With an estimated sum of US$620 billion spent on merchandising, media rights and sponsorships in the sports industry globally each year, and with around US$17 billion spent on London 2012 alone, sport is big business. That's good for the economy, naturally, but you might be surprised to know that a good economy can also produce great sporting performance.
A number of theories explaining successful sporting performance have been postulated in the past: for instance, countries performing at the highest levels are those with large economies, rich natural resources, a huge population and significant cultural and social resources.