Final answer:
The capital of Texas, first known as Waterloo, is now called Austin and is dubbed the Live Music Capital of the United States. Austin is famous for its unique cultural identity and diverse economy.
Step-by-step explanation:
The capital of Texas, originally called Waterloo, is now known as Austin. It is referred to as the Live Music Capital of the United States and is well-known for its vibrant music scene and cultural uniqueness.
Beyond its reputation for music and culture, Austin and its residents have embraced a character of difference, with slogans like "Keep Austin Weird" that reflect the city's distinctive identity compared to the broader social conservatism that is more typical in Texas.
Despite its unique cultural position, Austin shares Texas's diverse economy which has moved from a traditional reliance on oil and natural gas to a broad range of industries including high-tech manufacturing, healthcare, business, and information technology.
Historically, Texas has a rich past, having been an independent nation known as the Lone Star Republic after the Texas Revolution in 1835-1836 until its annexation by the United States in 1845. Houston, another major city in Texas, serves as a hub for Fortune 500 companies and is an example of the economic growth and multiculturalism present in the state.