| The 'west' is renowned for having a free, market economy with well developed technology sectors. The world's economy is dominated by the west's ability not only to manage its own economic produce, but also its ability to trade it internationally as well. It is well documented that parts of the developing world are locked in a cycle of international debt and are often the victims of rising populations and high unemployment. |
Large industries of the western world include banking, tourism, insurance, shipping and airlines. In Asia, there are 'economic tigers'. These include Korea, Japan, Singapore, Malaysia and Taiwan. They produce and export large quantities of advanced technological goods and cars. In Korea, there are a series of companies known as Chaebol. They protect each other when there is a recession and ensure that none of the companies face bankruptcy.
There are three main financial centres in the world that influence the control of the international share indexes. These financial centres are based in New York, London and Tokyo. The former communist bloc collapsed in the early nineties and left behind a set of government-run companies in the former Soviet states. China still obtains a communist system and is poised to be one of the most affluent economies of the 21st century. Shanghai has seen much development in recent years and is set to be China's key figure in it's future economic success. For those countries of the developing world with under-developed economies, agriculture is the key source of income. Tourism is the world's biggest industry with over 127 million people employed within this sector.