What impacts did the gold rush have on economics of the US?

Answer 1

One of the great benefits of a gold rush is that any people start to not only take gold but they also use the Natural Resources like going fishing, also it improves Australia's tourists and Immigration sites!

Answer 2

The Governments of New South Wales and Victoria were major beneficiaries from the gold rush as the discovery of gold brought more wealth to their states. As gold was found in other states, they too benefitted. In Queensland, the town of Gympie (where the first major gold strike of Qld was made) is sometimes referred to as "the town that saved Queensland". The traders on the goldfields benefitted in a major way. They discovered very early on that they could charge exorbitant prices for their goods, because diggers were unwilling to leave their diggings to travel to the major cities for supplies. Chinese immigrants who came purely for the gold benefitted also. The Chinese were very hardworking, and often more successful than others on the goldfields. Some of these immigrants simply took their gold back to China with them, but otehrs stayed in Australia and built up businesses in the towns that sprang up on the goldfields. Aborigines were not affected badly either. Many of them took the opportunity to offer their services as stockmen, shearers, rouseabouts, etc on farm when the men abandoned the land for the goldfields.

Answer 3

Entrepreneurs are those people who see opportunity and act on it where others may not. In the goldrushes, certain individuals would set up businesses where they could see a market. Because they tended to have a monopoly on the market, they were able to hike up prices as much as possible. People would rather pay excessive prices than leave their gold claims to stock up on supplies in the city, where prices were cheaper. This was one way in which entrepreneurs could benefit.

Answer 4

• Because major gold discoveries were made in Victoria, this newly separated state suddenly found itself very wealthy. Businesses boomed, together with the population, and more people settled further out from the established towns, sparking interest and enthusiasm in exploration.
• Immigration was a major effect of the Australian goldrush. Enormous numbers of immigrants, especially Chinese, brought their unique cultural influences to Australia, and many of the Chinese stayed on to build businesses in the towns once the main gold deposits were mined out. Gold attracted immigrants from many other European countries as well, and contributed in large part to the multicultural nature of Australia today, as well as the multicultural businesses.
• Gold brought wealth to Australia, and with it, a new sense of identity, and the independence and confidence to push for Federation and the establishent of the Commonwealth of Australia in 1901. Basically, Australia no longer needed to be "piggybacked" by England any more.
• The goldrushes helped bring improvements in transportation. The famous "Cobb and Co Coaches" ran successfully for half a century, thanks to the goldrush. Train lines were built, linking the major centres, and roadways were improved. The improvement in public transport cetrainly had economic impacts such as employment, and for commuters.