8.4 Cashing in: the economy, wealth and social security Long since overtaken as the world’s leading economy, and destined to be outpaced by the BRIMC countries (Brazil, Russia, India, Mexico and China) in the 21st century, the British economy, nevertheless, still punches well above its weight Britain harbours less than one per cent of the world’s population, yet remains sixth in the world rich list (measured by GDP at purchasing power parities) and accounts for over three per cent of world output As individuals, the Brits are less well off The heady days of the 1860s, when they had more money in their pockets than anyone else, are long gone; in 2007 the International Monetary Fund ranked Britain 28th for GDP per head How Britain grew wealthy The Industrial Revolution made Britain rich, fed by the captive markets of a sprawling Empire and a large, new labour force at home By the mid 19th century, Britain was by far the world’s biggest producer of consumer goods and capital equipment The major cities mushroomed around particular industries: Glasgow and Belfast had their shipbuilding; Newcastle its coal; Sheffield its steel; and, later, Birmingham and Coventry their automotive industries The products were shipped around the globe from vast docks in London, Liverpool and Bristol When manufacturing declined in the 20th century, the attendant industrial cities declined with it Their reinvention in recent decades has enjoyed mixed success Leeds and Manchester, former centres of the textile industry, have become a leading financial centre and mass provider of higher education respectively Other cities, like Glasgow, Newcastle and Liverpool rely on heritage and culture for much of their modern verve Bully for Belfast By the late 19th century Belfast was producing more linen than any other city in the world; people called it Linenopolis It also had the largest shipyard anywhere, responsible for building giants like the Titanic In addition, the city became the world’s prime manufacturer of rope and oversaw the birth of air conditioning 339 Identity: the foundations of British culture Literature and philosophy Art, architecture and design Performing arts Cinema, photography and fashion Media and communications Food and drink Living culture: the state of modern Britain