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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 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 ...
Full Employment, Basic Income, and Economic Democracy' (2018) SSRN, part 2(1) RD Gabriel, 'Monetary Policy and the Wage Inflation-Unemployment Tradeoff' (2021) A. W. Phillips, ‘The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom 1861–1957’ (1958) 25 Economica 283; Qin, Duo (2011).
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 ...
Economy of England. The economy of England is the largest economy of the four countries of the United Kingdom. England 's economy is one of the largest and most dynamic in the world, with an average GDP per capita of £37,852 in 2022.
The first economy to follow this path in the modern world was the United Kingdom. The speed at which other economies have made the transition to service-based (or "post-industrial") economies has increased over time. Historically, manufacturing tended to be more open to international trade and competition than services.
Economic statistics. The following table gives gross domestic product (GDP) estimates of the British Empire and its territories in 1870 and 1913, as a percentage of the world economy and the empire's economy, along with comparisons to the United States and Russian Empire. The British imperial territory with the largest economy in 1870 was ...
Four UN members (Cuba, Liechtenstein, Monaco and North Korea) do not belong to the IMF hence their economies are not ranked below. Kosovo, despite not being a member of the United Nations, is a member of IMF. Taiwan is not a IMF member but it is still listed in the official IMF indices. Several leading GDP-per-capita (nominal) jurisdictions may ...