An industrialized nation with a large national debt would be unlikely to not pay its debt as this would have disastrous results in the contacting.
What is industrialized nation?
- The Group of Eight (G8) is a collection of eight highly industrialized countries, including France, Germany, Italy, the United Kingdom, Japan, the United States, Canada, and Russia. Each year, the G8 meets to discuss global issues like energy, terrorism, global security, economic growth, and crisis management. Presidents, prime ministers, and their foreign and finance ministers can openly discuss urgent global issues at the forum.
- However, due to its small and static membership, emerging powers are excluded from crucial discussions regarding the global economy and international security. Furthermore, because it is an informal organization, states have little power to force other members to abide by agreements beyond imposing reputational costs.
To learn more about informal organization refer to:
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