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I have written an essay but forgot to embed cititations and it has to be reviewed
This is the essay, canadian encyclopedia, school helper and history.com was used the teacher just wants citations to be added:
As we live in a time of prosperity and equity for the most part, we were not always so lucky. Canada went from the roaring twenties to something most of us can not even imagine today, The Great Depression. What caused the great depression and the consequences?. There are many reasons why the great depression happened, a drought starting in 1929 in the prairies, the production of too many goods, dependence on the economy of the US and the most speculative reason is the stock market crash that happened in the US in late fall of 1929.
Years before the drought that started in 1929, the prairies were full of farmers whose main crop was wheat. Wheat was in high demand across Canada and also around the world, which meant that Canadian farmers were able to sell their crops at high prices. The economy in the prairies was prospering and the majority of the people had a job, a home, money to support themselves and family. They made huge profits so a lot of them invested in the stock market, in technology and new machines to improve their farms and homes. Since most of the population’s wealth came from the crops when the drought hit it made it extremely difficult to bring in a good harvest which made it hard for western canadians to make a living. After this the stock market crash did not help, almost every Canadian in the west was invested in stocks which resulted in them losing a great amount of wealth just like the rest of Canada.
It is always in the best interest of companies to produce as many products as they can to sell to consumers even if it means producing way too many products that are not in need. Many of the products that were produced were unsold in the factories because either people had already bought them or they could not afford them, especially after the crash. Canada’s economy was heavily dependent on the US with 65% of imports coming from there, when the US flourished Canada flourished. Canada did export 40% to the US which did change after the crash. A majority of Canada’s economy depended on fish, lumber and wheat export and with the crash their number one trading partner did not need to export as much or if at all. Other than the US Canada’s trading was affected with every country that was in depression. Tariffs were put in place for exporting and importing in an effort to get through the depression. Factories shutdown people became unemployed, homeless and hungry.
After many reasons that could have or would have led to the great depression the main or tipping point was the stock market crash. The stock market is looked at as a way to make easy money, become rich quickly. It is like this today as it was like this in the past. In the 1920’s anybody that had some money invested in the stock market, they bought stocks on credit and even borrowed money from brokers in the hope that stocks would rise fast. What at the time seemed like an easy way became one of the greatest economic disasters of humanity. Once, prospering stock exchanges quickly started to fall when reality caught up, the production had declined, unemployment had risen, wages were too low, large bank loans were taken out and they could not be liquidated. The stock market had peaked in august of 1929 and the decline started in september into early october. Panic set in and people started to sell their stocks rapidly, on Thursday october 24, 1929 12,894,650 shares were traded. There was an attempt by investment companies and lead bankers to buy big blocks of stock giving some relief for Friday October 25, 1929 but when the market reopened on Monday it went into free fall which turned into a black Monday followed by a black Tuesday. October 29,1929 stock prices collapsed, 16,410,030 stocks were traded on the NYSE in one day which led to billions lost and wiped out thousands of investors. The market crash did not just affect Canada or neighboring US, it started a wave of disasters to the whole world.
All in all there are many reasons that caused the great depression, not one reason can be pinpointed as the main cause. The wealth of a country or an individual should not be dependent on one or two factors, it should be diversified into many. Lessons can be learned from history and if changes are not made precautions not taken history is bound to repeat itself. Canada today has a greater population compared to the 1920’s and if another depression would happen the outcome would be devastating

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