Answer: Cotton is essentially produced for its fiber, which is universally used as a textile raw material. Cotton is an important commodity in the world economy. Grown in more than 100 countries, cotton is a heavily traded agricultural commodity, with over 150 countries involved in exports or imports of cotton.
North, stated that cotton “was the most important proximate cause of expansion” in the 19th century American economy. Cotton accounted for over half of all American exports during the first half of the 19th century. The cotton market supported America's ability to borrow money from abroad.
