What major event is recognized as the start of the Great Depression in Canada?

What major event is recognized as the start of the Great Depression in Canada?

• A. The signing of the Treaty of Versailles
• B. The Wall Street Crash of 1929
• C. The Flood of 1936
• D. The establishment of the Bank of Canada

Answer: (B)

The Wall Street Crash of 1929 is recognized as the major event that marked the beginning of the Great Depression in Canada. This crash resulted in a significant loss of confidence in the economy and led to widespread financial panic. As the United States' economy faltered, it had a profound impact on Canada, which was deeply connected to American markets through trade. The repercussions of the crash were felt almost immediately in Canada, where unemployment rates soared and many businesses failed. The economic downturn created a ripple effect, leading to a decline in exports and increased poverty levels. The interconnectedness of the economies meant that Canada could not insulate itself from the global effects of the economic turmoil initiated by the crash. Thus, the Wall Street Crash of 1929 is rightly viewed as the catalyst for the economic crisis that would devastate Canada throughout the 1930s.

The Wall Street Crash of 1929 is recognized as the major event that marked the beginning of the Great Depression in Canada. This crash resulted in a significant loss of confidence in the economy and led to widespread financial panic. As the United States' economy faltered, it had a profound impact on Canada, which was deeply connected to American markets through trade.

The repercussions of the crash were felt almost immediately in Canada, where unemployment rates soared and many businesses failed. The economic downturn created a ripple effect, leading to a decline in exports and increased poverty levels. The interconnectedness of the economies meant that Canada could not insulate itself from the global effects of the economic turmoil initiated by the crash. Thus, the Wall Street Crash of 1929 is rightly viewed as the catalyst for the economic crisis that would devastate Canada throughout the 1930s.