Comparative Case Study of a 'Developed Country'

Comparative Case Study of a 'Developed Country'

Introduction

The leaders of today's world are the g-8 countries, majorly because of their large running economy and a complete focus on achieving their future goals. The Group of 8 collectively comprises almost 51% of the total worlds nominal GDP and almost 43% of the global GDP with respect to purchasing power parity. The G8 comprises of four countries from the European Union which are France, Germany, Italy and the United Kingdom. Other players of the G8 are Russia, Japan, Canada and for most importantly the United States.

The facts and power that the G8 countries generate together is a no match for others, these countries are typically amongst the leading export countries. Together, the eight countries contribute to about 60% of GWP Gross World Product. The G8 also holds the largest gold reserves of the world. They have the largest stock exchanges by market capitalization and traded value with foreign exchange reserves at increasing rate. The G8 countries are also enforced with the most advanced military in terms of size and technology. These countries have further life lines in terms of largest oil reserves, voting and drawing rights to IMF and compatibility to face crisis and regulations.

The world forum is lead by no other country then one of the G8's, United States is the most dominating country in terms of societal and economic growth with its influence all over the world. The dominance this country carries is because of its strong economic conditions and extra large military, the largest in fact. The country is both internally and externally stable compared to the rest of the world with financial security and growth perspective. The U.S currency, the U.S dollar is also the international medium of exchange all over the world and most trades between countries and individuals is done against the U.S dollar. The dominance is also followed in global foreign affairs and matters which are handled with the influence of U.S and it wouldn't be wrong to say that this era belongs to this developed country.

There is a new introduction to rise in the world of economy in terms of BRIC nations, who are providing a global increase in production and growth factors. The BRIC nation comprises of Brazil, China, India and Russia. These nations are targeting to be the leaders of world economy with their prospect of low investment and heavy returns in the future. The BRIC nations are targeting to achieve better and improved standard of living at all levels of societies and classes in the economy. The BRIC have started a change in their political system by moving on to the newly advanced economic development, recognizing the need of embracing global capitalism. China and India, have a focus on dominating the global supplies of manufactured and processed goods, whereas, Brazil and Russia are willing to lead a dominant supply of raw materials globally.

Discussion

Features of a Developed and a Developing Country

The comparative study for the research ...