The “Roaring 20’s” The Economic Boom and Optimism of the 1920’s.
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Transcript of The “Roaring 20’s” The Economic Boom and Optimism of the 1920’s.
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The “Roaring 20’s”
The Economic Boom and Optimism of the 1920’s
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New Opportunities
• Post-WWI:– Canadian economy experienced a short slump as
war industries closed and returned soldiers flooded the labour pool
– New markets opened for Canadian goods in a recovering Europe and strong, growing USA
– New industries (new tech) created jobs and Canadians had money to spend
• The Canadian economy began a period of rapid growth
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Growing Industries• Agriculture:
– European farms were damaged in WWI and Canadian farms supplied much-needed food…at a price
– Specially designed (bred) “Marquis Wheat” gave Canadian farmers large crops to sell at home and abroad (it had a shorter growing season).
– 1925-28 were years of record high wheat crops– New mechanized equipment (tractors, threshers, etc.)
allowed for greater production– Farmers had extra $ and used it to expand their farms
and buy equipment
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• Timber, Pulp & Paper:
– A construction boom meant timber was in high demand – Canada had forests full of it
– Newspapers multiplied and Canadian pulp was perfect for making newsprint
– Paper production became Canada’s largest industry – the US was our largest customer
• Energy:
– Cities were becoming electrified and people had new gadgets (appliances, lights) in their homes – demand for electricity increased
– Quebec and Ontario become huge producers & exporters of hydroelectric power (Niagara)
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– Industry moved away from coal-fired machinery to electricity & oil
– People began driving trucks & cars – demand for oil increased
– Rich oil deposits were discovered in Alberta
– Huge amounts of $ were spent on oil/gas exploration
• Mining:
– Manufactured goods need raw materials, especially metals & ores
– Canada had huge deposits of nickel, zinc, lead and copper
– New mines opened and business boomed
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Foreign Investment & Trade
• After WWI, Britain ceased to be Canada’s biggest foreign investor
• American companies were now pouring money into Canadian business/industry
• This was a change as American investors (unlike British) exerted greater control
• “Branch Plants” – were created which offered some problems
• Many Canadian businesses sold a majority of their goods to the USA
• Canada had 2 major trading partners (US & UK)
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Rise of Consumerism
• With the economic boom came higher wages and a desire to spend them
• People wanted a taste of the “good life” after the hardships of the previous decade.
• New entertainments, fads and inventions were in high demand
• Inventions such as the automobile, radio, vacuum, washing machine, electric sewing machine, etc. were now “must haves”
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Rise of Consumerism
• With the economic boom came more jobs & higher wages
• People wanted a taste of the “good life” after the hardships of the previous decade.
• New entertainments, fads and inventions were in high demand
• Inventions such as the automobile, radio, vacuum, washing machine, electric sewing machine, etc. were now “must haves”
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• Advertising became much more prevalent and people were told they had to “Keep up with the Joneses” (not let their neighbours have newer/better stuff than them)
• A large consumer culture was created as people spent their money on all the items they now felt they wanted or needed.
• Businesses grew to support these demands and many new factories and jobs were created
• Thanks to Henry Ford’s new “Assembly Line” idea, automobiles had become affordable and many families bought the new contraptions
• Not everyone could afford to buy all these new products immediately, so stores had “buy now, pay later!” arrangements so that people could purchase items on credit – even stocks on the stock market
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The Triumph of Capitalism!• The Canadian economy of the 1920’s was a
roaring engine that seemed set to propel Canada to the top of the world and create wealth and plenty for everyone.
• The government stepped back and allowed business and the free-market to run its own affairs. (laissez-faire capitalism)
• People (even workers) were investing in the stock market and making some profit from it.
• Jobs, goods and wages were higher than ever before (although wages were still pretty low for many workers) and there was now all kinds of great stuff to buy!
• After the horrors of WWI, it seemed that good times had finally arrived to stay.
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Possible Problems…..