Includes the main democratic nations’ market-oriented economies in the Organization for Economic Cooperation and Development (OECD), Bermuda, Israel, South Africa, and the European ministates. Also known as the First World, high- income countries, the North, industrial countries. Generally have a per capita GDP above $15,000, although four OECD countries and South Africa have figures well under $15,000 and eight of the excluded OPEC countries have figures of more than $20,000.
The DCs include Andorra, Australia, Austria, Belgium, Bermuda, Canada, Denmark, Faroe Islands, Finland, France, Germany, Greece, Holy See, Iceland, Ireland, Israel, Italy, Japan, Liechtenstein, Luxembourg, Malta, Monaco, Netherlands, New Zealand, Norway, Portugal, San Marino, South Africa, Spain, Sweden, Switzerland, Turkey, the United Kingdom, and the United States. The new International Monetary Fund (IMF) term “advanced economies” adds Hong Kong, South Korea, Singapore, and Taiwan but cuts Malta, Mexico, South Africa, and Turkey.