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 …showed first 75 words of 641 total…

…showed last 75 words of 641 total…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.