Why Is Great Britain's Regulated Market Economy Compared To Any Other Country

Britain had become one the world’s most profitable countries with spending increased by 20% during this period– even though the economic growth remained at just 3%.

As a result of the Industrial Revolution, Great Britain experienced significant wealth improvement. Technological innovation and scientific progress lead to advancement in industrial and agricultural production, enabled economic expansion, and the standards of living changed. The most apparent changes could be seen in rural areas, where the urban landscape frequently became industrialized with the developments in industry, agriculture and shipping. As wealth was accumulated in these regions, there was a need for country banking. The most profitable and exportable goods were in the metal industry during the late 18th century, and thus exported goods brought capital flow into Great Britain’s economy. Britain’s infrastructure and growth of

Great Britain met the previously stated necessary conditions for becoming a capitalist society. Due to gradual social changes, feudalist land systems eventually dissipated and the monarch gave power to parliament where some merchants lobbied for free trade. Furthermore, as time passed societal views on lending systems changed and a banking credit system would eventually be created. New technology such as the knitting machine emerged and later Britain would be the first to industrialize as well. This would further assist the nation in becoming a dominant figure in the world market once the Industrial Revolution fully took off. Similarly to other nations during this time, Britain was prospering from colonies and slave labor. With their superior navy and naval transportation system Britain could trade goods all over the world safely and with ease with goods they did not have to invest a tremendous amount of capital into. Also, After Britain eliminated the Dutch competition they further improved as an economic powerhouse and immersed themselves in the global market. Finally, after Great Britain’s Civil War land prices went down which enabled further investments in land and commerce. This led to an increase in agricultural production and the necessary agricultural surplus required by a capitalist society to form. These factors combined allowed the

Currently, Great Britain is ranked the fourth largest economy in the world with the sterling pound as their currency. In 2015, Great Britain's GDP was estimated at 2.66 trillion dollars and a per capita at 41,200. This means that the value of all the goods and services produced in Great Britain

This report notes that the UK has the possibility of leaving the European Union (EU). The UK as a member of the EU has rights to get some good policies on trade. In the meanwhile, the UK also need to obligate the restrictions of businesses that published by the EU. The UK’s economic has correlation with the EU. Therefore leaving the EU (Brexit) might bring some changes on trade, employment, the regulations of businesses and the position of UK in the world. This report analyzes the positive impacts and negative impacts that might be brought to the businesses in the UK if UK decides to leave the EU.

Explain why government regulation is needed, citing the major reasons for government involvement in a market economy.

London is the world's leading financial centre for international business and commerce and is one of the "command centres" for the global economy.London is the most populous region, urban zone and metropolitan area in the United Kingdom.London generates approximately 22 per cent of the UK's GDP.Although London is home to numerous companies within the United Kingdom, statistics show how important it is to other nations.For example, the most recent data estimates that London exports approximately £92billion worth of products every year while its GDP is greater than the economy of

A higher supply of labour is likely to be followed in long run allowing the firms to cut off their cost of production. With the improvements in the competitiveness of the UK firms, goods and services can be exported internationally at lower price levels. This would generate a huge amount of income from the trade with international markets. This can be of instrumental help in creating a positive balance of payments in the current account. However, income from foreign countries would depend solely on the performance of the global

Source 5 and 6 support source 4. In 1750, cotton was the largest demand in Britain, but by 1900, coal was the largest demand (Child J, 2000, pg.76.). This would be because new machinery created a need for new energy sources such as coal. Before the Industrial Revolution, there was the Cottage Industry. This was when goods were being handmade in small workshops or homes (Burvill-Shaw S, 2012, pg. 150). Due to dramatic technological changes, goods could be made cheaply in large quantities by machines in factories (Dewald J, 2004). Before the Industrial Revolution, 80% of the world’s population were engaged in farming. Today less than 2% of people have an occupation in farming (Crash Course, 2012). This is a massive impact on Modern society. Products being made in large goods meant they were sold for less. These changes increased the use of natural resources and the mass production of manufactured goods. Geography and natural resources played a vital part for Britain during the Industrial Revolution. Britain always had a strong naval force and was ideally placed for trade (Encyclopaedia Britannica Online, 2014). The harbours around Britain allowed heavy goods to be transported cheaply from one part of the country to the other by sea. However, Britain forbid the export of machinery, skilled workers and manufacturing techniques creating a major lead over other nations (Jacob MC,

Industry, within the United Kingdom has changed, during the 1960 and 1970 manufacturing was a significant part of our economy, however many business were government run and failed to respond to international markets. These state own businesses just could not afford to run and were sold off as they were loss making and were just not efficient (Wikipedia 2015). However manufacturing still continues though not on the same scale, many of these businesses have transferred overseas, where production costs are considerably lower.

Specifically, in 2017, the World Bank named the United Kingdom the seventh strongest economy in the world, with projected economic growth of 1.3%, 1.6%, 2.1%, and 2.3% in 2018, 2019, 2020, and 2021, respectively (“Trade Regulations,” 2017; “Economic and Risk Analysis,” n.d.). However, these projections neglect to account for the Brexit transition, where higher growth is expected, as regulations will be rewritten to further support trade and welcome foreign investment, with tariffs sinking as low as 1.6% (Wheeler, 2018). Largely, indicating greater economic growth, more available jobs, and higher rates of disposable

on individual companies they were able to build the most powerful navy in the world, and

As the world’s empires began stretching to all corners of the globe, colonization provided growing empires with the much needed resources to sustain their exponential growth. As a small island nation, roughly the size of Louisiana, the British Empire was quickly becoming the world’s super power as the eighteenth century approached. With industrialized centers such as Manchester and London leading the world’s technological advancement, resources imported from colonies and foreign alliances were key to Britain’s economic and technological growth as the globe’s premier superpower. Taking place primarily from 1760-1850, the industrialization in England was fueled by a need for sustainment as nation. Due to minimal land mass of the British Isles, heavy reliance was placed on colonies and foreign nations for acquiring the needed resources to produce goods. With such goods as America’s cotton, Britain’s cotton gins could mass produce clothing and linens to all corners of the globe providing the nation with an influx of capital required to obtain much needed food sources and materials necessary to further along the industrialization. With greater capital inflows, British industries could purchase materials needed for production, keeping factories open year round and people of England off of the streets as employment provided for greater personal opportunity.

In the nineteenth century, British firms were strong competitors in exporting compared to America. British firms were responsible for forty-three per cent of world trade in manufactured goods, which is a number that confidently supports their unwavering presence, regardless of their low productivity levels (Magee 2004, p. 82). With a strong exporting presence, Great Britain was known as a ‘workshop of the world’ because many foreign countries relied on them for certain products, in comparison to the Unites States, who were only responsible for about six per cent of world trade in manufactured goods (Magee 2004, p. 83). Therefore, Great Britain’s strong exporting presence was due to their efficiency of their craft-based production system, which also explains that their low productivity levels do not imply failure because, even though America had higher productivity levels, almost half of the world depended on British products.

The economic reforms initiated by Prime Minister Margret Thatcher since 1980’s has made the United Kingdom record steady economic growth in the 1990s. However, successive Labour governments increased government spending significantly. Since 2010, the government upheld austerity as the principal of its economic policy. In 2014, the country recorded its strongest economic growth since 2007 of 2.387 trillion dollars with GDP per capita at 39,350.64 dollars. The GDP increased significantly because of the enhanced performance of the construction, manufacturing, and services sectors. Retail sales also increased with unemployment relatively at lowest