The economy of the United Kingdom is developed and market-orientated. It is the sixth-largest national economy in the world measured by nominal gross domestic product, ninth-largest by purchasing power parity, twenty second-largest by GDP per capita, comprising 3.3% of world GDP. In 2016, the UK was the tenth-largest goods exporter in the world and the fifth-largest goods importer, it had the second-largest inward foreign direct investment, the third-largest outward foreign direct investment. The UK is one of the most globalised economies, it is composed of England, Scotland and Northern Ireland. With more the 52% of its imports and its exports, the European Union, including its 27 members states, remains in 2020 one notable trade partner from the UK; the service sector dominates, contributing around 80% of GDP. Britain's aerospace industry is the second-largest national aerospace industry, its pharmaceutical industry, the tenth-largest in the world, plays an important role in the economy. Of the world's 500 largest companies, 26 are headquartered in the UK.
The economy is boosted by North Sea gas production. There are significant regional variations in prosperity, with South East England and North East Scotland being the richest areas per capita; the size of London's economy makes it the largest city by GDP in Europe. In the 18th century the UK was the first country to industrialise, during the 19th century it had a dominant role in the global economy, accounting for 9.1% of the world's GDP in 1870. The Second Industrial Revolution was taking place in the United States and the German Empire; the costs of fighting World War I and World War II further weakened the UK's relative position. In the 21st century, the UK remains a great power with the ability to project power and influence around the world. Government involvement is exercised by Her Majesty's Treasury, headed by the Chancellor of the Exchequer, the Department for Business and Industrial Strategy. Since 1979 management of the economy has followed a broadly laissez-faire approach; the Bank of England is the UK's central bank, since 1997 its Monetary Policy Committee has been responsible for setting interest rates, quantitative easing, forward guidance.
The currency of the UK is the pound sterling, the world's fourth-largest reserve currency after the United States dollar, the Euro and the Japanese yen, is one of the 10 most-valued currencies in the world. The UK is a member of the Commonwealth, the G7, the G20, the International Monetary Fund, the Organisation for Security and Co-operation in Europe, NATO, the United Nations Security Council, the World Bank, the World Trade Organization, Asian Infrastructure Investment Bank and the United Nations. After the Second World War, a new Labour government nationalised the Bank of England, civil aviation, telephone networks, gas and the coal and steel industries, affecting 2.3 million workers. Post-war, the United Kingdom enjoyed a long period without a major recession; the annual rate of growth between 1960 and 1973 averaged 2.9%, although this figure was far behind other European countries such as France, West Germany and Italy. Deindustrialisation meant the closure of operations in mining, heavy industry, manufacturing, resulting in the loss of paid working-class jobs.
The UK's share of manufacturing output had risen from 9.5% in 1830 during the Industrial Revolution to 22.9% in the 1870s. It fell to 13.6% by 1913, 10.7% by 1938, 4.9% by 1973. Overseas competition, lack of innovation, trade unionism, the welfare state, loss of the British Empire, cultural attitudes have all been put forward as explanations, it reached crisis point in the 1970s against the backdrop of a worldwide energy crisis, high inflation, a dramatic influx of low-cost manufactured goods from Asia. During the 1973 oil crisis, the 1973–74 stock market crash, the secondary banking crisis of 1973–75, the British economy fell into the 1973–75 recession and the government of Edward Heath was ousted by the Labour Party under Harold Wilson, which had governed from 1964 to 1970. Wilson formed a minority government in March 1974 after the general election on 28 February ended in a hung parliament. Wilson secured a three-seat overall majority in a second election in October that year; the UK recorded weaker growth than many other European nations in the 1970s.
In 1976, the UK was forced to apply for a loan of £2.3 billion from the International Monetary Fund. Denis Healey Chancellor of the Exchequer, was required to implement public spending cuts and other economic reforms in order to secure the loan, for a while the British economy improved, with growth of 4.3% in early 1979. However, following the Winter of Discontent, when the UK was hit by numerous public sector strikes, the government of James Callaghan lost a vote of no confidence in March 1979; this triggered the general election on 3 May 1979 which resulted in Margaret Thatcher's Conservative Party forming a new government. A new period of neo-liberal economics began with this election. During the 1980s, many state-owned industries and utilities were privatised, taxes
Luis Perlotti was an Argentine sculptor. Perlotti was born into a family of Italian immigrant workers, his father, a shoe cobbler, died in 1899, young Luis Perlotti was compelled to find work. He was employed at the Rigolleau glass factory, at a cabinet maker, where he developed skills in polishing and shaping, he began his studies as a craftsman and sculptor at the Unione e Benevolenza mutual aid society, was accepted into the National Academy of Fine Arts, where he was trained by painters Pío Collivadino, Pablo Ripamonti, by sculptor Lucio Correa Morales. He soon received commissions to create busts and memorials for the National Military College, in 1914, exhibited for the first time at the National Salon, he became acquainted with other Argentine artists, including painter Benito Quinquela Martín, poet Alfonsina Storni, others, who would gather at the Café Tortoni. The archaeological findings of Eduardo Holmberg and Juan Bautista Ambrosetti, as well as the regionalist fiction of Ricardo Rojas, would influence Perlotti to incorporate indigenous motifs in which developing style, a tour of the Andes in 1925 would further influence his work in subsequent years.
He would be commissioned to create large-scale works for both public display and for private clients, notably the Mar del Plata monument to his friend, the poet Alfonsina Storni, which would be placed in 1942 opposite the place where she had committed suicide. Other notable works would include the Monument in the city of Corrientes. Perlotti donated his house and workshop in the Caballito ward of Buenos Aires in 1969 for its use as a museum. Vacationing in Punta del Este, Uruguay, in January 1969, the noted sculptor died in an automobile accident; the Luis Perlotti Museum became the municipal museum of sculpture of Buenos Aires, was reopened in 2008 following a four-year refurbishment and expansion. Luis Perlotti Museum of Sculptures
The 2019 United States elections were held, in large part, on Tuesday, November 5, 2019. This off-year election included gubernatorial elections in Kentucky and Mississippi, regularly-scheduled state legislative elections in Louisiana, Mississippi and New Jersey, special elections for seats in various state legislatures. Numerous citizen initiatives, mayoral races, a variety of other local elections occurred. Three special elections to the United States House of Representatives took place in 2019 as a result of vacancies. Democrats regained the governorship of Kentucky and held the office in Louisiana, despite strong campaign efforts by President Donald Trump for the Republican candidates. Democrats took control of the state legislature in Virginia. Republicans held the governor's mansion in Mississippi and expanded their control of the Louisiana state legislature and gained seats in the New Jersey state legislature. A major theme in the election results was a suburban revolt against Trump and the Republican Party in general, as these areas swung towards Democratic candidates in local and federal elections.
Three special elections were held in 2019 to fill vacancies during the 116th U. S. Congress: Pennsylvania's 12th congressional district: Republican Tom Marino resigned on January 23, 2019, to take a private sector job; the district has a partisan index of R+17. Republican state Rep. Fred Keller defeated Democrat Marc Friedenberg in the May 21 election, keeping the seat in Republican hands. North Carolina's 3rd congressional district: Republican Walter B. Jones Jr. died on February 10, 2019. The district has a partisan index of R+12. Republican state Rep. Greg Murphy was elected, defeating Democrat Allen M. Thomas and Libertarian Tim Harris. North Carolina's 9th congressional district: Due to allegations of election fraud, the results for the 9th congressional district were not certified for the 2018 election, leaving the seat vacant once the 116th Congress began. On February 21, 2019, the North Carolina State Board of Elections voted unanimously to hold a new election; the district has a partisan index of R+8.
Republican state Sen. Dan Bishop was narrowly elected, defeating Democrat Dan McCready, Libertarian Jeff Scott, Green Loran Allen Smith. Additional vacancies occurred in Wisconsin's 7th Congressional district following the resignation of Republican Sean Duffy in September 2019. Georgia Republican Sen. Johnny Isakson announced in August 2019 that he would resign on December 31, 2019, due to deteriorating health. Special elections to fill the seats are scheduled to occur in 2020. During 2019, changes in partisan balance in the House of Representatives happened as the result of members of Congress switching their party affiliation. On July 4, 2019, Rep. Justin Amash declared he would leave the Republican Party but continue to serve in Congress as an independent, turning an evenly split Michigan delegation in a Democratic majority delegation. Following a week of speculation, on December 19, the day after voting against the impeachment of Donald Trump, Rep. Jeff Van Drew of New Jersey left the Democratic Party to become a Republican.
Three states held gubernatorial elections in 2019: Kentucky: In the May 21 primaries, one-term incumbent Republican Matt Bevin faced a strong challenge from three opponents in the Republican primary but managed to win with 52.4%. In the November 5 general election, Andy Beshear defeated Matt Bevin by just 0.4 percent of the vote. The recanvass showed little change in the vote totals, Bevin conceded the election on November 14. Louisiana: One-term Democrat John Bel Edwards defeated Eddie Rispone in a run-off election, securing a second term. In the state's October blanket primary, Edwards faced Republicans U. S. Rep. Ralph Abraham and businessman Eddie Rispone, along with three minor candidates. While Edwards received 46.6% of the vote, he did not win a majority and therefore faces a Saturday, November 16 runoff election against Rispone, who received 27.4% of the vote. The runoff election was held on November 16. Despite Republican Donald Trump winning the state by 20 points in 2016, John Bel Edwards was able to narrowly win re-election with 51.3% of the vote against Eddie Rispone's 48.7%.
Mississippi: Two-term Republican Phil Bryant was term-limited in 2019 and therefore ineligible to seek re-election. In the August 6 primary elections, Attorney General Jim Hood won the Democratic primary, on August 27, Lt. Gov. Tate Reeves defeated Mississippi Supreme Court Chief Justice Bill Waller Jr. to win the Republican nomination. Though the Associated Press described Hood as the "best-funded Democratic nominee for Mississippi governor since 2003," Reeves won the Mississippi gubernatorial race by a comfortable 51.9% to 46.8% margin. In addition, in Puerto Rico, Gov. Ricardo Rosselló resigned as part of the territory's 2019 leadership crisis, he was replaced by Wanda Vázquez Garced. Rosselló and Vázquez are both members of the New Progressive Party, but nationally Rosselló affiliated with the Democratic Party w