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The Complete Idiot's Guide to Economics, 2nd Edition by Tom Gorman

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The World’s Economies

Rather than take the three-world view, economists usually classify the world’s economies as developed or developing. Other ways of saying developed include advanced and industrialized. Alternatives to developing include emerging or, in cases of the more developed among them, newly industrialized, and in cases of the less developed, underdeveloped or less developed countries.
The term newly industrialized countries (NICs) is not used quite as widely as it was in the 1980s and 1990s, when the Four Tigers (Hong Kong, Singapore, South Korea, and Taiwan) set out on their courses of rapid development. These nations, particularly Hong Kong and Singapore, are now considered advanced by many criteria. Less developed countries (LDCs) ...

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