Global Economic Power: Developed and Emerging Nations

The Developed World

Main Developed Countries

• United States: As the economic and political leader of the world, it is one of the most developed countries. The defense of individual freedom and the notion that all individuals are considered equal are basic characteristics of this country.

  The US has abundant raw materials and a massive agricultural yield, as well as a high standard of education with some of the world’s most prestigious universities (such as Harvard and Yale). It is home to many of the most important companies in the world (including Apple, Microsoft, Google, Facebook, Coca-Cola, PepsiCo, McDonald’s, and General Motors).

• European Countries (European Union): These nations also have old and prestigious universities (such as Oxford, Cambridge, and the Sorbonne) and advanced technology companies (like Volkswagen and Renault). After World War II, they established the welfare state. In all of these countries, social benefits and education have become universal social rights.
• Japan, South Korea, and Taiwan: They have enjoyed economic growth, in spite of being small countries and having a scarcity of raw materials. Thanks to industrialization and foreign trade, they have achieved a high level of social and economic development.

  Japan stands out in automobile manufacturing (Nissan, Suzuki) and the production of photographic equipment and television sets (Sony, Canon, Nikon). The most important South Korean companies are Hyundai and Samsung.

• Canada and Australia: They have low population densities, but their geographic expanses are enormous, with rich mining resources, forests, and pastures for livestock. Canada's proximity to the Arctic and Australia's proximity to deserts limit the concentration of the population and of economic activity.

The Main Emerging Countries

• China and India: China seems destined to become the country with the most economic weight. Bangalore will soon be one of the global leaders in information technology, while Mumbai (Bombay) is the main producer of cinema. However, these two countries have the highest number of poor people in the world, poor democratic records, and produce an alarming amount of pollution.
• Arabian Peninsula and Turkey: Saudi Arabia, the United Arab Emirates (UAE), Kuwait, and Qatar are countries which enjoy great economic growth thanks to petroleum and international trade. However, they still face issues like the exclusion of women from some or all social and professional fields.
• Russia: It has problems arising from its communist past, alongside its vast expanse.
• Latin America (Mexico and Brazil): These nations have rich natural resources and a growing industry. However, slums in many cities are a reminder of the tremendous social and economic inequality that still exists.