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Newly industrialized country (NIC)
The category of newly industrialized country (NIC) is a socioeconomic classification applied to several countries around the world by political scientists and economists.
NICs usually share some other common features, including:
- Strong political leaders.
- A switch from agricultural to industrial economies, especially in the manufacturing sector.
- An increasingly open-market economy, allowing free trade with other countries in the world.
- Large national corporations operating in several continents.
- Strong capital investment from foreign countries.
- Political leadership in their area of influence.
- Rapid growth of urban centers and population.
