There are many similarities and differences between the Great Depression (1929-1933) and the Great Recession (2007-2009). First and foremost, a “Depression” more devastating and deeper than a “recession” of the economy while a recession is a downturn to the economy. These are a part of the business cycle, sometimes the economy can be very successful, and sometimes it can be unsuccessful. The Great Depression took place last century and the Great Recession took place this century. Therefore, during the Great Depression, there was no welfare or unemployment insurance but during the Great Recession, Canadians were safe because it was more recent and they were covered with welfare or unemployment insurance (Social Studies 11, 2013).
The causes of these were similar though, for example, both the Great Depression and Great Recession was caused by a crash in the stock market. The Great Depression lasted 5 years while the Great Recession lasted 3 years. The Great Depression lasted longer and it was also devastating than the Great Recession . During the Great Depression, the “Pogey” was introduced which is like the modern welfare present day however, that did not work out (Falk, 2006). If one was jobless during the Great Depression, then they have been through great poverty but if one was jobless during the Great Recession, then they would have unemployment insurance and stay safe for a while. Additionally, welfare was introduced before the Great Recession.
Both the Great Depression and Great Recession leaded to unemployment of many citizens but the Great Depression had a higher unemployment rate than the Recession. They both lead to poverty and unemployment. Many died from the Great Depression because of the lack of food, shelter and etc. In conclusion, the Great Depression was far more devastating with while the Great Recession was a bust (Falk, 2006).
References:
Falk, J. (2006). Social Studies Eleven Studen Workbook: Second Edition, Hazelmere Publishing
Cranny, M., Moles, G. (2001). Counter Points: Exploring Canadian Issues, Ontario: Pearson Education Canada
Nermo, H. (2013). Social Studies 11. Retrieved from http://jhss11haileynermo.wordpress.com/
Image:
Crowd Outside NYC (2013). Wikipedia. Retrieved from http://en.wikipedia.org/wiki/File:Crowd_outside_nyse.jpg
Crowd after the stock market crash in 1929 (Black Tuesday) in New York