Final answer:
The 14th Amendment guarantees equal protection under the law and establishes citizenship rights, preventing racial discrimination.
Step-by-step explanation:
The 14th Amendment is significant economically as it guarantees equal protection under both state and federal law, ensuring that individuals are not discriminated against based on their race. By nullifying the Dred Scott decision, it established citizenship rights for all persons born or naturalized in the United States and subject to its jurisdiction. This amendment also extended the due process clause to the states, allowing the Supreme Court to apply the Bill of Rights to the states. Without the protections and provisions of the 14th Amendment, the United States would likely have continued to face widespread racial discrimination, hindering its economic progress and social development.