The United Kingdom has a highly developed free-market economy. There is private ownership which gives entrepreneurs the incentive to take risks to start a business and make money. The political system is a constitutional monarchy with a democratically elected parliament. The monarchy has no governing power, and all laws are made by the parliament. Regulation of business is limited to those rules that protect the free market, and the tax scheme is not to obstructive. All of these conditions exist in Britain to make it the 5th largest economy in the world with an annual GDP of almost 3 trillion dollars in 2018