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As a social scientist, I can say that the whole West-East distinction lost its literal descriptive value a while ago. I don't think it's very helpful in distinguishing socioeconomic lines, since the so-called "East" (mentioned above) is pretty heterogeneous and not one mass of similar countries.
The West is more homogeneous, both socially and economically, so we do still use that distinction when talking about Western Europe, North America, Australia, maybe white South AFrica... but the G8 is probably more effective for economic labeling purposes.
West vs. East in terms of occidental vs. oriental ideology/philosophy/culture is still relevant, however. In that sense, I think the East is mostly composed of China, Japan, and Southeast Asia.
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And think not you can direct the course of Love;
for Love, if it finds you worthy, directs your course.
--Khalil Gibran
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