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Traditional Manufacturing Industries in the UK - Term Paper Example

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The paper 'Traditional Manufacturing Industries in the UK' presents important critical changes in the structure of the UK economy, particularly in the declining of many traditional manufacturing industries and the evolution of many new growth industries, primarily in the service sector…
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Traditional Manufacturing Industries in the UK
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Download file to see previous pages This structural change had created disturbances in the labor market as jobs had to be redistributed from declining to growing sectors leading to significant shifts in the design of industrial specialization at both the national and regional level (Robson 2006).
Changing patterns of domestic demand—Pattern of domestic demand saw changes due to economic development. With the maturity of the economy, consumer demand changed from goods to services. Due to the increased presence of public sector services, it led to the growth of the tertiary sector. The shift in UK demand for manufactured goods grew faster than expected, which was hardly relevant for a bigger changeover for the UK industries producing goods. As the pattern of demand is also impacted by changes in the age structure of the population, it affected the demographic pattern by 1.68M fewer people in the age group of 16-24 in 1996 in comparison to 1981. Growth in education, recreation, and entertainment sectors suffered due to lack of resources. Statistics show that between 1983-1993, the total actual consumer spending at 1990 prices increased by 33.5% but on recreation, entertainment, and education it increased by 55% while on food items it went up only by 11.3% (Lam 2010).
Changes in the availability of resources—the availability of resources, as it happened very unexpectedly with oil found in 1973 and 1979 when OPEC decreased the production of oil, its prices shot upward. It directly affected the substitutes and compliments prices like coal, gas, and cars. It affected the production and employment in energy-related industries such as the steel industry (Griffith 2003).
International competition and globalization—has been a force affecting the economic structure of the UK. Due to changing consumer tastes, the introduction of new products and reducing comparative costs, economic functions got reallocated globally. For example, the UK motor-cycle industry could not meet the standards, features, and rates offered by Japanese as well as EU nations having reach o the UK market because of their membership with the EU necessitating restructuring of the UK economy.  ...Download file to see next pagesRead More
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