ADVERTISEMENT

Chapter: Canada’s History

Topic: Between the wars

ADVERTISEMENT
ADVERTISEMENT

After World War I

The British Empire became the British Commonwealth of Nations, which had several free state associations after World War I. Canada remains a Commonwealth member to this day, alongside other successor states such as Australia, New Zealand, India and several other Caribbean and African nations.

During the Roaring Twenties, the economy was bustling and people experienced great prosperity. However, it was cut short by the 1929 stock market crash and the timeline known as the Great Depression. In 1933, unemployment reached 27 percent and many businesses closed down. The government was pressured into creating safety nets such as unemployment insurance, standard work weeks and minimum wages. Prolonged drought hit the Western Canada farmers the hardest as grain plummeted.

In 1934, the Bank of Canada was created to bring financial stability and money supply management to the country. Immigration numbers dwindled, including those who were escaping Nazi Germany. Refugees from other nations were turned away as well.