Socials 10 - Chapter 3 Interwar Years

ARBITRATION

a process whereby quarrelling parties submit their dispute to a third party (arbiter) for a ruling.

KEYNESIAN ECONOMICS

Developed by John Maynard Keynes. In KE the government should intervene to stabilize the economy and most of all the government should manage the economy. During a recession the government should increase spending, and during a boom the government should decrease spending.

PIER 21

The port of Halifax which the majority of European immigrants who came by boat entered through

BALFOUR REPORT

Acknowledged that the dominions were autonomous(independent) communities within the British Empire, and that the Canadian Governor General was only a representative of the British Monarch.

BLOODY SATURDAY

June 21, 1919. Violence erupted in Winnipeg. A huge crowd gathered to watch a parade protesting against the arrest of strike leaders. The crowd overturned a streetcar and set it on fire. The Mounted Police charged the crowd-one man was killed, 30 were injured, and hundreds were arrested.

PROHIBITION

prohibition was the legal ban on the manufacture, transportation, and sale of alcoholic beverages in several countries

EMILY CARR

Emerged during the 1920s and 1930s, she is recognized as one of Canada’s greatest artists. Painted scenes of forests around Victoria, BC and also studied the local Indigenous cultures. Successful author and winner of the Governor General’s award for her first novel, Klee Wyck, meaning laughing one.

LAISSEZ FAIRE

Literally, let do. A government policy or attitude of letting things take their own course, without interfering.

REVENUE

Money taken in by the government. The most usual sources are taxes and customs duties.

DEFICIT FINANCING

governments should borrow money, to be repaid in the future when the economy recovers, and spend it on huge employment projects.

STAPLES

staple goods, which are basic products like crops, lumber, and minerals.

BUYING ON MARGIN

Investors were essentially buying stocks with borrowed money, with the hope that in a short time the stock would rise significantly.

TARIFF

Duties collected on goods coming into a country.

POGEY

Program developed by the government that provided vouchers to those who qualified, which they could then exchange for goods like food or other essential items.

SOCIAL CREDIT

the economic theory that consumer purchasing power should be increased either by subsidizing producers so that they can lower prices or by distributing the profits of industry to consumers.

BUDGET

A spending plan developed by the government. All revenues are totalled and all expenditures for the coming year are announced. The budget tells us the government’s spending priorities.

CAPITALISM

an economic and political system in which a country's trade and industry are controlled by private owners for profit.

SUPPLY

The availability of a particular product or commodity

DEMAND

How badly people want a product

GROUP OF SEVEN

The most famous group of artists from 20th century Canada is the Group of Seven. These seven painters rejected realism, and they used bold strokes, heavy paint, and contrast in their paintings.