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1、Lecture 3 British EconomyMain ContentsI. Economic overviewII. Economic DeclineIII. The current British economy2I. Economic overview (from CIA)The UK, a leading trading power and financial center, is one of the strongest economies of Western Europe. Over the past two decades, the government has great
2、ly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oi
3、l and natural gas reserves are declining. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. Since emerging from recession in 1992, Britains economy enjoyed the longest period of expans
4、ion on record during which time growth outpaced most of Western Europe. 3In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Brit
5、ains economic problems, pushing the economy into recession in the latter half of 2008 and prompting the BROWN government to implement a number of measures to stimulate the economy and stabilize the financial markets these include nationalizing parts of the banking system, cutting taxes, suspending p
6、ublic sector borrowing rules, and moving forward public spending on capital projects. Public finances, weak before the economic slowdown, deteriorated markedly during 2009, as did employment. The Bank of England periodically coordinates interest rate moves with the European Central Bank, but Britain
7、 remains outside the European Economic and Monetary Union (EMU).4Highlights of Britains economic developmenta. The period of Empire (1701-1944)b. The period of Decline (1944-1989)c. The period of Europeanism (1990-present)5European UnionBritain joined EEC (1992 EU) in 1973. Whilst the original membe
8、rs of the EEC saw as their aim an increasingly united Europe. Britain was never an enthusiastic advocate of closer political union. The British governments view is that economic freedom of movement should not be confused with political union. In 1992 the Single European Market was introduced. This e
9、nables the free passage of goods, capital and labour between the member countries. From 1999 a common currency, Euro was set up as the legal currency in most of the 15 EU member states. It was put to circulation in 2002 in all the 15 member states except the UK, Denmark and Sweden.6II. Economic decl
10、ineAfter World War II, the British economy experienced a period of great difficulty and economic decline.Absolute Decline or Relative Decline?(P29)71.Causes of the decline(p.28-29)After the Second World War, Britainseconomy was in an unfavorable position.1) Being in debt2) The end of the empire3) La
11、rge military spending4) industry survived after the war5) relatively low rates of investment6) A catching-up by Germany and Japan8 Economic decline2. Recent History of British Economy1).Steady development in the 50s and 60s. In 1947, the British economy had returned to the pre-war levels2). Economic
12、 recession in the 70s3). Economic recovery in the 80s9 Economic declineEconomic recession in the 70s “British Disease”1) low productivity2) Soaring/high inflation3) large unemployment minus growth and trade deficits10Policies (1945-1979)In 1945 the Labor party -carried out drastic reforms nationaliz
13、e key industries (such as coal, steel and transport) - laid the foundation for postwar British social and economic development11Policies (1979-1997)1979-1997 Conservative PartyMargaret Thatcher -Radical economic reform sell back those industries to the private sector to beat inflation (primary objec
14、tive) privatization and Market liberalization replaced prices and incomes control and state interventionism. promote competitive spirit in economy - Social welfare reduced12 “ In politics if you want anything said, ask a man. If you want anything done, ask a woman.” -Margaret Thatcher13Success of Th
15、atchers economic policy1) Inflation fell to about 4 percent.2) Britain achieved an average 3 percentincrease in its economic growth. (the highest among the West European countries)3) The workers takehome pay increased by 20 percent.4) Profitability of industrial companies was high.14Bad result of Th
16、atchers economic policy1) Widened gap between the poor and the rich2) High Unemployment3) High crime rates4) Unsatisfactory social services.15III. The Current UK Economy1. Resources (North Sea)2. Industrial system and skilled workers3. Financial center (The city of London)4. Trading nation5. the mix
17、ed economy6. Three main areas16Natural Resources & InfrastructuresPrincipal resources oil and gas (in the North Sea, on the coast of Scotland)Highly developed &efficient main road and rail network and airports17Financial centerThe City of LondonLondon is the banking center of the world and Europes m
18、ain business center.There are about 800 banks, of which about 500 are foreign banks.There are more US banks represented in the City than in New York.There are also the most famous insurance companies in the world and London Stock Exchange (one of the largest in the world).18Britain is a trading nati
19、on.(p.33)How do we understand that Britain is atrading nation?1) The domestic market is limited.2) Its home supply of raw materials isinadequate.3) Britains geographical position makes it a natural transfer point.4) Britains customers in trade.19The Mixed EconomyBritain has a mixed economy-an econom
20、y in which there is some public ownership as well as privately owned businesses, all of which operate within the context of well-defined regulations and laws. This mixed economy is the product of two major economic reforms since 1945. (nationalization & privatization)20Nationalization & privatizatio
21、nNationalization: In 1945, the post-war labor government was elected on a socialist manifesto, which promised more political control over the major public utilities, such as water, electricity, coal, steel, and transport, so that their development could be guided in the public interest rather than s
22、imply for private profit. Those industries which were nationalized had managing directors appointed by the government.21PrivatizationBy the end of 1970s, inefficiency of nationalized industries had become a big problem in Britain. Under the premiership of Margaret Thatcher, the Conservative governme
23、nt began to sell back some key industries to the private sector. This would enable private companies to compete in a free-market environment, where consumers of goods and services decides what is useful or desirable.22National economies of UK can be broken down into three main areas:1 “Primary” indu
24、stries2 “Secondary” industries3 “Tertiary” industries231. AgricultureMild climatefavorable environment for agriculture and stock raisingProducing only 1.4% of the national wealth but producing 58% of the UKs food needs with only 2% of its workforce(p.31)Highly mechanized farming(1)Arable farming (Ea
25、st and southeast) (2) Important crops wheat, barley(2) Dairy farming (Western Regions)(3) Stock farming (north and west)242. Fishing (Scottish ports) The fishing industry provides 55% of the UK demand for fish (p.31)3. Energy Production (p.31)1) Coal (Coal Act of 1938)2) Oil and gas industry (after
26、1975, North Sea)3) Nuclear (first nuclear station in 1956)25Energy ProductionCoalfields are mostly located in Central Scotland, Central England and South Wales.3 Big producers: Shell, British Petroleum (BP), British Gas (BG)264. manufacturing industry a. the iron and steel industry (BSC) b. car manu
27、factures5. The textile industries (traditional) Britain once had the worlds largest textile industry “sheep devour men” “Black Country”276. Transportation and Communication1) Transportation a. It built the first railway in the world in 1825 and now it has 17,700 kilometers of railroad track b. The c
28、ar is the most popular means of travel while buses and passenger trains account for only about 11% of passengers c. BA. Heathrow (half of all the international flights to or from London)2) Communications28Services industriesservices industries, especially, business and financial services the stronge
29、st performing sector in the UK economyLondon the strongest performing region in the UK29video: banks and money1. What do you use your bank for?2. Open an account3. cheque book 支票簿 4. Current/chequing account & deposit/saving account5. Britains central bank?6. Counterfeiting and forgery7. The service
30、s the Bank of England provides to its staff30homework1. Which of the following statements about the UK economy is not true?A. Britain remains one of the Group of seven large industrial economies.B. Britain has experienced a relative economic decline since 1945.C. There has been a period of steady decreasing of living standardsD. Some smaller economies have overtaken the UK in terms of output per capita.312. Britains largest manufacturing industry is_A. Textile industryB. iron and steel industryC. oil producing industryD. aircraft industry 32
