UK: Post Industrial Economy
- Jack Daly
- Feb 19, 2019
- 2 min read
To understand what the above statement means we firstly have to understand want a post industrial economy actually is. A post industrial economy is the effect globalization generally has to HIC's. It's when, for example in the UK, the economy shifts from primary and secondary sector jobs - farming and manufacturing - to Tertiary and some Quaternary sector jobs - engineering and doctors - this is due to the effect of globalization. Globalization has allowed for countries like the UK to be dependent in there imports, due to how easy, cheap and fast shipping and offshore manufacturing has become.
A post industrial economy is one that has shifted from primary and secondary sector jobs to Tertiary and Quaternary sector jobs
Q: Why is the UK classed as a Post-industrial economy?
Try answering it yourself in the comments!
Answer:
A post industrial economy is one where primary/secondary jobs are being replaced by Tertiary and Quternary jobs. In the UK, 88% of the jobs in the UK are now Tertiary and Quaternary, multiple factories are shutting down and the UK is importing a lot of manufactured goods such as cars.
Below is a table to show how the UK has developed in different sectors:
Information Technology:
1.3 million in the IT sector, and more needed
Technology is rapidly developing, therefore the UK wants to be a lead in this industry
Internet allows world wide communication
Service Industries:
79% of the economic output is in the service industries
Uk is a HIC, so people can afford the services provided, allowing them to grow
Finance:
Employs over 2 million people in the UK
UK is the world leader in fiance, which includes insurance and banking (UK's main export is this)
Research:
Employs 60000 highly skilled people
Often done/takes place in universities, such as Cambridge, Oxford or Manchester
Science Packs:
Group of scientific and tech based businesses live here (on a single sites
75,000 people work in science parks in the UK
Business Parks:
Cluster of business and offices
Often located on the outskirts of cities
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