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1. Government involvement throughout the economy is exercised only by the Chancellor of Exchequer, who heads HM Treasury.
2. The Bank of England is responsible for issuing currency.
3. The UK service sector has grown substantially and mow makes up about 73% of GDP.
4. Today the UK is the fifth largest economy in the world and the second largest in Europe after Germany.
5. London has the largest concentration of foreign bank branches in the world.
6. Manufacturing remains a significant part of the economy.
7. In recent years the UK economy has been managed in accordance with principles of market liberalization, low taxation and regulation.
8. The Industrial Revolution started in the UK with an initial concentration on heavy industries.
9. Manufacturing accounted for only one-sixth of national output in 2003.
10. An alternative to coal-fired electricity generation is underground coal gasification.
11. Rolls-Royce holds a major share of the global aerospace engines market.
Economy of the USA
The American economy is a free enterprise system. The nation’s income and productivity have risen enormously over the past 70 years. In this period, the money for personal consumption tripled in real purchasing power. The gross national product per capita quadrupled, reflecting growth in worker productivity.
Together, all sectors of the American economy produce almost $4,000 million dollars worth of goods and services annually, and each year they turn out almost $ 190,000 million more. The consumption of these goods and services is spread widely. Most Americans consider themselves members of the middle economic class, and relatively few are extremely wealthy or extremely poor. According to U.S. Census Bureau figures, 9.6 percent of all American families makes more than $50,000 a year, and 7.7 percent of all American families has incomes less than $10,000; the median annual income for all American families is about $28,906.
Americans live in a variety of housing that includes single detached homes (62 percent) with a median cost of $112,500. They also live in apartments, town-houses and mobile homes. Three-fourths of all married couples own their own homes. About 3.6 percent of all Americans live in public (government-supplied or subsidized) housing.
The government plays an important role in the economy. From the foundation of the Republic, the U.S. federal government has strongly supported the development of transportation. It financed the first major canal system and later subsidized the railroads and the airlines. It has developed river valleys and built dams and power stations. It has extended electricity and scientific advice to farmers, and assures them a minimum price for their basic crops. It checks the purity of food and drugs, insures bank deposits and guarantees loans.
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Despite the fact that the United States government supports many segments of the nation’s economy, economists estimate that the public sector accounts for only one-fifth of American economic activity, with the remainder in private hands. In agriculture, for example, farmers benefit from public education, roads, rural electrifycation and support prices, but their land is private property to work pretty much as they desire. More than 86.7 percent of America’s 208.8 million farms is owned by the people who operate them; the rest are owned by business corporations. With increasingly improved farm machinery, seed and fertilizers, more food is produced each year, although the number of farmers decreases annually. America exports some 440.9 thousand million worth of farm products each year. The United States produces as much as half the world’s soybeans and corn for grain, and from 10 to 25 percent of its cotton wheat, tobacco and vegetable oil.
The bulk of America’s wealth is produced by private industries and businesses – ranging from giants like General Motors, which sells $96,371 million worth of cars and trucks each year – to thousands of small, independent entrepreneurs. In 1987, nearly 233,710 small businesses were started in the U.S. Yet some 75 percent of American products currently faces foreign competition within markets in the United States. America has traditionally supported free trade.
More than hundred million Americans are in the labor force. The labor force has grown especially rapidly since 1955 as a result of the increased number of working women. Women now constitute more than half of America’s total work force. The entry of the “baby boom” generation into the job market has also increased the work force. Part-time employment has increased as well – only about 55 percent of all workers has full-time, full-year jobs – the rest either work part-time, part-year or both.
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American industries have become increasingly more service-oriented. Of 12.6 million new jobs created, almost 85 percent has been in service industries. Careers in technical, business and health-related fields have particularly experienced employee growth in recent years. Approximately 27 million Americans are employed in selling. Another 19.2 million work in manufacturing and 17.5 million work for federal, state and local governments.
Recently, unemployment in the United States was calculated at about seven percent. The government provides short-term unemployment compensation (from 20 to 39 weeks depending upon economic conditions) to replace wages lost between jobs. About 80 per cent of all wage and salary earners is covered by unemployment insurance. In addition, both the government and private industry provide job training to help unemployed and disadvantaged Americans.
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