The Great Depression 4

THE GREAT DEPRESSION Few countries were so severely affected as Canada was by the depression of the 1930's. During that time at least a third of the labor force became unemployed and many Canadians depended on welfare for survival. Canada, which was rich with raw materials, had become a great trading nation. That trade depended heavily on a strong world economy to buy the exports. The collapse in world trade hit Canada and particularly the …

…until today. Some say massive state expenditures required for war put an end to the depression. Others believe that a new economic theory, called Keynesian Economics did the job along with a different government attitude. Whatever the answer, institutions were created like the Bank of Canada, Unemployment Insurance, and educational funding for schooling and training. The nations of the world hope that a catastrophe of this magnitude will be diverted by these new economic efforts.