Changing Economic World - United Kingdom Flashcards
(58 cards)
Globalisation
The process which has created a more connected world, with increases in the movements of goods (trade) and people (migration and tourism) worldwide
Deindustrilisation
The decline of a country’s traditional manufacturing industry due to exhaustion of raw materials, loss of markets and competition from NEEs
What phase is the UK in
Post-industrial
Governement Policy
A plan or course of action decided by a government to manage issues in a country
Changes in employment structure in the UK overtime
Primary sector decreased rapidly
Secondary sector peaked in 1900 then decreased
Tertiary increased rapidly after 1900
Quaternary sector started to increase after 1950
Main causes of deindustrilisation
Increasing cost of production
Globalisation
Declining investment leading to less competitiveness
Changing governmnet policies
Cycle of decline
Increased competitiveness of tertiary industries thank to education and technology
What is deindustriliastion doing in the UK
Decreasing percentage of jobs in manufacturing industry
Government policy shifted aaway from industries like coal mining - resulting in loss of 30,000 coal mines actoss UK
Globalisation has caused competition - Decrease in UK jobs because of imports
Local business struggle = de-multiplier effect
Positive impact of globalisation on the UK
Economic growth - trade with the rest of the world
Cheaper goods and services - items are produced in countries were people are paid lower wages than UK
High value production - manufacturing and service workers are paid better money = UK earns more
Migration - Migrants come to the UK to fill jobs
Foreign Investment - invest in UK bringing new ideas, technology and jobs
Negative impact of globalisation
Outsourcing Jobs - Jobs that were previously done in UK are done elsewhere = loss of jobs/lower wages in UK
Inequality - Gap between low paid workers and high paid skilled workers is increasing
Less manufacturing - More imports of manufactured goods, means fewer goods are produced in UK
Post Industrial Economy
THe economy of many economically developed countries where most employment is now in service industries
Examples of industries in the UKs post industrial/teritary sector
Finance
Development of technology
Research, Science and business parks
Service industries
Agglomeration
Similar businesses cluster together to share ideas
Growth Corridors
An area of the country where the economy is growing
Often along a major transport route linking two or more cities
How does the M4 contribute to the economy
Produces 8% of the UKs economic output
Home to high tech industry - well known industry
Example of a post industrial UK economy
Cambridge Science Park
Describe the location of Cambridge Science park
80km North of London
3km from Cabridge city centre
Close to London and Stanstead airport
Access to A14 and M11
Key Characteristics of Cambridge Science Park
7,250 jobs
Open green space with plenty of parking
1,500 bio-technology companies
UKs major hub for high-tech industry
Benefits to Cambridge due to the Science Park
Investment in local public transport sector
Reputation brings investment
Disadvantages for Cambridge due to the Science park
House prices are rising due to demand in area
Traffic and pedestrian congestion
Rail and road links cant cope with the demand
Effect of information technology on the economy
Mobile devices/smartphones enable information to be accessed almost anywhere
Comminications using satellite and internet promote the flow of information
Stimulates growth of incdustries as well as service and research
People are able to work from home and be self-employes
Effect of service industries on the economy
The largest sector in the UK - in employment and economic output
Financial sector employs over 2million people and contributes about 10% to the UKs GDP
Effect of development in reasearch on the economy
It employs over 60,000 highly educated people - contributes £3 billion ot UK economy
Research is linked to UK universities
Research is conducted by both government bodies and private organisations
Likely to be one of the UKs fastest growing industrial sectors in the future