Boomtowns

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  • Boomtowns experience rapid economic expansion characterized by rising prices, production and credit expansion derived from optimistic expectations, and increased employment. Boomtowns emerge when a single resource, commodity, or activity is discovered, often experiencing volatile fluctuations between economic prosperity and social disruption as the local communities build infrastructures to accommodate the waves of new residents. Boomtowns attract newcomers with lucrative salaries or investment opportunities, and local entrepreneurs cater to the needs of workers to exploit newfound affluence. If a boomtown is extremely dependent on the single commodity or factor and is not diversified in potential resources to sustain the original community, it can experience “bust” cycles of catastrophic economic collapse, which can make its population decrease in size as fast as it increased—in extreme situations a ...

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