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Unit 5 The UK Economy
Focal points
❖ Absolute decline and relative decline ❖ Recent history ❖ The current UK economy ❖ The UK Economy in 2013 ❖ Case study: The Aerospace Industry
Facts showing the UK Economy’s Relative Decline
Britain is a lot more wealthier and more productive than it was in 1945; however, other countries have improved more rapidly, and the UK slide from being the 2nd largest economies to being the 6th.
Second, the era of empire was over. the independence of its colonies makes Britain lose big markets for British goods, and the independent colonies stopped providing raw materials to the UK, leaving Britain as just a medium-size European country.
２００７世界主要经济体ＧＤＰ排名
Rank order country GDP GDP (per capita ) growth rate
01 USA
137532.87亿美元 45668美元
2.2%
02 JAPAN
51034.63亿美元
40055美元
2.0%
03 GERMANY 30243.34亿美元
But by 1900, the UK has been overtaken by both the United States and Germany.
From 1945 until the present, the story of the UK economy is usually thought of as one of decline.
Recent History
The British economy went through a particular bad period in the 1970s.
36698美元
2.6%
04 CHINA
28792.26亿美元
2177美元
11.4%
05 UK
24718.72亿Байду номын сангаас元
40669美元
2.9%
35 HONG KONG 2045.02亿美元 29298美元
5.8%
(CIA statistics, Feb. 12, 2008）
２０10世界主要经济体ＧＤＰ排名
Outline of Chapter 5
Absolute decline and relative decline
a. introduction
b. Reasons for relative decline
c. Recent History
Economy
The Current UK Economy
Third, Britain spent a higher proportion of national wealth on the military than most of its competitors.
(decolonization, a member of NATO, a member of the UN Security Council.)
First: After World War II, the UK had gone heavily into debt in order to finance the war, selling many of its accumulated overseas assets, and borrowing large amounts from the US and Canada.
Fourth, its industry survived almost unaffected during the war so that British could continued with its older factories and pre-war products.
Fifth, the lack of a close relationship between industry and banks in the UK is not as close as that of Japan and Germany, and the rates of investment was low.
Question: Is this statement true? What are the reasons for describing this period
as one of decline?
The Reasons for the Relative Decline of UK Economy
Primary Industries Secondary Industries Tertiary Industries
Case Study : The Aerospace Industry Concord
Absolute Decline and Relative Decline
By the 1880s, the British economy was dominant in the world, producing one third of the world’s manufactured goods, half its coal and iron, and half its cotton.
