The relative decline of the British economy

The course of the world economy here can be divided into three periods: the early 1800s to the third quarter of the nineteenth century, when Britain was the workshop of the world and dominated the international economy; the last quarter of the nineteenth century to the First World War, which witnessed the relative decline of the British economy due to the rapid economic growth of the United States and Germany; and the interwar years, which saw the demise of the old international economic order, and during which Keynes was actively involved in the economic problems of the United Kingdom as well as the worldwide issues.