The term institution commonly applies to both informal institutions such as customs or behavior pattern important to a society, and to particular formal institutions created by entities such as the government and public services.
Alaska Gold. July 24, 2012 // 53:44. The Bristol Bay region of southwest Alaska is home to the last great wild sockeye salmon fishery in the world. Itâs also home to enormous mineral deposits â copper, gold, molybdenum â estimated to be worth up to $500 billion.
Skeptics had dubbed the purchase of Alaska âSewardâs Folly,â but the former Secretary of State was vindicated when a major gold deposit was discovered in the Yukon in 1896, and Alaska became the gateway to the Klondike gold fields. The strategic importance of Alaska was finally recognized in World War II.