Canada’s most defining moments
Canada is a one of the wealthiest countries in the world but Canada didn’t just become wealthy overnight. Canada has many accomplishments and failures but the most defining moments in Canadian history were both the failures and accomplishments in the economy or economy related. The three most defining moments in Canadian history were; the stock market crash, which led to the “Great Depression”, the baby boom on the other hand led to increases in jobs during the 1960’s, and finally GST replaced “Manufacture Sales Tax” (MST) in 1990.
The morning of October 24th 1929 is known as “Black Thursday” because on this day the stock market crashed in America but it affected most of the world including Canada. The cause of this crash in Canada was because of citizens buying ‘on margin’ which is borrowing money from banks and only putting down 10-20% of the loan. The crash caused the 1930’s to be a period of great depression for citizens. This brought the country into a state of panic and many people committed suicide because of the stock market crash. In only 2 days the market had dropped an average of 20%. The stock market crash was a spark that led Canada and many other countries into a “Great Depression”. Other factors that contributed to Canada’s Great Depression were: the dependence on the United States, over-production and over-expansion, and dependence on the primary industry, these were all long term causes. Many companies in Canada were in debt because of over-production and over-expansion. This caused many of those companies to crumble and if these companies were still up and running they could have brought Canada money from international trade. Companies weren’t the only businesses effected, farming, logging, mining, and pretty much the entire primary industry was falling and Canada wasn’t producing any money and practically all exports were to a halt. The Great Depression was stopped by the start of the second world war...
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