Krach de 1929 au Québec | L'Histoire nous le dira jeunesse # 1

The Impact of the Coronavirus Crisis and Historical Context

Current Exceptional Moment in History

• We are currently experiencing a significant moment in history due to the coronavirus crisis, which will have major consequences beyond human losses.

• A severe economic crisis is anticipated as a result of this pandemic, indicating that its effects will be profound and far-reaching.

The Great Depression: A Historical Parallel

• The discussion shifts to the Great Depression, also known as "la grande crise," which affected many generations, particularly those born before World War II.

• This economic downturn began with a stock market crash on October 29, 1929, marking a pivotal moment in financial history.

Stock Market Crash Details

• On October 25, 1929 (Black Thursday), the New York Stock Exchange experienced significant tremors leading up to the crash.

• The panic selling on October 29 resulted in massive devaluation of stocks, leaving many investors with worthless shares and triggering widespread bankruptcies among businesses and banks globally.

Economic Consequences for Canada

• By 1929, Canada's unemployment rate was at 7.7%, skyrocketing to 26.4% by 1932—over one-quarter of the active adult population was jobless.

• Key sectors like wheat and paper were heavily impacted; Canada was then the largest exporter of paper products worldwide but faced severe declines in production and employment rates.

Social Safety Nets During Economic Hardship

• In contrast to today’s systems, there were no unemployment insurance or social assistance programs available when the crisis hit; these would not be established until years later (1941 for unemployment insurance).

• Charitable organizations struggled to meet rising demands for aid; municipal governments had to intervene by providing direct assistance starting in 1931 amidst overwhelming need from citizens facing poverty and hunger.

Major Public Works and Social Changes in Quebec

Infrastructure Development During the Great Depression

• A series of major public works projects were initiated by federal, provincial, and municipal governments to modernize infrastructure such as sewers, aqueducts, roads, and port facilities in Montreal.

• Unemployed individuals contributed to the development of significant sites like the Botanical Garden and Mount Royal Chalet in Montreal, as well as other civic structures across Quebec.

• In 1933, a law was passed limiting workdays to eight hours per day and 48 hours per week to improve labor conditions for workers who previously worked up to 10 hours daily.

Societal Impacts of Economic Hardship

• The government encouraged colonization efforts in certain regions during the 1930s as a response to economic hardship; this included promoting traditional values like family and faith.

• Many Quebecois left urban areas for rural regions like Abitibi or Gaspésie seeking better livelihoods despite facing challenges adapting to agricultural life.

Political Extremism and Its Consequences

• The global economic crisis led to the rise of extreme political movements; notably, Adolf Hitler's election in Germany capitalized on public despair and anti-Semitic sentiments.

• Although Quebec did not experience a movement comparable to Nazi Germany's, there was an openly fascist party founded by Adrien Arcand that gained some traction during this period.

Emergence of New Political Forces

• The Union Nationale emerged as a significant conservative nationalist party in Quebec during the late 1930s under Maurice Duplessis' leadership after its founding in 1935.

• This party took power in Quebec shortly after its formation, marking a shift towards more conservative governance amidst ongoing economic struggles.

Demographic Shifts Due to Economic Conditions

• The Great Depression resulted in a dramatic decline in immigration rates and birth rates across Canada; families tended to have fewer children during times of economic uncertainty.

• It wasn't until after World War II that Quebec experienced a baby boom; prior investments into social measures began with Duplessis’ acceptance into federal pension schemes for seniors starting from 1936.

Long-term Effects of Economic Crisis

• The end of the Great Depression only came with the onset of World War II in 1939. There is hope expressed that current crises (like COVID-19) do not extend over long periods similar to past events.