What kind of economy does Great Britain have?
Answer:
It would be considered an Industrial/Merchant Economy:
Great Britain is one of the world's leading industrialized nations. It has achieved this position despite the lack of most raw materials needed for industry. The country also must import about 40% of its food suplies. Thus, its prosperity has been dependent upon the export of manufactured goods in exchange for raw materials and foodstuffs. Within the manufacturing sector, the largest industries include machine tools; electric power, automation, and railroad equipment; ships; motor vehicles and parts; aircraft; electronic and communications equipment; metals; chemicals; petroleum; coal; food processing; paper and printing; textiles; and clothing.
During the 1970s and 80s, nearly 3.5 million manufacturing jobs were lost, but in the 1990s over 3.5 million jobs were created in service-related industries. By the late 1990s, banking, insurance, business services, and other service industries accounted for two thirds of the GDP and employed almost 70% of the workforce. This trend was also reflected in a shift in Great Britain's economic base, which has benefited the southeast, southwest, and Midlands regions of the country, while the north of England and Northern Ireland have been hard hit by the changing economy.
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