Absolute Decline andRelative DeclineBy the 1880s the British economy wasdominant in the world,producing one thirdof the world’s manufactured goods,half itscoal and iron,half its cotton.The amount ofBritish shipping was greater than that in therest of the world put together.But even by1900 this was no longer the case,the UK Absolute Decline and Relative DeclineBy the 1880s the British economy wasdominant in the world, producing first third of the world’s manufactured goods, half itscoal and iron, half its cotton.The amount ofBritish shipping was greater than that in there there of the world put together.But even by1900 this was no longer the case, the UK