LectureThreeTheUKeconomylhy.docVIP

PAGE  PAGE 5 Lecture Three The U.K. Economy Contents: 1. A Brief Introduction to U.K. Economy 2. Absolute Decline and Relative Decline 3. Recent History 4. The Current U.K. Economy 5. The UK Economy in 2009 1. A Brief Introduction to U.K. Economy Britain was the first country to start the industrial revolution in the 18th century. Britain is a capitalist country. The characteristic of the economic system of capitalism is that it protects private enterprise. Britain began its market economy about 300 years ago. Britain is a trading nation. (Why?) In Britain, the domestic marke