Final answer:
The North American economic boom in the late 1990s was attributed to a "new economy" fostered by significant advancements in information and communications technology.
Step-by-step explanation:
The economic boom in North America in the late 1990s is largely attributed to the development of a "new economy" based on the extraordinary advances in communications and information technology of that era. Economists have debated whether this boom resulted from a fundamental shift in economic productivity that would continue into the future.
Despite different viewpoints, there is a consensus that the advances in technology, especially the internet and computers, played a significant role in the productivity growth and the economic prosperity experienced during the late '90s. While this period did indicate higher growth, the subsequent recessions, particularly the 2008-2009 financial crisis, brought up questions regarding the sustainability of this productivity growth long term.