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A country’s economic development is impacted greatly by its National culture. Economic development is the degree to which we can see an increase in the economic well-being, quality of life, and general welfare of a nation’s people.

For this assignment:

1. First, the text classifies countries in three categories, Developed Countries, Newly Industrialized Countries/Emerging Markets, and Developing Countries. Explain each in detail, outlining each’s characteristics, what factors affect its classification and give two examples of each.

2. Both China and Russia are considered emerging market countries that continue to transition from a centrally planned economy to more of a market-based economy. Please profile one country outlining its economic history, the characteristics and evolution of its political and economic system, and the challenges they face. Tell me about some successes they have had and how the rest of the world sees them in the global marketplace.