Economy in the United Kingdom教程.docVIP

Economy in the United Kingdom The United Kingdom has a capitalist economy that in 2007 was ranked as the fifth or sixth largest in the world in terms of market exchange rates and the sixth or eighth largest by purchasing power parity (PPP). It was the second largest economy in Europe after Germanys in the same year, but has since fallen behind France on a nominal basis due to the fall of the pound against the euro, Its GDP per capita in 2007 was the 22nd highest in the world. The United Kingdom is also a member of G8, the Organization for Economic Co-operation and Development, and the European Union. The UK was the first country in the world to industrialize in the 18th and 19th centuries, and for much of the 19th century possessed a predominant role in the global economy. However, by the late 19th century, the Second Industrial Revolution in the United States meant the US had begun to challenge Britains role as the leader of the global economy. The extensive war efforts of both World Wars in the 20th century and the dismantlement of the British Empire also weakened the UK economy in global terms, and by that time Britain had been superseded by the United States as the chief player in the global economy. At the start of the 21st century however, the UK still possesses a significant role in the global economy, due to its large Gross Domestic Product and the financial importance that its capital, London, possesses in the world. The United Kingdom is one of the worlds most globalized countries. The capital, London is a major financial center of the world, in front of New York City, Hong Kong and Singapore according to a report compiled by the City of London. The British economy is made up ( in descending order of size ) of the economies of England, Scotland, Wales and Northern Ireland. In 1973, the UK acceded to the European Economic Community which is now known as the European Union after the ratification of the Treaty of Maastricht in 1993. In the 1980s,