The UK is one of the world's great trading powers and financial centers, and its essentially capitalistic economy ranks among the four largest in Western Europe. Over the past two decades the government has greatly reduced public ownership and contained the growth of social welfare programs. Exports and manufacturing output have been the primary engines of growth. Unemployment is gradually falling. A major economic policy question for the UK in the late 1990s is the terms on which it participates in the financial and economic integration of Europe.
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