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Towards an economy dominated by the tertiary sector

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CIVI CHAPTER 4

Towards an economy dominated by the tertiary sector

Britain today its a services economy. Most of its revenue it’s derived from services. To explain how the transition from secondary sector to tertiary sector occured.

2-A The tranformation of british manufacturing

2-A-1 the decline of the 20th century

In the early 20th century britain failed to keep up with the latest technological change. Firstable bc of the strategy he chose which consisted in avoiding higher coast in the short turn. In 1878 gilchrist thomas improved bessemer’s convector a device designed to produce steel but british steel manufacturers they are not ready a lot convention

Consequently as early as 1910 germany which had adopted this new technology exported more steel than britain.  New sectors like the chemical, electricity, car and rubber industries experience very slow starts in britain copare to the United state and germany. In 1930 for instance, electricity out put per capita was 55kilowatt in the UK against 63 in germany. More generally speaking the UK share of world manufacturing output was in decline. It represented 14.1% against 14.3% on germany and 35.8% in the US. In 1950 the secondary sector only represented 33% of the GDP. Bt 1971 and 1993 manufacturing jobs went down by 47%. This structural decline was shared bby most western economies. The conservative in britain is right-wing. Margareth thacher was a neo-liberal. Neo-liberalism is against state intervention especially in economy. The ide ais that the economy is self-regulated. It became dominent in the 1970’s and the british goverment refuse to subsidize british industry. No longer competitive. Margareth T predecessors had supported british manufacture they had nationalized british steel corporztion (BSC)and also subsidized british leyland (car corporation). M.T did the exact opposite she reduced government interventions and cut all subside in 19   which provoc de-industrialisation especially int the north of england wales and scotland. Bt 1979 and 1982 industrial output was down by 19%. Unemployment reached 11.9% in 1994 which means it doubled on the M.T. the britsh economy only experienced a boom again once the service sector kicked of in the 1990’s century especially as the industrial sector continued to decline bt 1997 and 2007 it dropped from 20% to 12.5%. by 2015 it only employed 8% of the labour force. Today the british secondary sector is caracterized by      activity and its widespread use of outsourcing.

4-B the uk service sector

4-B-1 general evolution

In britain the service sector has gained ground since the 1960’s and now is central to the countries economy. In 1948 it represented 46% of the GDP and by 2015 it represented 80%. The uk tertiary sector is a global player and exports more services than it imports. In 2013 transport, warehousing and distribution represented 10.9% of the GDP financial services 9.4% healthcare and social services 7.8%  and B2B 7.1%. the B2B sector actually witnessed a 20% growth bt 2009 and 2013.

4-B-2 financial services definition and location

Financial services comprise banks but also brokers and assurances companies consumer credits firms but also carrency market and all others related activities like IT (information and technology) and also specialised low forms. The primary  location    is the city of london also called square mile. It’s its own separate ertity it has a lord mayor who lobbies to british parliament to promote the interest of the industry and most of this financial are to be found in canary worth   along the Thames (a district thaht was built in 1980’s-1990’s. London is particulary attractive to financial services bc it spans various time zones linking the uS europe and asia.

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