The Economic Boom and Optimism of the 1920’s

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The Economic Boom and Optimism of the 1920’s The “Roaring 20’s” The Economic Boom and Optimism of the 1920’s

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

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

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)

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

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)

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”

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”

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

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.

Possible Problems…..