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A mixed economy is an economic system that accepts both private businesses and nationalized government services, like public utilities, safety, military, welfare, and education. A mixed economy also promotes some form of regulation to protect the public, the environment, or the interests of the state. This is in contrast to a laissez faire ...
The economy of the United Kingdom is a highly developed social market economy. [26] [27] [28] It is the sixth-largest national economy in the world measured by nominal gross domestic product (GDP), ninth-largest by purchasing power parity (PPP), and twenty-first by nominal GDP per capita , constituting 3.1% of nominal world GDP . [29]
The Anglo-Saxon model (so called because it is practiced in Anglosphere countries such as the United Kingdom, the United States, Canada, New Zealand, Australia and Ireland) is a regulated market-based economic model that emerged in the 1970s based on the Chicago school of economics, spearheaded in the 1980s in the United States by the economics of then President Ronald Reagan (dubbed ...
The economic history of the United Kingdom relates the economic development in the British state from the absorption of Wales into the Kingdom of England after 1535 to the modern United Kingdom of Great Britain and Northern Ireland of the early 21st century. Scotland and England (including Wales, which had been treated as part of England since ...
Following the Second World War, the landslide 1945 election returned the Labour Party to power and Clement Attlee became Prime Minister of the United Kingdom. The party quickly nationalised critical sectors of the economy, especially declining industries.
The economic geography of the United Kingdom reflects its high position in the current economic league tables, as well as reflecting its long history as a trading nation and as an imperial power. This in turn was built on exploitation of natural resources such as coal and iron ore. Much has changed since Bevan's speech (below) in 1945, with the ...
The United Kingdom fishing industry contributed £446 million in 2019 in terms of Gross Value Added (GVA); this represents 0.02% of the UK's total GVA. In 2021, 53% of fishers were based in England and Wales, 40% in Scotland and 8% in Northern Ireland. The largest English region was the South West, contributing 10% of overall output in the sector.
The economy of Scotland is an open mixed economy, mainly services based, and the second largest economy of the four countries of the United Kingdom. It had an estimated nominal gross domestic product (GDP) of £218.0 billion in 2023, including oil and gas extraction in the country's continental shelf region. [2]