British and american economy



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Natural resources and agriculture
Britain has large deposits of coal but the historically important coal-mining industry has declined in recent years because of competition from cheaper imported coal and other forms of energy. Britain is now one of the world’s larger oil producers and is almost self-sufficient in energy. About 20% of the country’s electricity comes from nuclear power stations.
Agriculture is highly efficient. It employs less than 2% of the population but provides about 60% of the country’s needs. Over half of the farms are devoted to dairy products or beef and cattle and sheep.
Production of eggs and poultry is also important all over the country. Crop-farming predominates in eastern England. Crops include cereals, sugar beet and potatoes. Fruit production is important in southern England, especially apples, pears, strawberries and cherries. The British fishing industry used to be one of the largest in the world but it had declined since the 1960s. it still provides 60% of the county’s needs and is an important source of income on the east coast.
Manufacturing industries
A wide range of engineering products are made in Britain, including motor vehicles, railway equipment, aircraft and specialized machinery. These industries are mostly located around London, the West Midlands, Manchester and Glasgow. Britain aerospace industry is particularly important with a number of firms, shipbuilding has declined but the car industry has been revived by the setting up of car factories in Britain by the Japanese manufacturers. Telecommunications is another important sector. British firms like BT are leaders in optical fibre and radar.
The textile and clothing industry employs about 10% of manufacturing workers. The woollen industry, traditionally based in the Leeds-Bradford area is still one of the world’s largest.
Steel, food and drink, chocolates, whisky, printing and publishing, furniture, cigarettes, pottery, glass and household appliances are other important manufacturing industries in Britain.
Service industries
Over two thirds of British workers are employed in a wide variety of services. The financial services sector, in particular banking and insurance, is extremely important in Britain. London is the third largest financial centre in the world.
In recent years there also been a great expansion all over the country in other business services, including advertising, market research and computer systems.
Tourism is one of the fastest-growing industries, now employing 1,5 million people. It is particularly significant in London. International air travel is very important economically to Britain. British Airways is one of the largest and most successful airlines in the world.
The USA has the largest economy in the world. The economic system is based entirely on private ownership. The state makes regulations to control industries but it does not own them.
Natural resources and agriculture
Mining only employs 0,6% of American workers but it has been essential to industrial development. Five states account for about half off all mineral production. The chief mineral products are oil, natural gas and coal. The USA is the world’s greatest electricity producer, about half of US electricity comes from coal, however the country is also the world’s greatest energy consumer.
Agriculture, fishing and forestry together employs less than 3% of the total labour force but the USA exports more farm products than any other nation. Important agricultural products are beef cattle, dairy products, pigs, chickens, corn and soybeans as food for cattle and pigs, cotton, tobacco, fruit especially in California.
Other major crops grown are sugarcane, rice, nuts and potatoes. Forests cover over 3 million km2 , two-third of which produce commercial timber for paper and other wood products. The USA produces about 4,5 million tons of fish per year.
Manufacturing industries
The USA is the leading manufacturing nation in the world. Large corporations dominate; the 100 largest industrial companies are responsible for about 75% of production. Principal industries are industrial machinery, transportation equipment, chemicals in Texas and Louisiana (The oil and natural gas produced in both states are basic raw materials used in manufacturing many chemicals products), food processing (is an important industry in several states noted for the production of food crops and livestock), electronic equipment (is one of the fastest growing sectors of USA industry), iron and steel industry (is concentrated in the nation’s industrial core region, using iron ore form the Lake Superior region and Appalachian coal), printing and publishing (New York is the leading state) and rubber and plastics which are located mainly in the nation’s industrial core region, especially Ohio, which has large concentration of tyre-manufacturing plants.
Service industries
The majority of the US workforce is employed in providing services like government administration, transportation and public utilities, wholesale and retail trade, services such as hotels, communications and health care. Finance, insurance and banking are also particularly important, with Wall Street. The design of computer software and the entertainment industry have also grown. Tourism is a major service industry.