![]() As an illustration of the power of the American economy, consider that, as of early 2011, the economy of just one state-California-if it were a country, would be ranked eighth largest in the world, between the UK and Russia. Collectively, the European Union (EU) has a higher GDP than the United States, but of course it is composed of a group of nations. ![]() The United States, as a single country, has the world’s largest economy. ![]() One driver of the rapid growth of international business over the past two decades has been the opening up of large economies such as China and Russia, which had been mostly closed off to outside investors and producers. Amazingly, current projections suggest that, within a few years, the total dollar value of trade across national borders will be greater than the total dollar value of trade within all of the world’s countries combined.
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