Before the affirmation of Britain as the most important industrial world power, thanks to the Industrial Revolution ( ), the Country was basically rural.

 Colonies let Britain improve its commercial wealth increasing its import/export activity.  The transformation of the Country into an industrial one became particularly evident in the growth of slums and industrial suburbs.  However British worldwide dominance diminished in the 20 th century especially at the end of World War II.

 Nowadays economy is characterized by ‘boom and burst’ cycles.  Traditionally the two main political parties (Conservative and Labour) have opposite approaches to economic matters.  The former supports and favours the free market, while the latter believes in the centralization of the economy managed by the state.

 In between , the two parties reached a compromise accepting a combination of privatization and state management in order to foster a cooperation between the public and the private sectors.  Those who encourage privatization believe in an improvement of efficiency and in the reduction of government money.

 Every citizen can contribute to the British economic growth buying shares sold by the Stock Exchange.  The shareholders become owners of the companies in which they invest their money.  To get good results, companies must be run successfully.

 Takeovers and merges especially occur in large companies.  To prevent unfair trading conditions which could harm the workforce, it has been made a Competition Commission to control the risk of a possible monopoly.  Fair Trading.

 Globalization, cheaper prices and low-cost manpower have been the reasons of the decline of many British manufacturing industries.  The productions of textiles, steel, coalmining and iron were considerably reduced between late ‘70s and early ‘80s.  Inflation and unemployment consequently came.  Britain slowly came out of recession between

 Britain is the sixth largest economic world power.  The reduction of the pound’s exchange value had pros and cons: it helped exports, but discouraged people to buy foreign products.  Britain has not changed its currency.

 Social mobility seems to be still very low and difficult.  Class division remains a controversial and perculiar aspect of English society.  According to the critics, this system is based on high levels of inequality.  Classes can be schematically divided into three big groups: the aristocracy, the middle class and the working class.

 Another level can be added: underclass which identifies those who never worked, or the long-term unemployed.  According to polls, most Britons declare to belong to the middle class.