Chapter 2.13: The Great Depression Flashcards
1
Q
When does Black Thursday occur? Why?
A
Stock market crashes Oct 24 1929
2
Q
Why does the NY stock exchange crash? How much is lost?
A
- Overproduction of goods
- Speculation
- Inflation during Roaring 20s
- Countries raising tarrifs
- Over 10b$ lost (double what they had in cash)
3
Q
What is speculation on the stock market?
A
Making risky transactions to generate profit
4
Q
What were consequences of the stock market crash?
A
- Lack of money to buy basic items (food, clothes, etc)
- Unable to pay rent, leading to eviction
- Relied on savings and help from family
- Men “ride the rails” to find work in Canada
5
Q
By how much does unemployment rise during the Great Depression?
A
From below 5% to around 30%
6
Q
What is barter?
A
Paying in untraditional ways (giving chicken, ducks, geese, turkeys, potatoes, wood, etc)
7
Q
How does the government intervene during the Great Depression?
A
- Create public projects to make jobs
- Financial assistance
- QC “back to land” policy
- Work camps for single men
8
Q
What was Canada’s “New Deal?”
A
- Bank of Canada created to control money supply
- Child labour banned
- Unemployment insurance
- Raised tarrifs to protect industries
- Money invested for construction
9
Q
What new political parties emerge during the Great Depression? Why?
A
CCF (NDP), Union Nationale (QC prov). Advocate for social justice
