World economy in the true sense depends on Mega economies, starting from US, Japan, Russia, China and up to a small extent(Minors) a composite virtual union of Singapore, Hongkong, India, Brazil, Taiwan, UK,France and Germany. If the Megas/Majors (Note Russia is on the free ride from Minor to Mega) do well, we all do well and everything would be hunky-dory. The component of Megas would be Crude, Technology, Currency (as a commodity like UK), defense entities that serve as drive engine. The Component of Minors would be Agri/Pasturs/Forest/Fishing, Service, Semi-conductor, telecom, chemicals. The definition of majors and minors is purely at the aggregate level and not at the per-capita level, since a minor like UK, France are light years apart from China, Russia from per capita point of view.
The third component, called as other, would include the rest that would hardly drive/non-drive the world.
There is more way than one to classify the World economy, the other being non-novel - emerging, developed and under-developed economies. BRIC is Emerging as we all know, which was over hyped to be future driver, only of late being realized that It follows the Whims, whips and Whishes of Global superpowers (read economic superpowers). But the future holds bright beneath the horizon for BRIC.
The irony of 21st century is when Megas shudder, the Minors get concious and hide into cocoons . The not so well happen(read Under developed countries) to starve as we have seen of late when Agri rich isolate themselves with their involuntary exports. The M2 s of the world US of A and the oriental Japan have lot at stakes, if we realize, how the world economy shivers when they sneeze more often than required. Though the acceptable expectation would have been a diversified conglomerate polarized economies. That day seems to be not so far away, but not quite yet. Watch out for the logical Entities like Euro, BRIC and SE economies (Include India)
The one way to solve the contemporary economic problems and dependencies would be to multiply monies. To start the next level of innovations, discoveries that would drive the cost and expenditure towards South. Some examples for the same would be Solar energy, Space exploration, Nuclear fuels used at domestic level as opposed to industry, Bio-fuels, etc.,to name a few. To address the issue, we need to look into the focal point. The focus of attention goes to Dark continent countries, Argentina, Asian economies and some regions of developing economies. These regions are dearth of opportunities, resource management, entrepreneurship culture, freedom of economy and an array of issues. These is where the World Organizations like UN in general should have had pivotal role, but alas had failed. The need for including Minors in UN would become a matter of necessity and design than political objectives which some Vetos oppose with Vested interest for further expansion