An island of traders

摘要

Predicting what the weather might do next-a great British hobby-is something 19th century city slickers needed to perfect. Trade winds would affect the number of ships arriving in Britain's ports, which would influence the money markets of Lombard Street. Trade was so vital the Bank of England had a weathervane on its roof to aid decision making. Trade is just as important today, not least because arguments about it pervade the heated debate about Britain's eu membership (see Bagehot). In 2012 the sum of British goods and services traded was £1 trillion ($1.5 trillion). At around 70% of gdp this is well above the oecd average, and the share of trade in the American economy (around 25%). Although some trade more-in Germany the ratio is 90%-Britain is comparatively open.