The Great Depression (2001)
“This was the year in which the government of Mackenzie King moved hesitantly and reluctantly toward the Liberal welfare state. It was also the year in which – again hesitantly and reluctantly – it began to come to terms with John Maynard Keynes’s radical concept of cyclical budgeting: spending more money in bad times and (one hoped) paying off the deficit in better times. The balanced budget, in short, was about to become a thing of the past. And 1938 was, happily, the year in which the rains c...ame at last – not the frustrating dribble that had characterized the drought years but real, drenching downpours in May and June that soaked the fields and produced the biggest prairie wheat crop in a decade.
The rains came a year too late. The previous year’s crop failure, which reduced Canada’s chief export to a trickle, had a devastating effect on the economy. In 1936 and in the early months of 1937, the country had seemed to be recovering from eight dark years of slump. But by the fall of 1937 the slump returned – a recession in the midst of a depression – caused not only by the drought but also by a general failure of nerve in the business community, which found its earlier expectations crushed.MoreLess
The rains came a year too late. The previous year’s crop failure, which reduced Canada’s chief export to a trickle, had a devastating effect on the economy. In 1936 and in the early months of 1937, the country had seemed to be recovering from eight dark years of slump. But by the fall of 1937 the slump returned – a recession in the midst of a depression – caused not only by the drought but also by a general failure of nerve in the business community, which found its earlier expectations crushed.MoreLess
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