Being reliant or relying heavily on something. In the context of the economy, it means that a significant portion of economic activity is tied to a particular sector or industry.
Related terms
Agricultural Economy: An economic system in which the majority of economic activity is centered around agriculture, such as farming and crop production.
Cash Crop: A crop grown primarily for profit rather than personal consumption. Cash crops were important in the Southern economy as they were sold for money instead of being used by individual farmers.
Cotton Kingdom: Refers to the dominance and profitability of cotton production in the Southern states during the Early Republic period. Cotton became a major cash crop and played a significant role in shaping the Southern economy.