dictionary of American History, 2016). Since all businesses were in a decline, work was very scarce. Many low class workers with less skills than other employees could not find employment. Many middle class employees were also hit by the hardship of unemployment as they struggled to keep their jobs for long periods of time. Finally, economic derailment occurred when the stock market crashed on Black Tuesday and many people lost substantial amounts of money due to their stock holdings. As stock prices drastically went down on Black Tuesday many people watched as they fell into debt. Any hope that the roaring 20’s had put into the minds of citizens was quickly shattered as stocks hit rock bottom prices and were sold off rapidly to avoid any further loss (Canada History, 2013). When the stock prices fell many Canadians had bought substantial amounts of stocks on loan hoping to make profit off them when they go up because …show more content…
The author discussed how the economic downturn caused devastation, how people were socially impacted and how the government suffered at the end of it all. Although the effects listed were very impactful in The Depression timeline there were also many other effects that made The Depression such a harsh time. The Depression was a brutal time for the citizens, small businesses and companies alike. However in the author’s opinion, it taught Canada and the world how to avoid another incident like it and served as a wake-up call for