Chapter 4 Economy 英语国家概况 英国文化选修课 教学课件.pptVIP

CONTENT Victorian Age Mercantilism (重商主义) a. the acquisition of gold and silver, in payment for goods exported, increased the wealth of a nation. b. It developed the doctrine of the balance of trade. Dominant position a. 1/3 of the world’s manufactured goods. b. 1/2 of the world’s coal, iron and cotton. c. shipping is greater than the sum of the rest of the world. East India Company (东印度公司) Causes Policies “mixed economy” an economy in which thereis some public ownership as well as privately owned business During the 20th century thegovernment has become involved in the economy through introduction of social welfare policies and laws to regulate industrial relations. Policies (1945-1979) In 1945 the Labor party carried out drastic reforms nationalize key industries (such as coal, steel and transport) laid the foundation for postwar British social and economic development But it underwent a particularly bad period in 1970s, with high rates of inflation and devaluation of the pound. Result: Britain’s economic growth fell behind  that of western European countries Policies (1979-1997) 1979-1997 Conservative Party Margaret Thatcher Radical economic reform sell back those industries to the private sector beat inflation (primary objective) Promote competitive spirit in economy Social welfare reduced Policies (1997-1997) In 1997 the Labor party Tony Blair the “Third Way”: differ from the old the Labor party’s nationalization reform and the conservative party’s extreme individualism made the Bank of England independent emphasized on the minimum wage and supplementing low incomes emphasized individual responsibility Britain’s economic growth surpassed other major European countries Natural Resources Infrastructures Principal resources—oil and gas (in the North Sea, on the coast of Scotland) Large amount of coal (kept for future use) Highly developed efficient main road and rail network and airports Agriculture Mild clima