Examlex
Explain what is meant by transitional economies.
Modernization Theory
A theory suggesting that economic development and societal modernization follow a linear trajectory from traditional to modern states.
Economic Success
The achievement of financial prosperity, often measured in terms of income, wealth, and market share.
Industrialized Nations
Countries that are characterized by a high level of economic development, advanced technological infrastructure, and a significant industrial sector.
Oil-Producing Nations
Countries that have significant oil reserves and whose economies are heavily dependent on the exploration and exportation of oil.
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