The global service sector enterprise Assignment

The global service sector enterprise - Assignment Example The first and second world wars resulted from these two forces leading to a collapse of the British Empire. In the meantime the United States managed to firmly establish itself as the leading economic power in the world Other countries especially the United States began catching up with the United Kingdom in terms of technological advancement. Its global influence was also almost at a collapse with most British colonies anticipating independence. The greatest prosperity in Britain came about in the nineteenth century from colonial expansion, industrialization, social reforms and improved transport. By 1914 Britain was no longer the dominant economic power in Europe, though it still had the worlds largest shipbuilding industry but in other areas such as coal, iron, chemicals and light engineering, it was out-performed by Germany (Spartacus Educational, 2012). The Second World War brought about a shift in the influences and statuses of the then major powers in the world. A new error of superpower conflict was ushered in between the United States and the Soviet Union, an expedited decline of the British and French Empires. It also triggered the appearance of new democratic governments in Japan and Germany and beheld the emergence of communist China (Foster, 1). The two world wars led to a breakup of the British Empire, this changed the position of the United Kingdom economy from top as other countries began advancing technologically and the nation has not been able to recover its position as the highest economic power worldwide. The UK economy is the fifth largest country economy in the world by real or nominal GDP, and the sixth largest by purchasing power parity. In 2010, the United Kingdom was rated the sixth largest economy in the world with a Gross Domestic Product of 2.172 trillion United States dollars which was 2.982 percent of the entire world Gross Domestic Product. Being a member of the European Union and part of a single market,