Uk Economy and Environment
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Transcript of Uk Economy and Environment
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UK economy and
businessenvironment
Simon SweeneyHead of ProgrammeMA International Studies5 December 2007
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History
Economic structure
Business culture
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Background
Early industrialisation
Empire
Global presence
20th Century decline
Post-war decolonisation 1950s prosperity
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Recent history
1960s economic decline
1970s economic crisis
1980s Thatcherism
1990s economic turbulence
Decline of manufacturing Rise of service sector
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Economic structure
GDP is 73.1% from services
23.1% manufacturing
Agriculture and primary extraction 3.7%
Employment (27m) share 82.2/16.6/1.1%
(1964 manufacturing employment was 47%)(Griffiths & Wall, 2007, p.6, p.8).
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Oil and gas
Oil crisis in 1973
UK self sufficient in oil by 1980
Stable and high exchange rate of pound sterling1979-83
1980s saw falling oil prices and falling pound
1990 UK barely self sufficient in oil
2005 trade deficit in oil Strong oil and gas revenues in 1980s wasted paying for high social
welfare costs as unemployment rose to 3m
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Productivity (UK = 100)
Year France Germany USA
1991 144 (132) 132 (115) 132 (138)
1995 137 (123) 126 (111) 120 (130)
2000 134 (118) 121 (104) 117 (128)
2004 129 (111) 116 (100) 116 (127)Figures for GDP per capita in brackets.
Source ONS (2006) First release, 25 February.
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Business culture
So-called Anglo Saxon model
Shareholder democracy
Stock market/FTSE/LSE key drivers of UKbusiness culture
Privatisation/liberalisation/free movement
of capital Openness to foreign direct investment
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Free market economy
Floating exchange rate
Strong pound sterling
Openness to high levels of immigration Major inward FDI (and outward)
Major centre for multinational corporation
(MNC) activity Relatively low taxation/low corporation tax
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Numbers
Population 60m GDP growth 2.2%
UK gdp $2.84trn gdp/c $46,740
France $2.68trn $43,640
Germany $3.43trn $41,400
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Major industries
Banking, finance and real estate
Telecommunications
Pharmaceuticals Defence and aeronautics
Oil and chemical sector
Automotive (>2m vehicles/annum)
Retail
Leisure, tourism and the arts
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Simon Sweeney is Head of MA InternationalStudies at York St John University. He wasawarded a National Teaching Fellowshipby the UK Higher Education Academy in2006. He is also a UK British CouncilSocrates Erasmus Bologna Expert. He isdoing PhD research at the University of Leedson European Security and Defence Policypost-Iraq 2003. He is author of
Europe, the State and Globalisation(Longman, 2005).Visit www.simonsweeney.net
mailto:[email protected]:[email protected]
