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What were some differences between US and Canadian banking laws in the Great Depression?
I once saw a claim that while thousands of US banks failed in that time, there were no bank failures in Canada. What could have contributed to that?
Can somebody be more specific, please?
1 Answer
- Douglas LLv 77 years agoFavorite Answer
Banking in Canada is much better regulated than in the USA. In Canada it is hard to open a bank and regulators prevent banks from getting in trouble. Also banking in Canada is dominated by a relatively few big banks. In the USA there are thousands of banks. It is about as easy to open a bank as it is to open a 7-11 store in the USA.
US . Banks are allowed to do things that are not allowed in Canada. The US government allows banks to get in trouble
