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Worldwide Economies Reviews

The World Economy. The Basic Principles of Economic Development

The world economy can be evaluated in various ways, depending on the model used, and this valuation can then be represented in various ways (for example, in 2006 US dollars). It is inseparable from the geography and ecology of Earth, and is therefore somewhat of a misnomer, since, while definitions and representations of the "world economy" vary widely, they must at a minimum exclude any consideration of resources or value based outside of the Earth.

Economy of Brazil

According to the CIA World Factbook, Brazil has the ninth largest economy in the world at purchasing power parity as of 2006. Brazil has a diversified middle income economy with wide variations in levels of development. Most large industry is concentrated in the south and south east. The north east is traditionally the poorest part of Brazil, but it is beginning to attract new investment. Brazil embarked on a successful economic stabilization program, the Real Plan (named for the new currency, the real; plural: reais) in July 1994.

Economy of the People's Republic of China

The economy of the People's Republic of China is the second largest in the world when measured by Purchasing Power Parity, with a GDP (PPP) of US $9.412 trillion in 2005. When measured in USD-exchange rate terms it is the 4th largest in 2005 with approximately US $2.22 trillion, set to overtake the German economy by 2009. It is the world's fastest growing major economy, and its continued growth is critical to the overall health of the world economy and to the welfare of its population of 1.3 billion (most of whom have yet to enjoy western style affluence). Its per capita GDP in 2005 was approximately US $1,703 (US $7,204 with PPP).

Economy of Japan

Japan is an island country in East Asia. Located in the Pacific Ocean, it lies to the east of China, Korea, and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea in the south. Its capital is Tokyo, one of the 47 prefectures of Japan. Archaeological research indicates that people were living on the islands of Japan as early as the upper paleolithic period. The written history of Japan begins with brief appearances in Chinese history texts from the 1st century AD. Japanese history has been marked by alternating periods of long isolation and radical influence from the outside world. Its culture today is a mixture of outside and internal influences.

Economy of Russia

More than a decade after the collapse of the Soviet Union in 1991, Russia is now trying to further develop a market economy and achieve more consistent economic growth. Russia saw its comparatively developed centrally planned economy contract severely for five years, as the executive and the legislature dithered over the implementation of reforms and Russia's aging industrial base faced a serious decline.

The History of Russia's Economic Development

Although only half the size of the former Soviet economy, the Russian economy included formidable assets. Russia possessed ample supplies of the Communist Party, which controlled all aspects of economic activity. The central planning system left a number of legacies with which the Russian economy dealt with in its transition to a market economy. Much of the structure of the Soviet economy that operated until 1987 originated under the leadership of Joseph Stalin, with only incidental modifications made between 1953 and 1987.

Economy of Sweden

Sweden is an industrialized country. Agriculture, once accounting for nearly all of Sweden's economy, now employs less than 3% of the labor force. Historically, Swedish industrialization was based on natural resources such as forests, iron ore deposits, and hydroelectric power. These retain some importance but today economic activity is concentrated in areas that are not tied to the nation's natural resouces base. In particular, the telecommunications, pharmaceutical and automotive industries are of importance.

Economy of the United States

The United States has the largest national economy in the world, with a GDP for 2005 of 12.41 trillion dollars. In this mixed economy, corporations and other private firms make the vast majority of microeconomic decisions, and governments prefer to take a minimal role in the domestic economy. Because of this, the U.S. has a small social safety net, and business firms in the U.S. face considerably less regulation than those in many other nations. The fiscal policy of the nation since the New Deal has followed the general ideals of Keynesian economics, which replaced Hamiltonian economics following the Great Depression.