Great Depression

Great Depression

 

- After 1923 economy looked good

- In 1929, depression started. People started losing jobs and therefore couldn’t pay debts to companies and banks

- Companies were left with products that nobody could buy

- Importers and Exporters were affected

- Young people heavily effected due to downturn (No jobs, money, put lives on hold)

- October 4, 1929, Toronto Stock Exchange (TSX) lost $200 Million in value.

- October 24, 1929, 400 000 shares traded on Montreal Stock Exchange

- On same day, 12 million shares sold on the New York Stock Exchange

- October 28, 1929, values of TSX stock fell by $1 Million a minute

 

Causes of Great Depression

 

- Loss of jobs

- Inability to payback loans caused companies to suffer

- Stock Market Crash

- Bank Failures

- Reduction in Purchasing

- Drought Conditions