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110-633: The institute was established in 1990 by the Municipality of Metropolitan Toronto and the City of Toronto and led by veteran Toronto city councilor Richard Gilbert . Former Toronto mayor and federal cabinet minister, the Honourable David Crombie , served as its president and chief executive officer from 2001 to 2007. Crombie was followed in the position by former Winnipeg mayor Glen Murray . Murray stood down following his election to

220-634: A deflationary spiral started in 1931. Farmers faced a worse outlook; declining crop prices and a Great Plains drought crippled their economic outlook. At its peak, the Great Depression saw nearly 10% of all Great Plains farms change hands despite federal assistance. At first, the decline in the U.S. economy was the factor that triggered economic downturns in most other countries due to a decline in trade, capital movement, and global business confidence. Then, internal weaknesses or strengths in each country made conditions worse or better. For example,

330-418: A silver standard , almost avoided the depression entirely. The connection between leaving the gold standard as a strong predictor of that country's severity of its depression and the length of time of its recovery has been shown to be consistent for dozens of countries, including developing countries . This partly explains why the experience and length of the depression differed between regions and states around

440-540: A filibuster in the provincial legislature, proposing more than 12,000 amendments that allowed residents on streets of the proposed megacity take part in public hearings on the merger and adding historical designations to the streets. This only delayed the bill's inevitable passage, given the PCO's majority. The amalgamation would take place effective January 1, 1998, at which time the new City of Toronto (legal successor of Old Toronto ) came into existence. Originally, members of

550-604: A former privately run bank, bearing no relation to the U.S. government (not to be confused with the Federal Reserve ). Unable to pay out to all of its creditors, the bank failed. Among the 608 American banks that closed in November and December 1930, the Bank of United States accounted for a third of the total $ 550 million deposits lost and, with its closure, bank failures reached a critical mass. In an initial response to

660-467: A greater reduction in credit. On 5 April 1933, President Roosevelt signed Executive Order 6102 making the private ownership of gold certificates , coins and bullion illegal, reducing the pressure on Federal Reserve gold. British economist John Maynard Keynes argued in The General Theory of Employment, Interest and Money that lower aggregate expenditures in the economy contributed to

770-600: A modern industrial city handled shortages of money and resources. Often they updated strategies their mothers used when they were growing up in poor families. Cheap foods were used, such as soups, beans and noodles. They purchased the cheapest cuts of meat—sometimes even horse meat—and recycled the Sunday roast into sandwiches and soups. They sewed and patched clothing, traded with their neighbors for outgrown items, and made do with colder homes. New furniture and appliances were postponed until better days. Many women also worked outside

880-402: A monetary contraction first-hand were forced to join the deflationary policy since higher interest rates in countries that performed a deflationary policy led to a gold outflow in countries with lower interest rates. Under the gold standard's price–specie flow mechanism , countries that lost gold but nevertheless wanted to maintain the gold standard had to permit their money supply to decrease and

990-494: A newly constructed Metro Hall at 55 John Street, which was designed by Brisbin Brook Beynon Architects (BBB Architects). The amalgamated council chose to meet at City Hall, though it temporarily met at Metro Hall while City Hall was retrofitted for the enlarged council. Metro Hall continues to be used as office space by the City of Toronto. The following is a list of services that were funded and provided by

1100-765: A range of countries including the Philippines, Ethiopia, Jamaica, Cuba, Honduras, Peru, Paraguay, Bosnia and Herzegovina, and countries within Central and Eastern Europe such as Ukraine, Poland, and Latvia. The CUI is helping to advance regional economic development in Ukraine , local economic development in the Philippines, local government reform in Jamaica, and improved urban management in Ethiopia. Metropolitan Toronto The Municipality of Metropolitan Toronto

1210-567: A serious issue in the 1930s. Support for increasing welfare programs during the depression included a focus on women in the family. The Conseil Supérieur de la Natalité campaigned for provisions enacted in the Code de la Famille (1939) that increased state assistance to families with children and required employers to protect the jobs of fathers, even if they were immigrants. In rural and small-town areas, women expanded their operation of vegetable gardens to include as much food production as possible. In

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1320-480: A small cadre of Labour, but the vast majority of Labour leaders denounced MacDonald as a traitor for leading the new government. Britain went off the gold standard , and suffered relatively less than other major countries in the Great Depression. In the 1931 British election, the Labour Party was virtually destroyed, leaving MacDonald as prime minister for a largely Conservative coalition. In most countries of

1430-713: A standstill agreement froze Germany's foreign liabilities for six months. Germany received emergency funding from private banks in New York as well as the Bank of International Settlements and the Bank of England. The funding only slowed the process. Industrial failures began in Germany, a major bank closed in July and a two-day holiday for all German banks was declared. Business failures were more frequent in July, and spread to Romania and Hungary. The crisis continued to get worse in Germany, bringing political upheaval that finally led to

1540-402: A two-year program to revitalize cites' economies by providing small businesses with market research and $ 10,000. Over the course of its history, the institute had an active international program that works in partnership with cities and regions around the world to improve planning, urban management, service delivery, environmental management, and local economic development. CUI has been active in

1650-658: Is a consensus that the Federal Reserve System should have cut short the process of monetary deflation and banking collapse, by expanding the money supply and acting as lender of last resort . If they had done this, the economic downturn would have been far less severe and much shorter. Modern mainstream economists see the reasons in Insufficient spending, the money supply reduction, and debt on margin led to falling prices and further bankruptcies ( Irving Fisher 's debt deflation). The monetarist explanation

1760-493: Is supported by the contrast in how the crisis progressed in, e.g., Britain, Argentina and Brazil, all of which devalued their currencies early and returned to normal patterns of growth relatively rapidly and countries which stuck to the gold standard , such as France or Belgium. Frantic attempts by individual countries to shore up their economies through protectionist policies – such as the 1930 U.S. Smoot–Hawley Tariff Act and retaliatory tariffs in other countries – exacerbated

1870-1102: Is very close to the local residents.' The Frost government moved immediately and on February 25, 1953, introduced the bill ( An Act to provide for the Federation of the Municipalities in the Toronto Metropolitan Area for Certain Financial and Other Purposes ) to create the Municipality of Metropolitan Toronto. The new municipality would have the power to tax real estate and borrow funds on its own. It would be responsible for arterial roads, major sewage and water facilities, regional planning, public transportation, administration of justice, metropolitan parks and housing issues as needed. The municipalities retained their individual fire and police departments, business licensing, public health and libraries. The council would have its own chairman, selected by

1980-539: The 1932 election , Hoover was defeated by Franklin D. Roosevelt , who from 1933 pursued a series of " New Deal " policies and programs to provide relief and create jobs, including the Civilian Conservation Corps , Federal Emergency Relief Administration , Tennessee Valley Authority , and Works Progress Administration . Historians disagree on the effects of the New Deal, with some claiming that

2090-477: The 1988 municipal election , requiring direct elections to Metro Council from all of Metro's municipalities and severing the links between the two tiers. The suburban boards of control were abolished and Metro Councillors were elected from new Metro Wards, which were larger than the city and borough wards. Now only the mayors of the six member municipalities sat on both the upper-tier and lower-tier councils. The first chairman of Metropolitan Toronto, Fred Gardiner,

2200-784: The Legislative Assembly of Ontario in 2010 and was succeeded by former Hamilton mayor Fred Eisenberger , who formally took office on February 7, 2011. Its current president and CEO is Mary W. Rowe. The Canadian Urban Institute aims to advance the understanding and practice of urbanism in Canada. The CUI envisions Canadian cities as places where all residents can thrive, supported by resilient infrastructure, equitable access to resources, and inclusive public spaces. CUI works across several key action areas, including: CUI holds conferences and seminars, conducts research, and produces publications on social and economic issues that impact

2310-582: The New York Bank of United States – which produced panic and widespread runs on local banks, and the Federal Reserve sat idly by while banks collapsed. Friedman and Schwartz argued that, if the Fed had provided emergency lending to these key banks, or simply bought government bonds on the open market to provide liquidity and increase the quantity of money after the key banks fell, all the rest of

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2420-539: The coming to power of Hitler's Nazi regime in January 1933. The world financial crisis now began to overwhelm Britain; investors around the world started withdrawing their gold from London at the rate of £2.5 million per day. Credits of £25 million each from the Bank of France and the Federal Reserve Bank of New York and an issue of £15 million fiduciary note slowed, but did not reverse,

2530-474: The stock market , which resulted in growing wealth inequality . Banks were subject to minimal regulation under laissez-faire economic policies, resulting in loose lending and widespread debt. By 1929, declining spending had led to reductions in manufacturing output and rising unemployment . Share values continued to rise until the Wall Street crash, after which the slide continued for three years, which

2640-447: The 1937 recession that interrupted it). The common view among most economists is that Roosevelt's New Deal policies either caused or accelerated the recovery, although his policies were never aggressive enough to bring the economy completely out of recession. Some economists have also called attention to the positive effects from expectations of reflation and rising nominal interest rates that Roosevelt's words and actions portended. It

2750-813: The British crisis. The financial crisis now caused a major political crisis in Britain in August 1931. With deficits mounting, the bankers demanded a balanced budget; the divided cabinet of Prime Minister Ramsay MacDonald's Labour government agreed; it proposed to raise taxes, cut spending, and most controversially, to cut unemployment benefits 20%. The attack on welfare was unacceptable to the Labour movement. MacDonald wanted to resign, but King George V insisted he remain and form an all-party coalition " National Government ". The Conservative and Liberals parties signed on, along with

2860-438: The City of Toronto (which was deemed particularly important after being reincorporated as cities), North York and Scarborough built planned city centres: North York City Centre and Scarborough City Centre respectively. This pattern was in contrast to other metropolitan areas like Hamilton-Wentworth , where suburbs such as Stoney Creek had historic cores and whose inner areas were well separated from inner-city Hamilton . As

2970-401: The City of Toronto and the five townships, which at this time were re-designated as boroughs (all but East York were later incorporated as cities). Long Branch, New Toronto, and Mimico were absorbed back into Etobicoke; Weston was absorbed into York; Leaside into East York; and Swansea and Forest Hill, into Toronto, resulting in an unusual final situation where none of the municipalities outside

3080-530: The Depression. Businessmen ignored the mounting national debt and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts. During World War I many countries suspended their gold standard in varying ways. There was high inflation from WWI, and in the 1920s in the Weimar Republic , Austria , and throughout Europe. In the late 1920s there

3190-521: The Dow returning to 294 (pre-depression levels) in April 1930, before steadily declining for years, to a low of 41 in 1932. At the beginning, governments and businesses spent more in the first half of 1930 than in the corresponding period of the previous year. On the other hand, consumers, many of whom suffered severe losses in the stock market the previous year, cut expenditures by 10%. In addition, beginning in

3300-489: The Federal Reserve did not act to limit the decline of the money supply was the gold standard . At that time, the amount of credit the Federal Reserve could issue was limited by the Federal Reserve Act , which required 40% gold backing of Federal Reserve Notes issued. By the late 1920s, the Federal Reserve had almost hit the limit of allowable credit that could be backed by the gold in its possession. This credit

3410-442: The Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending, particularly investment, is the primary explanation for the onset of the Great Depression. Today there is also significant academic support for the debt deflation theory and the expectations hypothesis that – building on the monetary explanation of Milton Friedman and Anna Schwartz – add non-monetary explanations. There

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3520-642: The Great Depression. According to the U.S. Senate website, the Smoot–Hawley Tariff Act is among the most catastrophic acts in congressional history. Many economists have argued that the sharp decline in international trade after 1930 helped to worsen the depression, especially for countries significantly dependent on foreign trade. Most historians and economists blame the Act for worsening the depression by seriously reducing international trade and causing retaliatory tariffs in other countries. While foreign trade

3630-556: The Metro government: In addition, the following agencies were Metro government agencies: 43°42′26″N 79°22′50″W  /  43.7072°N 79.3805°W  / 43.7072; -79.3805 Great Depression The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty; drastic reductions in liquidity , industrial production, and trade; and widespread bank and business failures around

3740-580: The Metropolitan Toronto Council also sat on their respective lower-tier councils; they were not directly elected to the upper-tier council, and because Toronto councillors often voted in a bloc, inner-city issues tended to dominate. From its inception in 1953 until the 1966 municipal election , Metropolitan Toronto Council consisted of the mayor of Toronto, two members of the Toronto Board of Control (the top two finishers of

3850-476: The Municipality of Metropolitan Toronto, and seceded from York County. Metropolitan Toronto Council had its inaugural meeting on April 15, 1953, and was made up of the Metro chairman, Frederick Gardiner , who had been appointed by the province; the mayor of Toronto ; Toronto's two most senior controllers ; nine senior aldermen from the City of Toronto ; and the twelve suburban mayors and reeves . Metro Toronto

3960-481: The New Deal prolonged the Great Depression, as they argue that National Industrial Recovery Act of 1933 and National Labor Relations Act of 1935 restricted competition and established price fixing. John Maynard Keynes did not think that the New Deal under Roosevelt single-handedly ended the Great Depression: "It is, it seems, politically impossible for a capitalistic democracy to organize expenditure on

4070-468: The Toronto Board of Control was abolished with the 1969 Toronto municipal election , Toronto's contingent on Metro Council was made up of the mayor of Toronto and 11 senior aldermen – with the nine previous city wards being redrawn into 11 wards. In the City of Toronto the person who achieved the greatest number of votes in a ward was named the senior alderman. The person with the second most votes

4180-544: The U.K. economy, which experienced an economic downturn throughout most of the late 1920s, was less severely impacted by the shock of the depression than the U.S. By contrast, the German economy saw a similar decline in industrial output as that observed in the U.S. Some economic historians attribute the differences in the rates of recovery and relative severity of the economic decline to whether particular countries had been able to effectively devaluate their currencies or not. This

4290-490: The U.S. unemployment rate down below 10%. World War II had a dramatic effect on many parts of the American economy. Government-financed capital spending accounted for only 5% of the annual U.S. investment in industrial capital in 1940; by 1943, the government accounted for 67% of U.S. capital investment. The massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending

4400-685: The United States, agricultural organizations sponsored programs to teach housewives how to optimize their gardens and to raise poultry for meat and eggs. Rural women made feed sack dresses and other items for themselves and their families and homes from feed sacks. In American cities, African American women quiltmakers enlarged their activities, promoted collaboration, and trained neophytes. Quilts were created for practical use from various inexpensive materials and increased social interaction for women and promoted camaraderie and personal fulfillment. Oral history provides evidence for how housewives in

4510-543: The United States, remained on the gold standard into 1932 or 1933, while a few countries in the so-called "gold bloc", led by France and including Poland, Belgium and Switzerland, stayed on the standard until 1935–36. According to later analysis, the earliness with which a country left the gold standard reliably predicted its economic recovery. For example, The UK and Scandinavia, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had

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4620-460: The banks would not have fallen after the large ones did, and the money supply would not have fallen as far and as fast as it did. With significantly less money to go around, businesses could not get new loans and could not even get their old loans renewed, forcing many to stop investing. This interpretation blames the Federal Reserve for inaction, especially the New York branch . One reason why

4730-465: The behavior of housewives. The common view among economic historians is that the Great Depression ended with the advent of World War II . Many economists believe that government spending on the war caused or at least accelerated recovery from the Great Depression, though some consider that it did not play a very large role in the recovery, though it did help in reducing unemployment. The rearmament policies leading up to World War II helped stimulate

4840-459: The central Council Chamber. Eventually this space proved inadequate and committee facilities and councillors' offices were relocated to an office tower at the southwest corner of Bay and Richmond Street (390 Bay Street ), across from City Hall; Metro Council continued to meet in the City Hall council chamber. Finally, in 1992, the Metro government moved out of Toronto City Hall altogether and into

4950-436: The chairmanship of Lorne Cumming. The Board worked until 1953, releasing its report on January 20, 1953. Cumming's report proposed a compromise solution: a two-tiered government, with the formation of a Metropolitan government, governed by a Metropolitan Council, to provide strategic functions, while existing municipalities would retain all other services. He rejected full amalgamation, citing a need to preserve 'a government which

5060-452: The city no longer annexed suburbs from York Township. At times, the suburbs asked to be annexed into Toronto, but the city chose not to do so. In 1924, Ontario cabinet minister George S. Henry was the first to propose a 'metropolitan district' with its own council, separate from the city and the county, to administer shared services. He wrote a draft bill, but the government chose not to act on it. The Great Depression saw almost all of

5170-536: The city were ever entities founded as distinct historic urban settlements in their own right. The reorganized Metropolitan Toronto adopted a flag and decal using a symbol of six rings representing the six municipalities. Development in Metro Toronto generally unfurled outward smoothly from the City of Toronto into the surrounding municipalities with little leapfrogging , giving it a core-to-suburb continuum that ignored municipal boundaries, resulting in it having

5280-462: The collapse in global trade, contributing to the depression. By 1933, the economic decline pushed world trade to one third of its level compared to four years earlier. While the precise causes for the occurrence of the Great depression are disputed and can be traced to both global and national phenomena, its immediate origins are most conveniently examined in the context of the U.S. economy, from which

5390-475: The crash was a mere symptom of more general economic trends of the time, which had already been underway in the late 1920s. A contrasting set of views, which rose to prominence in the later part of the 20th century, ascribes a more prominent role to failures of monetary policy . According to those authors, while general economic trends can explain the emergence of the downturn, they fail to account for its severity and longevity; they argue that these were caused by

5500-625: The crisis, the U.S. Congress passed the Smoot–Hawley Tariff Act on 17 June 1930. The Act was ostensibly aimed at protecting the American economy from foreign competition by imposing high tariffs on foreign imports. The consensus view among economists and economic historians (including Keynesians , Monetarists and Austrian economists ) is that the passage of the Smoot–Hawley Tariff had, in fact, achieved an opposite effect to what

5610-592: The current City of Toronto . The boundaries of present-day Toronto are the same as those of Metropolitan Toronto upon its dissolution: Lake Ontario to the south, Etobicoke Creek and Highway 427 to the west, Steeles Avenue to the north, and the Rouge River to the east. Prior to the formation of Metropolitan Toronto, the municipalities surrounding the central city of Toronto were all independent townships, towns and villages within York County . After 1912,

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5720-633: The decade. The Depression had devastating economic effects on both wealthy and poor countries: all experienced drops in personal income , prices ( deflation ), tax revenues, and profits. International trade fell by more than 50%, and unemployment in some countries rose as high as 33%. Cities around the world , especially those dependent on heavy industry , were heavily affected. Construction virtually halted in many countries, and farming communities and rural areas suffered as crop prices fell by up to 60%. Faced with plummeting demand and few job alternatives, areas dependent on primary sector industries suffered

5830-408: The depression. Not all governments enforced the same measures of protectionism. Some countries raised tariffs drastically and enforced severe restrictions on foreign exchange transactions, while other countries reduced "trade and exchange restrictions only marginally": The gold standard was the primary transmission mechanism of the Great Depression. Even countries that did not face bank failures and

5940-435: The domestic price level to decline ( deflation ). There is also consensus that protectionist policies, and primarily the passage of the Smoot–Hawley Tariff Act , helped to exacerbate, or even cause the Great Depression. Some economic studies have indicated that the rigidities of the gold standard not only spread the downturn worldwide, but also suspended gold convertibility (devaluing the currency in gold terms) that did

6050-402: The drop in demand. Monetarists believe that the Great Depression started as an ordinary recession, but the shrinking of the money supply greatly exacerbated the economic situation, causing a recession to descend into the Great Depression. Economists and economic historians are almost evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of

6160-483: The duration of World War II. Two factors changed in the 1940s. A Progressive Conservative Party of Ontario (PCO) government was elected in 1943, with a changed policy, intending to promote economic growth through government action. Also in 1943, the first master plan was adopted in Toronto. It recognized that future growth would take place in the vacant land of adjacent suburbs. Planning would have to take into account

6270-427: The economies of Europe in 1937–1939. By 1937, unemployment in Britain had fallen to 1.5 million. The mobilization of manpower following the outbreak of war in 1939 ended unemployment. The American mobilization for World War II at the end of 1941 moved approximately ten million people out of the civilian labor force and into the war. This finally eliminated the last effects from the Great Depression and brought

6380-576: The end of the month. A large sell-off of stocks began in mid-October. Finally, on 24 October, Black Thursday , the American stock market crashed 11% at the opening bell. Actions to stabilize the market failed, and on 28 October, Black Monday, the market crashed another 12%. The panic peaked the next day on Black Tuesday, when the market saw another 11% drop. Thousands of investors were ruined, and billions of dollars had been lost; many stocks could not be sold at any price. The market recovered 12% on Wednesday but by then significant damage had been done. Though

6490-485: The end the Harris government announced what they saw as a superior cost-saving plan. The six municipalities of Metro Toronto would be amalgamated into a single-tier city of Toronto. This was a major break from the past, which had seen the core simply annex suburbs. Similar amalgamations were planned for other parts of Ontario, such as Ottawa and Hamilton . The announcement touched off vociferous public objections to what

6600-500: The explanations of the Keynesians and monetarists. The consensus among demand-driven theories is that a large-scale loss of confidence led to a sudden reduction in consumption and investment spending. Once panic and deflation set in, many people believed they could avoid further losses by keeping clear of the markets. Holding money became profitable as prices dropped lower and a given amount of money bought ever more goods, exacerbating

6710-503: The few women in the labor force, layoffs were less common in the white-collar jobs and they were typically found in light manufacturing work. However, there was a widespread demand to limit families to one paid job, so that wives might lose employment if their husband was employed. Across Britain, there was a tendency for married women to join the labor force, competing for part-time jobs especially. In France, very slow population growth, especially in comparison to Germany continued to be

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6820-534: The first minister of municipal affairs , David A. Croll , and introduced a draft bill to amalgamate Toronto and the built-up suburbs. The draft bill faced strong opposition in Toronto and was withdrawn. The government then started its own inquiry into issues of the suburbs surrounding Toronto. Through consensus, it came to the conclusion that a metropolitan municipality was the best solution. The inquiry reported in September 1939, and its conclusions were put aside for

6930-505: The first week of June, 540 million in the second, and 150 million in two days, 19–20 June. Collapse was at hand. U.S. President Herbert Hoover called for a moratorium on payment of war reparations . This angered Paris, which depended on a steady flow of German payments, but it slowed the crisis down, and the moratorium was agreed to in July 1931. An International conference in London later in July produced no agreements but on 19 August

7040-429: The four in municipal election) and one mayor or reeve from each of the 12 suburbs, and was presided over by the Metro chairman who did not have a seat. With the 1966 election, as the result of the reorganization of the 13 municipalities into the City of Toronto and five boroughs , representation on Metropolitan Toronto Council also changed and the body was expanded from 22 to 32 seats, with greater representation from

7150-606: The government tried to reshape private household consumption under the Four-Year Plan of 1936 to achieve German economic self-sufficiency. The Nazi women's organizations, other propaganda agencies and the authorities all attempted to shape such consumption as economic self-sufficiency was needed to prepare for and to sustain the coming war. The organizations, propaganda agencies and authorities employed slogans that called up traditional values of thrift and healthy living. However, these efforts were only partly successful in changing

7260-519: The home, or took boarders, did laundry for trade or cash, and did sewing for neighbors in exchange for something they could offer. Extended families used mutual aid—extra food, spare rooms, repair-work, cash loans—to help cousins and in-laws. In Japan, official government policy was deflationary and the opposite of Keynesian spending. Consequently, the government launched a campaign across the country to induce households to reduce their consumption, focusing attention on spending by housewives. In Germany,

7370-470: The initial crisis spread to the rest of the world. In the aftermath of World War I , the Roaring Twenties brought considerable wealth to the United States and Western Europe. Initially, the year 1929 dawned with good economic prospects: despite a minor crash on 25 March 1929, the market seemed to gradually improve through September. Stock prices began to slump in September, and were volatile at

7480-606: The job would be "bigger than anything he had tried before." The bill to form Metro was passed on April 2, 1953. The Gardiner appointment was announced on April 7. In Canada, the creation of municipalities falls under provincial jurisdiction. Thus it was provincial legislation, the Metropolitan Toronto Act , that created this level of government in 1953. When it took effect in 1954, the portion of York Township not yet annexed by Toronto, as well as all of Scarborough and Etobicoke Townships were incorporated as part of

7590-563: The lack of an adequate response to the crises of liquidity that followed the initial economic shock of 1929 and the subsequent bank failures accompanied by a general collapse of the financial markets. After the Wall Street Crash of 1929 , when the Dow Jones Industrial Average dropped from 381 to 198 over the course of two months, optimism persisted for some time. The stock market rose in early 1930, with

7700-475: The local municipalities. Gardiner, elected as chairman of the board in 1949, wrote to Premier Leslie Frost that only a unified municipality could measure up to the problems. In 1950, the City of Toronto Council voted to adopt an amalgamated city, while nearly all of the suburbs rejected the amalgamation. From 1950 until 1951, the Ontario Municipal Board held hearings on the proposal, under

7810-521: The market entered a period of recovery from 14 November until 17 April 1930, the general situation had been a prolonged slump. From 17 April 1930 until 8 July 1932, the market continued to lose 89% of its value. Despite the crash, the worst of the crisis did not reverberate around the world until after 1929. The crisis hit panic levels again in December 1930, with a bank run on the Bank of United States ,

7920-508: The media termed the " megacity " plan. In March 1997 a referendum in all six municipalities produced a vote of more than 3:1 against amalgamation. However, municipal governments in Canada are creatures of the provincial governments, and referendums have little to no legal effect. The Harris government could thus legally ignore the results of the referendum, and did so in April when it tabled the City of Toronto Act . Both opposition parties held

8030-414: The mid-1930s, a severe drought ravaged the agricultural heartland of the U.S. Interest rates dropped to low levels by mid-1930, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment remained low. By May 1930, automobile sales declined to below the levels of 1928. Prices, in general, began to decline, although wages held steady in 1930. Then

8140-423: The monetary base and by not injecting liquidity into the banking system to prevent it from crumbling, the Federal Reserve passively watched the transformation of a normal recession into the Great Depression. Friedman and Schwartz argued that the downward turn in the economy, starting with the stock market crash, would merely have been an ordinary recession if the Federal Reserve had taken aggressive action. This view

8250-502: The most to make recovery possible. Every major currency left the gold standard during the Great Depression. The UK was the first to do so. Facing speculative attacks on the pound and depleting gold reserves , in September 1931 the Bank of England ceased exchanging pound notes for gold and the pound was floated on foreign exchange markets. Japan and the Scandinavian countries followed in 1931. Other countries, such as Italy and

8360-427: The most. The outbreak of World War II in 1939 ended the Depression, as it stimulated factory production, providing jobs for women as militaries absorbed large numbers of young, unemployed men. The precise causes for the Great Depression are disputed. One set of historians, for example, focuses on non-monetary economic causes. Among these, some regard the Wall Street crash itself as the main cause; others consider that

8470-582: The need to balance the national budget and was unwilling to implement expensive welfare spending . In 1930, Hoover signed the Smoot–Hawley Tariff Act , which taxed imports with the intention of encouraging buyers to purchase American products, which worsened the Depression because foreign governments retaliated with tariffs on American exports. In 1932, Hoover established the Reconstruction Finance Corporation , which offered loans to businesses and support to local governments. In

8580-488: The nine wards of the City of Toronto, the mayor of Scarborough and the four members of Scarborough's Board of Control, the mayor of Etobicoke and three of the four members of Etobicoke's Board of Control (the top three in terms of votes), the mayor of York and its two Controllers, the mayor of East York and one alderman, selected by East York council, the mayor of North York, all four members of North York's Board of Control, and one alderman selected by North York's council. After

8690-410: The number of the ward, name of municipality and the name of the local communities: At its inception in 1953, Metro was headquartered at a six-floor building at 67 Adelaide Street East (now home to Adelaide Resource Centre for Women). When the new Toronto City Hall opened in 1965, one of its twin towers was intended for Metro Toronto offices and the other for the City of Toronto; the two councils shared

8800-483: The physical volume of exports fall, but also the prices fell by about 1 ⁄ 3 as written. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber. Governments around the world took various steps into spending less money on foreign goods such as: "imposing tariffs, import quotas, and exchange controls". These restrictions triggered much tension among countries that had large amounts of bilateral trade, causing major export-import reductions during

8910-480: The policies prolonged the Depression instead of shortening it. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%; in the U.S., the Depression resulted in a 30% contraction in GDP. Recovery varied greatly around the world. Some economies, such as the U.S., Germany and Japan started to recover by the mid-1930s; others, like France, did not return to pre-shock growth rates until later in

9020-459: The political situation in Europe. In their book, A Monetary History of the United States , Milton Friedman and Anna J. Schwartz also attributed the recovery to monetary factors, and contended that it was much slowed by poor management of money by the Federal Reserve System . Chairman of the Federal Reserve (2006–2014) Ben Bernanke agreed that monetary factors played important roles both in

9130-497: The position). As usual in Ontario municipalities, these councils were non-partisan , although in later years some councillors (and candidates) did identify themselves explicitly as members of particular political parties. Metro councillors were elected by plurality . From the inception of Metro Toronto until amalgamation , there were six chairmen altogether: Metro Toronto wards established in 1988 were given names that contained

9240-583: The province initially, then to be elected by the Council itself after 1955. Premier Frost convinced Fred Gardiner, who still preferred amalgamation, over the metro scheme, to take the job. Gardiner was well known to Frost through the Conservative Party, was well-off, was felt to be beyond personal corruption. Gardiner accepted the position partly due to his friendship with Frost, and he demanded that he retain his corporate connections. He also felt that

9350-434: The scale necessary to make the grand experiments which would prove my case—except in war conditions." According to Christina Romer , the money supply growth caused by huge international gold inflows was a crucial source of the recovery of the United States economy, and that the economy showed little sign of self-correction. The gold inflows were partly due to devaluation of the U.S. dollar and partly due to deterioration of

9460-462: The seats on Metro Council were reapportioned according to population, the council was now dominated by the suburban majority; but it continued to address suburban and inner city issues in equal measure. In the 1995 provincial election , PCO leader Mike Harris campaigned on reducing the level of government in Ontario as part of his Common Sense Revolution platform, and promised to examine Metropolitan Toronto with an eye to eliminating it. However, in

9570-477: The structure of a single city. For example, most of the areas of the small inner boroughs of York and East York, were in effect, extensions of inner city Toronto and gradually transitioned into the more typical suburban areas of the outer municipalities (which also had such inner-city areas where they bordered Toronto). Given that none of the boroughs originated as distinct settlements, they did not have their own downtowns. To give themselves an identity distinct from

9680-401: The suburbs which now had 20 out of 32 seats on the body – up from 11 out of 22 with seats roughly allocated according to population. The distribution of seats was as follows. Toronto (12), North York (6), Scarborough (5), Etobicoke (4), York (3), East York (2). The new Metro Council was made up of the mayor of Toronto, two of the four members of the Toronto Board of Control, senior aldermen from

9790-418: The towns and villages of the county become insolvent. When that happened, they were financially taken over by the province. In 1933, Henry, now the premier, appointed a formal inquiry into forming a metropolitan district. A proposal was made for Toronto to provide several of its services to the suburbs as well. The inquiry died with the defeat of Henry in 1934. In the 1930s, a Liberal Ontario government named

9900-543: The urban sector including social development, infrastructure, and sustainable housing. The organization presents annual Brownie Awards to groups that demonstrate leadership, environmental sustainability , and innovation. In 2020, CUI created three online platforms to provide information about the COVID-19 pandemic: CityWatch Canada, CityShare Canada, and Bring Back Main Street. In 2021, the institute launched My Main Street,

10010-460: The whole metropolitan area. Forest Hill reeve Fred Gardiner , who was politically well-connected to newly elected PC premier George Drew , now promoted the idea of ambitious new programs to lay the capital infrastructure for growth. In 1946, the province passed the Planning Act , which required each urban municipality to have its own Planning Board. A Toronto and Suburban Planning Board

10120-476: The world, recovery from the Great Depression began in 1933. In the U.S., recovery began in early 1933, but the U.S. did not return to 1929 GNP for over a decade and still had an unemployment rate of about 15% in 1940, albeit down from the high of 25% in 1933. There is no consensus among economists regarding the motive force for the U.S. economic expansion that continued through most of the Roosevelt years (and

10230-673: The world. The financial crisis escalated out of control in mid-1931, starting with the collapse of the Credit Anstalt in Vienna in May. This put heavy pressure on Germany, which was already in political turmoil. With the rise in violence of National Socialist ('Nazi') and Communist movements, as well as investor nervousness at harsh government financial policies, investors withdrew their short-term money from Germany as confidence spiraled downward. The Reichsbank lost 150 million marks in

10340-493: The world. The economic contagion began in 1929 in the United States , the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered the beginning of the Depression. The Depression was preceded by a period of industrial growth and social development known as the " Roaring Twenties ". Much of the profit generated by the boom was invested in speculation , such as on

10450-778: The worldwide economic decline and eventual recovery. Bernanke also saw a strong role for institutional factors, particularly the rebuilding and restructuring of the financial system, and pointed out that the Depression should be examined in an international perspective. Women's primary role was as housewives; without a steady flow of family income, their work became much harder in dealing with food and clothing and medical care. Birthrates fell everywhere, as children were postponed until families could financially support them. The average birthrate for 14 major countries fell 12% from 19.3 births per thousand population in 1930, to 17.0 in 1935. In Canada, half of Roman Catholic women defied Church teachings and used contraception to postpone births. Among

10560-479: Was Metro chairman from 1953 until the end of 1961. During his tenure, Metro built numerous infrastructure projects, including the opening of the first subway line , start of construction of the second subway line , water and sewage treatment facilities, rental housing for the aged and the Gardiner Expressway , named after Gardiner. Metro also amalgamated the various police forces into one in 1956. It

10670-423: Was a period of rapid development of the suburban municipalities of Metro. The population of Metropolitan Toronto increased from one million to 1.6   million by the time he left office. As a result of continued growth, the province reorganized Metro in 1967. The seven small towns and villages, which were no longer any denser than the surrounding areas, were merged into their surrounding municipalities. This left

10780-658: Was a scramble to deflate prices to get the gold standard's conversation rates back on track to pre-WWI levels, by causing deflation and high unemployment through monetary policy. In 1933 FDR signed Executive Order 6102 and in 1934 signed the Gold Reserve Act . The two classic competing economic theories of the Great Depression are the Keynesian (demand-driven) and the Monetarist explanation. There are also various heterodox theories that downplay or reject

10890-478: Was a small part of overall economic activity in the U.S. and was concentrated in a few businesses like farming, it was a much larger factor in many other countries. The average ad valorem (value based) rate of duties on dutiable imports for 1921–1925 was 25.9% but under the new tariff it jumped to 50% during 1931–1935. In dollar terms, American exports declined over the next four years from about $ 5.2 billion in 1929 to $ 1.7 billion in 1933; so, not only did

11000-500: Was accompanied by a loss of confidence in the financial system. By 1933, the U.S. unemployment rate had risen to 25 percent, about one-third of farmers had lost their land, and about half of the country's 25,000 banks had gone out of business. Many people, unable to pay mortgages or rent, became homeless and relied on begging or charities to feed themselves. The U.S. federal government initially did little to help. President Herbert Hoover , like many of his fellow Republicans , believed in

11110-452: Was an upper-tier level of municipal government in Ontario, Canada, from 1953 to 1998. It was made up of the old city of Toronto and numerous townships, towns and villages that surrounded Toronto, which were starting to urbanize rapidly after World War II. It was commonly referred to as " Metro Toronto " or " Metro ". Passage of the 1997 City of Toronto Act caused the 1998 amalgamation of Metropolitan Toronto and its constituents into

11220-475: Was appointed by the province; subsequent chairmen were elected by Metro Council itself. The Metro chairman was, for many years, an ex-officio member of the council without having to be elected to Metro Council by constituents as either a local mayor, controller , alderman or councillor. Beginning in 1988, the position of chairman was chosen by council members from amongst its own members (excluding mayors who could vote for Metro councillors but could no longer run for

11330-449: Was composed of the City of Toronto, the towns of New Toronto , Mimico , Weston and Leaside ; the villages of Long Branch , Swansea and Forest Hill and the townships of Etobicoke , York , North York , East York , and Scarborough . Metropolitan Toronto had planning authority over the surrounding townships such as Vaughan , Markham , and Pickering , although these areas did not have representation on Metro Council. Gardiner

11440-474: Was endorsed in 2002 by Federal Reserve Governor Ben Bernanke in a speech honoring Friedman and Schwartz with this statement: Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again. The Federal Reserve allowed some large public bank failures – particularly that of

11550-588: Was founded, under the chairmanship of James P. Maher, and the vice-chairmanship of Fred Gardiner. The Board promoted specific projects, and also promoted a suburban 'green belt', a unified system of arterial roads and the creation of a single public transit network. The Board was ineffective. Projects such as a bridge across the Don River Valley and the Spadina Road Extension (the basis for the later Spadina Expressway ) were rejected by

11660-426: Was given by American economists Milton Friedman and Anna J. Schwartz . They argued that the Great Depression was caused by the banking crisis that caused one-third of all banks to vanish, a reduction of bank shareholder wealth and more importantly monetary contraction of 35%, which they called "The Great Contraction ". This caused a price drop of 33% ( deflation ). By not lowering interest rates, by not increasing

11770-500: Was in the form of Federal Reserve demand notes. A "promise of gold" is not as good as "gold in the hand", particularly when they only had enough gold to cover 40% of the Federal Reserve Notes outstanding. During the bank panics, a portion of those demand notes was redeemed for Federal Reserve gold. Since the Federal Reserve had hit its limit on allowable credit, any reduction in gold in its vaults had to be accompanied by

11880-446: Was intended. It exacerbated the Great Depression by preventing economic recovery after domestic production recovered, hampering the volume of trade; still there is disagreement as to the precise extent of the Act's influence. In the popular view, the Smoot–Hawley Tariff was one of the leading causes of the depression. In a 1995 survey of American economic historians, two-thirds agreed that the Smoot–Hawley Tariff Act at least worsened

11990-641: Was the junior alderman. Both aldermen sat on the Toronto City Council, but only the senior alderman sat on Metro Council. With the 1985 Toronto municipal election the Metro Councillor and City Councillor in the City of Toronto were elected separately though from the same ward. The Metro Councillors still sat on both the Toronto and Metro Council, however. The suburbs retained the status quo and still did not have direct elections to Metro. The Province of Ontario changed this arrangement with

12100-470: Was the rollback of those same reflationary policies that led to the interruption of a recession beginning in late 1937. One contributing policy that reversed reflation was the Banking Act of 1935 , which effectively raised reserve requirements, causing a monetary contraction that helped to thwart the recovery. GDP returned to its upward trend in 1938. A revisionist view among some economists holds that

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