Great Britain, a once industrial powerhouse has been on a grand decline ever since the 1950s, where Britain had emerged from the Second World War with a significant advantage over the majority of the world in regards to technological development.
While Britain does still remain 10th in the world for goods exported, it is important to note that in the 1950s, Great Britain accounted for a quarter of the total manufactured goods produced across the world.
The focus on rapid expansion as opposed to investing in new technologies and ideas proved to be costly as, within the next decade, several countries like France and West Germany among more had begun to catch up with Britain. This is more astounding considering the effect the war had on both of the previously mentioned countries.
So, what happened? Well, there are many things that contributed to Britain becoming less influential across the world. Changes in macroeconomic policies as well as focusing on controlling the high levels of inflation meant that there was an insufficient investment within the manufacturing industry. This allowed other countries to not only improve their manufacturing plants but also their travel capabilities.
This decline had continued into the new century and only started recovering suitably in the last decade. It has left Britain in the position where most goods are imported from across the world due to high demand from consumers. The utilisation of the internet has allowed this demand to increase due to the easy ability to identify foreign goods and subsequently demand them on a large platform.
Over the years we have seen the rise and fall of many different empires: Greek, Roman, Ottoman etc. The list just goes on. In the past century, we have seen the significant decline of the British empire with several colonies retaining independence. This has only further contributed to Britain’s inability to keep up with the rest of the world.
It is always fascinating to observe successful empires, seeing what made them successful and what mistakes they made. It remains incredible to see how the human race has progressed and how it will develop further.
To gain an understanding of the importance of certain industries within society, check out this infographic from Return Loads.