How is the world organized economically?

Mercantilism point out that whoever (state) has the power on economy is the most powerful. Being a hegemon (most powerful state) does not mean that you should have conquered the most nation-state but you portray a well maintained high economy. The world is organized into their economic status. States that are included in the G7 (Great 7) are considered the powerful states in the world and for those like the Philippines are categorizes as third world (underdeveloped).

Although, the US showed its hegemony for a long time now. It is in a way loosing it touch on the game. As we all know US is currently experiencing recession in their country, and the title of being the most powerful country is likely for them to lose. In line with this, everyone thought the land of the rising sun, was the one to takes its place whenever it ever lose track on its economy however, Japan now is starting to experience the unfaithful destiny of US. It could not have happened in the US (Bush admin.) in the first place if didn't over reacted on the war against bin laden. Bush thought the war is the answer to all problem ( but its not). Now, US is roughly has a debt of around Trillion US dollar.

As of now, all great countries are focusing their attention to the sleeping giant as it starts to awake and probably become the next hegemon of our world.