Diversified+Economy

=Diversified Economy= toc

Diversified economy is when the econmy is running off of more than one product. It has trade, farming, and manufacturing. The money flowing into the economy is not comming from one thing. It is comming from lots of things.

Before America's Diversified Economy
The War of 1812 directly effected America's economy. This war made us not able to trade because Jefferson introduced the Embargo acts. These acts made us unable to ship goods from the east coast. This hurt America's economy very badly. One of our ways to make money was trade, and now we couldn't do it.

Farming
The United States was originally a nation of farming. Farming was the way to make money and goods. President Jefferson even thought that farming was for the people of God. Agriculture was the primary way to make money and it was what built America. Now that we had a changing economy we needed something different.

Changing the Economy
Many people believed that diversifying the economy would be a great idea. They said we needed to have manufacturing in America. Some people thought this would destroy America. Eventually people were convinced on having manufactuing and farming. If we had manufacturing we wouldn't have to be dependent on trade with Britain.

Manufacturing
America was still very inefficient at mass producing goods. American manufacturing workers had a great need for technology for mass production. We //needed// technology and so we worked hard to come up with inventions. A man named Eli Whitney came up with interchangeable parts. This meant that parts in guns were made the same way so they were much more efficient at making and repairing them now. Now America was coming up with new inventions to make everything much more efficient and easy to do.

Our Diversified Economy
America's diversified economy was finally running well. We had thought about our problems. We thought about ways to fix the problems. Americans finally figured out how to have a great economy and run it well. We realized now that agriculture could not be by itself. Americans knew that there had to be something else, and that something was manufacturing.

References:
Garraty, John A. The Story of America. Austin, TX: Holt, Rinehart and Winston, 1994

"Hall of Fame/inventor profile". Invent Now. 2002. March 30, 2009 