The Outlook for Emerging Economies. Dale Jorgenson, May 26, 2016, Paper, "According to the authoritative estimates of Angus Maddison, the United States was the world's largest economy throughout the twentieth century.(Angus, 2001) International economic cooperation among the world's industrialized countries began to take its contemporary form with the formation of the G7 in 1975 and 1976. The G7 includes the U.S., the four major European countries–France, Germany, Italy, and the U.K–as well as Canada and Japan. During most of the twentieth century a fundamental transformation of the world economy seemed a remote and unlikely prospect. However, in the twenty-first century the balance of the world economy is shifting from the industrialized economies, led by Europe, Japan, and the United States, to the emerging economies of Asia, especially China and India. The massive shift in the world economy is generating a new world order ..." Link