The relative success of Canada’s Dominion Bank Act, which shifted control of the banking industry to the government beginning in 1870, was exacerbated by the Long Depression a few years later. A worldwide recession, the Long Depression was triggered by the so-called “Panic of 1873,” which was driven by several factors and quickly strained bank reserves in Europe and then North America. Then the world’s worst economic crisis – until the Great Depression that followed the stock market crash of 1929 – the Long Depression was tied to the widespread demonetization of silver plus rampant speculative railroad investments. A young country of only six years, Canada wasn’t excluded from what would become “the first truly international crisis,” according to the 1997 book, Business Cycles and Depressions: An Encyclopedia. Continue reading →
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