In addition to the European Union, the 19 countries that make up the G20 (Group of Twenty) are Japan, Italy, Indonesia, Brazil, Australia, Argentina, Canada, France, Germany, China, Saudi Arabia, Mexico, the United Kingdom, South Africa, Turkey, Russia, South Korea, the United States and India. The group was established in 1999.
Meeting once a year, the purpose of G20 summits is to hold discussions on issues facing the global economy.
In both 2009 and 2010, there were two G20 summits to deal with issues surrounding the economic crisis.
The G20 is egalitarian to the extent that each member state has its say, although there is no formal system of voting.Learn More
The United States, Canada, Australia, Germany, France, Japan and South Korea are a few of the developed countries in the world. A country is classified as developed when it is a sovereign state with a strong economy and a technologically advanced infrastructure.Full Answer >
Because different nations have different natural resources and human capabilities, trade has become a popular method of allowing nations to get the products people need, such as when the United States exports goods like wheat and corn to Japan and imports goods like computers and cars from Japan. In this example, Japan and the U.S. engage in trade in order to sell the surplus of the things they make and gain access to the things they don't make, allowing for a balance of a wide range of goods rather than a surplus of just a few things.Full Answer >
Countries in the semi-periphery include Malaysia, Venezuela, Brazil and China. Cuba, Algeria, Italy, New Zealand and Mexico are also considered semi-periphery. South Korea, Romania, Portugal, Turkey and Ukraine are as well.Full Answer >
Countries with a mixed economy include Iceland, Sweden, France, the United Kingdom, the United States, Russia and China. These countries have a mix of government spending and free-market systems based on the share of government spending as a percentage of gross domestic product. Some governments spend much more money in proportion to GDP, while others spend much less.Full Answer >