The concept of the global economy

What is the global economy?
The world economy is a system consisting of fundamental components - national economies, transnational societies, interstate economic organizations, and derivative communication elements - the global division of labor, international economic relations, and the global market.
With this vertical structuring in the field of economics, we can distinguish: microeconomics, which concerns economic life at the level of internal economic agents; mesoeconomics - it concerns the economic life of sub-sectors, regions within the national economy; macroeconomics - the representation of all economic processes and phenomena that are formed at the level of the national economy.;
The term "global economy" has been used for a long time. Fernand Braudel, a member of the French Academy, in his famous work "Time of Peace" recalls Simond Sismondi, who in his article "Nouveaux Principes d'economie politique" stated that the world economy extends to the whole world, representing "the market of the entire universe" and designating "the human species or that part of the human species which trade together and which today form no more than one market."
Fernand Braudel, however, uses the term "economy-universe" ("Economie-Monde") to "translate a certain use of the German word Welt-Wirtschaft" and which calls into question only a fragment of the universe, a part of the planet that is economically autonomous, essentially able to satisfy itself, and to which internal connections and exchanges give a certain organic meaning. unity. Over time, both the boundaries and the content of activities, the place and role of these spaces changed, and the process of intertwining "universal economies" developed, reaching what would later become the global economy. A brief description of the process of formation of the world economy as a reality of international life allows us to more accurately define the theoretical concept by which we represent this reality in economics. Although this concept or economic category is widely used not only in science, but also in economic and social practice, in public life, it does not have a unanimously accepted definition. There are even textbooks and treatises on economics (in the international literature) that do not even attempt to define the global economy, although this topic is being discussed. However, the definition of the concept is absolutely necessary, which is achieved in most specialized works. Boost your accumulator bets with the 1xbet registration promo code giving a 10% bonus on winning ACCA bets. Minimum odds per selection are 1.30. Max bonus is $1000. Applies to football, tennis, and basketball. No deposit needed—just use the code when betting. Wagering is 1x. Valid for 30 days after registration. Regular players also get cashback on losses. Sign up and increase your sports betting profits with 1xBet.