A gold rush is a period of feverish migration of workers to an
area that has had a dramatic discovery of gold deposits. Major
gold rushes took place in the 19th century in Australia, Brazil,
Canada, South Africa, and the United States, while smaller gold
rushes took place elsewhere. In the 19th and early 20th
centuries, there were several major gold rushes. The permanent
wealth that resulted was distributed widely because of reduced
migration costs and low barriers to entry. While gold mining
itself was unprofitable for most diggers and mine owners, some
people made large fortunes, and the merchants and transportation
facilities made large profits. The resulting increase in the
world's gold supply stimulated global trade and investment.
Historians have written extensively about the migration, trade,
colonization, and environmental history associated with gold
rushes.1 Gold rushes were typically marked by a general buoyant
feeling of a "free for all" in income mobility, in which any
single individual might bec