Great Depression In Canada
Canada was hit hard by the Great Depression. The worldwide Great Depression that started in the United States in late 1929 quickly reached Canada. Between 1929 and 1939, the gross national product dropped 40% (compared to 37% in the US). Unemployment reached 27% at the depth of the Depression in 1933. Many businesses closed, as corporate profits of $398 million in 1929 turned into losses of $98 million as prices fell. Farmers in the Prairies were especially hard hit by the collapse of wheat prices. Despite the emergence of numerous radical parties, the government was run by the major parties and no large-scale experiments, such as the American New Deal were attempted. The Depression ended in 1939 as World War II began.
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Famous quotes containing the words depression and/or canada:
“Could it be that those who were reared in the postwar years really were spoiled, as we used to hear? Did a child-centered generation, raised in depression and war, produce a self-centered generation that resents children and parenthood?”
—C. John Sommerville (20th century)
“I fear that I have not got much to say about Canada, not having seen much; what I got by going to Canada was a cold.”
—Henry David Thoreau (1817–1862)