THE GREAT DEPRESSION
The Great Depression was a devastating economic descend that lasted from 1929-1939, impacting countries all over the world, including the US, The Empire of Japan, Germany and Canada. It is known as the longest, deepest, and most widespread depression of the 20th century. During the 1920s, most Canadians were enjoying their lives, as the economy was prosperous, allowing people to purchase more luxuries and spend time with their loved ones. However, the "Roaring 20s" soon became overshadowed by a catastrophic downturn - the collapse of the New York Stock Exchange (NYSE). On October 29, 1929, a day referred to as "Black Tuesday", the NYSE crashed. During this decade, companies were very interested in growing, so they issued shares or stocks to raise money. Investors hopped on board, and purchased these stocks assuming that the companies would do well, and the value of the stocks would rise. Many investors were purchasing "on margin", which meant that they bought the shares with a 10% down payment. When the prices of the stocks would increase, they would pay the remaining 90%. Since loans were very easy to receive, it resulted in excessive demand, and the value of the stocks soared to great heights. As some investors began to sell their stocks to take advantage of the high profits, others followed. More and more investors followed the crowd and sold their stocks. This panic caused the stock prices to plummet, and eventually, the NYSE, along with the Toronto and Montreal Stock Exchanges, all crumbled.
On this website, you will learn about how Canada and its people responded politically, economically, and socially to the Great Depression.