London, England has been a bustling hub of activity since the 13th century, with its population growing to around five million. The economic history of the United Kingdom is closely intertwined with the development of the British state, from the absorption of Wales into the Kingdom of England in 1535 to the modern United Kingdom of Great Britain and Northern Ireland in the early 21st century. In terms of economic prosperity, there was a common perception that Britain was in a state of continuous relative decline; in 1950, it was ranked seventh in the world for per capita income, but by 1965 it had dropped to twelfth and by 1975 it had fallen to twentieth. In terms of high culture, important innovations included the growth of a large music market, increased scientific research, and an expansion in publications.
The average price of a new home, particularly in London and the South East, has generally risen faster than the current rate of inflation, although prices have fluctuated significantly.
The Black Deathoccurred between 1348 and 1349 and became endemic; it was repeated several times in the second half of the century and had a profound impact on both economic and social life. Economist Nicholas Crafts attributed Britain's relatively low growth during this period to a combination of lack of competition in some sectors of the economy, particularly in nationalized industries, poor industrial relations, and insufficient vocational training. The capitalist knights - representing Britain's landowning nobility and London's service sectors and financial institutions - largely shaped and controlled British imperial companies during the 19th and early 20th centuries. In the 1960s, academic debate over British business history increasingly focused on economic decline.
Papers examined successful industries during the industrial revolution and the role played by major businessmen. The supply of privately rented housing became scarcer due to legal rental controls that discouraged new construction; however, changes to both economic climate and official policy during the 1980s began to stimulate supply. In addition, 505 privately owned factories were built in conflict regions with active support from the London government. While financial services have grown rapidly in some medium-sized cities such as Leeds and Edinburgh, London has continued to dominate this industry and has grown in size and influence as an international financial hub. In 1945's general election - just after World War II ended in Europe - Clement Attlee's Labour Party was elected with an overwhelming majority (its first absolute majority), introducing radical reforms to Britain's economy.
The Industrial Revolutionsaw imported American cotton replace wool as North West England's main textile by the early 19th century; however, wool remained Yorkshire's main textile.
Great Britain - particularly England - became one of the most prosperous economic regions in the world between the end of the 17th century and beginning of the 19th century due to being at the forefront of the industrial revolution that began in mid-18th century. Trade and industry flourished during the 16th century, making England more prosperous and improving living standards for its upper and middle classes. Great Britain used its economic power to expand its Royal Navy; within eight years after war broke out in 1793, it had doubled its number of frigates and increased its number of large line ships by 50%, while also increasing its number of sailors from 15,000 to 133,000. The impact that economic systems have had on London's culture is undeniable. From its beginnings as a small city-state to its current status as an international financial hub, London has been shaped by its economic systems throughout history. From the Black Death to the Industrial Revolution, these systems have had a profound effect on both economic prosperity and high culture.
The average price of housing has risen faster than inflation over time, while financial services have grown rapidly in some medium-sized cities such as Leeds and Edinburgh. Additionally, radical reforms were introduced after World War II when Clement Attlee's Labour Party was elected with an overwhelming majority. It is clear that economic systems have had a major impact on London's culture throughout history. From changes in housing prices to increased scientific research and publications, these systems have shaped London into what it is today.