Then there were a lot of failures, too. Of course. Just as there are bumper harvests, there are bound to be lean years. In one of Mark Twain’s novels – The Gilded Age: A tale of today, if memory serves – one of the households lit a candle in the stove to give a semblance of the feel of warmth in the dead of a cold winter night.
Like day turns into night, the wheel of fortune turns round and round. Like the ocean having waves and troughs, the economy and human life in general all experience ups and downs. Like mountains having peaks and valleys, the economy has its boom and bust cycles as well.
On the personal level, human life is quite a roller coaster ride.
Ok, this is it, the migration into the Great Plains produced millionaires as well as huge setbacks and failures thereafter.
It’s easy to talk about times of the long past, but in actuality, some of those failures led to broken families, houses sold and, in the worst case, suicides.
By the way, “the ghost towns of today” suggest that many places of the Great Plain are experiencing a bust right now. A prolonged bust, you may say.
All right, let’s read a few more media examples to get a better feel for “boom and bust”:
1. Amazon villages that cut down their forest may make a quick buck, but ultimately end up just as poor and low down on the social ladder as when they started out, say researchers. A study of nearly 300 communities in the Brazilian Amazon shows that deforestation leads to social and economic “boom and bust”.
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