FOLIO ASSIGNMENT # 7.docx - EDWIN NGUGI MWARANGU FOLIO...

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EDWIN NGUGI MWARANGU FOLIO ASSIGNMENT # 7 The economy 1 The United Kingdom has a fiercely independent, developed, and international trading economy that was at the forefront of the 19th-century Industrial Revolution. The country emerged from World War II as a military victor but with a debilitated manufacturing sector. Postwar recovery was relatively slow, and it took nearly 40 years, with additional stimulation after 1973 from membership in the European Economic Community (ultimately succeeded by the European Union), for the British economy to improve its competitiveness significantly. Economic growth rates in the 1990s compared favorably with those of other top industrial countries. Manufacturing’s contribution to gross domestic product (GDP) has declined to about one-fifth of the total, with services providing the source of greatest growth. The United Kingdom’s chief trading ties have shifted from its former empire to other members of the EU, which account for more than half its trade in tangible goods. Industries. 2 Important industries have changed over time in the UK. Currently, England is a highly industrialized country. It is an important producer of textiles and chemical products. Although automobiles, locomotives, and aircraft are among England's other important industrial products, a significant proportion of the country's income comes from the City of London. Since the 1990s, the financial services sector has played an increasingly significant role in the English economy and the City of London is one of the world's largest financial centers. Banks, insurance companies, commodity and futures exchanges are heavily concentrated in the City. Some of the traditional industries that still exist and play a big role in the country’s economy today are: Agriculture - 3 The United Kingdom is unusual, even among western European countries, in the small proportion of its employed population (about 2 percent) engaged in agriculture. With commercial intensification of yields and a high level of mechanization, supported initially by national policy and subsequently by the Common Agricultural Policy (CAP) of the EU, the output of some agricultural products has exceeded demand. Employment in agriculture has declined gradually, and, with the introduction of policies to achieve reduction of surpluses, the trend is likely to continue. The most important farm crops are wheat, barley, oats, sugar beets, potatoes, and rapeseed. While significant
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