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The Great Depression: Prices
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The Great Depression caused Canadian workers and companies great hardship. Prices deflated rapidly and deeply. Business activity fell sharply. There was massive unemployment—27% at the height of the Depression in 1933. Many businesses were wiped out: in Canada, corporate profits of $396 million in 1929 became corporate losses of $98 million in 1933. Between 1929 and that year, the gross national product dropped 43%.
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Not only industrialized areas suffered during the Great Depression. Particularly in the South and Midwest, agrarian lifestyles were severely effected. One major contributing factor was that the Mississippi River flooded in 1927, damaging a large portion on the fertile Mississippi River Valley (Baker 283). The flood was devastating to Southern farmers. For example, roughly eight out of ten Arkansans relied on agriculture as their primary source of income. Also, previous to the flood, cotton, Arkansas’s main cash crop, suffered a huge decline in price (Baker 280).
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Many factors are believed to have caused the Great Depression. Speculation on the stock markets drove share prices to inflated levels, and the bubble burst when stock markets collapsed in the autumn of 1929. Consumer spending dropped, even though prices had been falling. Canada was suffering a trade deficit. Nature was ... working against many Canadian farmers, as a devastating drought on the Prairies wiped out wheat crops.
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