Since the collapse of the global financial markets in 2008, economists and commentators have looked back to the Great Depression of the 1930s to discover similarities and solutions for recovery. Contributing to this crucial moment, renowned economist A.E. Safarian has added a new preface to his classic study of the Great Depression, discussing the present crisis and suggesting ways in which future crises might be avoided.
Essential reading for economists, historians, and politicians, The Canadian Economy in the Great Depression is the definitive study of the country's worst period of economic failure, covering the period from the stock market's rise in the roaring 1920s, through the Great Crash, to the destitution of the 1930s and the eventual economic recovery. Countless students, journalists, and political leaders, including current US Federal Reserve Chairman Ben S. Bernanke, have used it to better comprehend the complicated nature and history of the markets. With remarkable clarity Safarian untangles the web of relations that led to - and sustained - the Great Depression while also examining the economic controls and stimuli put in place during the Depression and how and why these measures failed.
This new edition introduces The Canadian Economy in the Great Depression to a new generation, particularly those concerned about the possibility of another Great Depression.
About the Author
A.E. Safarian is professor emeritus of Business Economics at the Rotman School of Management, University of Toronto.
Table of Contents
Preface to the 2009 Carleton Library Edition xi
Preface to the 1970 Carleton Library Edition xvii
1 Introduction 1
2 Antecedents of the Depression of the Thirties 19
3 The Downswing from 1929 to 1933 72
4 The Beginning of Recovery, 1932-3 109
5 The Recovery from 1933 to 1937 137
6 Exports and Domestic investment in the Recovery
7 Recovery in selected industries 194
8 International Comparisons of Recovery 220
9 Conclusion 232
Appendix A Selected Statistics 243
Appendix B Revised Series for Gross Domestic Investment 249