One boom and bust cycle that affected Washington state was the Klondike Gold Rush in the late 19th century. The discovery of gold in the Klondike region of Yukon, Canada in 1896 sparked a rush of people heading north to seek their fortunes. Many of these fortune seekers passed through Washington state on their way to the Klondike, leading to a temporary economic boom in the state.
During the boom period, businesses in Washington benefited from the increased traffic of gold rushers passing through, leading to a surge in economic activity. However, once the initial excitement of the gold rush faded and less gold was being found, the bust phase began. Many of the gold seekers returned empty-handed or with little to show for their efforts, leading to a downturn in the economy of Washington state.
In response to the boom and bust cycles caused by events such as the Klondike Gold Rush, the government of Washington played a role in providing support and assistance to those affected. For example, during the bust phase of the Klondike Gold Rush, the government may have provided relief programs or assistance to local businesses struggling due to the decrease in economic activity. Additionally, the government may have implemented policies or programs to diversify the state's economy and lessen its dependence on boom-and-bust industries.
Describe one boom and bust cycle from this unit that affected Washington state-describe its impact on
the state. What role did the government play in boom and bust cycles? Provide a specific example.
(4 points)
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3 answers
what was it called when the "Boom" happened
The period of intense economic activity and growth during the Klondike Gold Rush in Washington state would be referred to as the "boom" phase. During this time, businesses and industries experienced significant expansion and prosperity as a result of the increased traffic and economic activity associated with the gold rush.