What are characteristics of an industrialized country?


Quick Answer

Industrialized countries have advanced banking and financial systems, many different industries to create different types of products and substantial international trade. These countries have strong governments and judicial systems. Citizens in these countries have access to many educational options.

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Full Answer

Industrialized countries account for a much higher portion of the world's output than they do for the world's population. Common issues these countries face include maintaining low unemployment and inflation and finding the best mix of public and private goods. Some of these countries also have low birth rates and long life expectancies. This can lead to older people outnumbering younger people, which can cause issues with funding the retirements and health care of the older generation.

Leaders from a bloc of countries with the most industrialized economies meet every year to discuss domestic and international issues, including the global economy and international security. This Group of Seven, also called the G7, include Europe's "Big Four" of France, Germany, Italy and the United Kingdom. The other three members are the United States, Canada and Japan. Originally called the G6 when it was formed in 1975, the group changed its name after Canada was added the following year. Russia was also a member from 1998 to 2014, and during that time the group was the G8. When Russia annexed Crimea in 2014, the other members suspended it from the group.

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