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Economic power refers to the ability of countries, businesses or individuals to improve living standards. It increases their ability to make decisions on their own that benefit them. Scholars of international relations also refer to the economic power of a country as a factor influencing its power in international relations. [1]
In international relations, power is defined in several different ways. [1] Material definitions of state power emphasize economic and military power. [2] [3] [4] Other definitions of power emphasize the ability to structure and constitute the nature of social relations between actors.
The economic strength of the United States is a major driving force of its power. The United States is a highly developed country, and its economy accounts for approximately more than a quarter of global GDP, the world's largest by country. By value, the United States is the world's largest importer and second-largest exporter.
The U.S. has long held the title of the world's leading economic powerhouse, boasting the highest GDP both overall and per capita. However, China's rapid ascent is reshaping the global economic ...
No agreed definition of what a superpower is exists and may differ between sources. [8] However, a fundamental characteristic that is consistent with all definitions of a superpower is a nation or state that has mastered the seven dimensions of state power, namely geography, population, economy, resources, military, diplomacy, and national ...
MEXICO CITY (Reuters) -Mexican President Claudia Sheinbaum on Monday rolled out her administration's roadmap to make the nation one of the world's top economies by the time she leaves office.
BRUSSELS/PARIS (Reuters) -AI, biotech and affordable clean energy will be the focus of an EU drive to make the bloc globally competitive and ensure it keeps pace with rivals the United States and ...
[18] [135] By the end of 2015, China's economy accounted for 51 percent of the total economy in East Asia and commanded 59 percent of East Asia's trade, making China an economic powerhouse for regional growth as well as making the country the largest trading partner of virtually every East Asian country in the region. [136]