Discuss The Changes In The American Economy

America's economy has changed dramatically since its inception over 240 years ago. In the beginning, European settlers , for economic gain, came to the New World and created an economy that relied heavily on agriculture (rice, wheat, flour, tobacco, etc.) Innovations in the 19th century and the expansion of land led to economic growth and marked a shift in how the economy functioned. Furthermore, economic legislation advocated and passed by lawmakers sped the progression of change from a regional economy to the national economy that exists today. In short, America's economy has undergone a series of changes that has transformed it into the wealthiest nation on earth today.
During the 16th, 17th, and 18th centuries, European settlers came to the New World primarily for economic prosperity. Subsistence farming, ship building, and trading of furs were the primary source of wealth during the early years. During this time, plantations were able to

Henry Clay became the most prominent Congressman to support the American System. The significant portion of the American System plan was for the federal government to provide subsidies to roads, railroads, canals so that new avenues of growth could be expanded. People supported the funding because poor roads or railroads slowed down production which affected everyone. The plan also included the establishment of a national bank that could regulate risky banks and stabilize currency. At the time, irresponsible banking practices led to volatile economic downturns that caused painful recessions/depressions. Many felt that having a federal hand involved in banking practices would be a good idea so as to deter bad behavior. Lastly, the third component to the American System called for a tariff on imported goods so as to deter the buying of foreign goods and encourage the purchasing of goods made in